August 2015

Evicted Tenant Threatens Landlord With a Machete (Seriously)

TULSA, Oklahoma – It started with a tuxedo shop. Or at least that is what the tenant claimed when he moved in. But rather than tuxedos, the tenant allegedly moved in numerous wanted fugitives, crack pipes, syringes, and mountains of trash.

Webinar PNG(Hey… you… pardon this interruption, but I wanted to invite you to a special real estate webinar I’m doing THIS week for BiggerPockets titled “How a Newbie Can Start Building Wealth Through Real Estate.” If you can make it this Thursday, I’d love to see you there for this live, free training! Click here to register or learn more.Now… back to this crazy story!)

According to Channel 6 News in Tulsa, the tenants had just been evicted from the property when property manager “Carl” came to change the locks, as landlords do after an eviction. However, when he arrived at the property, the former tenants pulled up, jumped out of the car and threatened the landlord; one of those individuals was allegedly waving around a large machete.

Related: How to Evict a Tenant: The Definitive Step by Step Guide

Sam immediately called the police, who came to the property and arrested the ex-tenants.

In the video below (image will link to Channel 6’s news page), you can see Carl give the reporter a tour of the property, showing the vast devastation caused by the tenants. Rather than running a tuxedo shop, it appears the tenant instead moved in numerous individuals whom the police recognized as having warrants. You can see broken mirrors, large amounts of clothes strewn all over the building, and most of the doors and door jams ripped completely from the walls.

(click to continue reading on BiggerPockets)

Should You Hire a Property Manager For Your Rentals?

Congratulations!

You’ve navigated the confusing world of real estate to buy a rental property, and now you are the proud owner of an income producing asset.

However, all of that time, money, and work could be jeopardized if you don’t manage the property correctly. Therefore, an important question for any investor is: Should I take on this valuable role myself or hire a professional property manager to do it for me?

The response to this question is another one of those “there is no right answer, but there may be a right answer for you” kind of questions. Every person has different skills, personalities, and time availability. The purpose of this post is to help you make the best choice for you and your family.

Webinar PNGImportant Webinar Invitation:

Sorry to interrupt, but hey you! Yeah, you… at the computer. What are you doing Thursday night, June 11th? Cancel your plans. Because now you are coming to this week’s BiggerPockets Webinar! Click here to learn more and sign up for the LIVE event! Okay, back to the blog post!

Role of a Property Manager

First, let’s talk about what a property manager actually does. But even that is tough to give a straight answer about! You see, property managers do a wide variety of tasks depending on the manager and the owner they will be working with. However, most of the time a property manager will:

  • Advertise vacant units
  • Screen applicants
  • Approve tenants and sign leases
  • Handle phone calls from tenants
  • Schedule maintenance issues
  • Issue late notices
  • File eviction if needed
  • Keep a record of income and expenses
  • And possibly pay your property’s bills, depending on the manager

Related: The Big List of Roles Property Management Companies Need to Fill Expertly

property-management

In addition to these tasks, property managers also offer numerous other benefits:

  • A property manager can clear up your day, allowing you to spend more time with family, friends, or your day job.
  • A property management company will have the infrastructure in place to handle your rental, including office staff, paperwork, and signage.
  • A property manager will have a reliable set of contractors to work with and benefit from volume pricing.
  • A property manager will give you more time to look for other deals, helping you focus on just the tasks that bring in the most money for you.
  • A property manager will have a lead system in place for attracting potential tenants. People will know their name, recognize their signs, and call without them even needing to advertise your property.

Sounds like a dream, right?

(click to continue reading on BiggerPockets)

Perhaps the greatest decision I ever made was buying my 24-unit apartment complex.

That said, it wasn’t a hard decision to make. I knew apartment complex investing was going to be in my future, but at 24 years old, I didn’t realize I would have hit my goal so quickly. But I’m so glad I did! That 24 unit apartment complex has given me the opportunity to live an extraordinarily incredible life over the past five years, allowing me to quit my day job, travel often, volunteer at my church, and become a leader here at BiggerPockets.

Of course, it hasn’t always been easy, but it’s been worth it. I love my apartment and look forward to many more deals in my future.

If you are interested in apartments, great! If not, hopefully this post will convince you to at least take a look. The following are three reasons I love apartment complex investing.

And now, back to the post…

1.) Ability to Create Wealth

When’s the last time you built something out of thin air? It’s tough, right? But with apartment complexes, that’s exactly what you are able to do. Build something out of thin air: wealth.

(click to continue reading on BiggerPockets)