And I think it was Prescott that we had on the episode. But he talks about how he was super nice to a lady and listened to her and figured out what she needed.
And at the closing table the lady deeded him two vacant lots. I pay for the expedited rent deposit which is three bucks a month per property. And you can also set it so that the text goes right to your regular text messages too. So I would say the biggest thing for me from a property management standpoint … And I know this is going to probably piss off a lot of people that listen to this. When I renovate them I renovate them like I would live there and I say that to everybody.
But just to put it out there, all of this is longterm play for me. And allowing that money to scale itself is a huge factor for me right now.
And I hate my job and I want to leave it right now.
So I love the mindset that you have and I just wanted to highlight that because I know so many people who are listening to the show, they have W2s. We actually linked up I think through the BiggerPockets forums and we found out he was local. And my realtor makes a tremendous amount of money and he had to do a no doc refi at five and a half payday loans no credit check percent on his personal house because he could not do a regular refi. But he did not have enough tax returns to show two years of real estate work. If you have the time to do all of that, someone who just has a W2 job should have the time to do real estate on the side. And I think that people want to focus on real estate. They just want to jump in, go after it, stay on it full-time.
But you can put systems in place so that real estate investing becomes somewhat passive for you or takes up very little time.
How many hours a week do you spend actually on your property management and then pay day loand sourcing new deals?
Kevin:Property management and sourcing new deals is very small.
I have two full-time employees now that renovate for me so I can spend a little bit more of my time on other things.
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Figuring out this is what needs to be done at this property and scheduling my guys around and making sure that things get done. Ashley:I am very curious to hear about your two full-time employees. What made you decide to hire two full-time contractors instead of outsourcing this and using subcontractors? Kevin:It just happened in July of last year so it was probably my 13th or 14th deal. What happened was … As funny as this is going to be, it was 100 degrees outside and I was doing siding by myself.
But the work we were doing was extremely challenging and he plays travel ice hockey. So I go back on my phone like in the Facebook group.
I have an incredible contact for getting roofs put on. And then the way it evolved to a second guy was I was furloughed from my day job from April until October of last year because of COVID. And in October when I got called back to my day job I was not expecting it. He soaks need emergency loan up everything around him and he shows up on time every day.
I have no issues with him calling out of work, anything like that.
Tony:That brings up secure loans a really I think interesting question Kevin about, as a real estate investor, how much work should you be doing yourself versus hiring someone else to do that work? So they may not be at a point where they want to go out and hire employees.
But how do you make the decision of, what work to do yourself versus what you hire out? But the thing that I weigh in is, is it the right thing to do and is it something I want to do?
And I think that my secure loans reality is I have an incredibly happy life. I drop him off at hockey, I drive 20 minutes to a reno property, I work for two hours and I drive 20 minutes back and pick him up. So those little steps add up to a bigger project being accomplished faster. So I just try to get in and do whatever I can to help.
What rookie deal did you want to talk about with us today? Do you want to talk about the first one or do you want to talk about the one that ended up with the lawsuit that became an Airbnb property?
So I went through, looked at it and I start talking to them and explain to them, I said look … First of all they were behind on their mortgage so they were a month or two behind on their mortgage.
So anyway, I go back and forth with them and I tell them a little bit about what I do. And the way it turned into a short term rental is so ridiculous.
A friend of mine was renting his one bedroom apartment that he lived in. And I no teletrack payday loans have not increased my prices still a year later which I probably could of made a lot more money than I have. So like I said, it cost me six grand to furnish it. I made 14 grand in the first two and a half months.
And it really turned into what is this actually capable of? Well, right before Christmas … And I mean, right before Christmas … I think it might have been Christmas eve. These are all things that are dire importance to me. No, our subject to contract said I was going to pay all the bills, I was going to pay the mortgage.
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The property belongs to my client as per the contract.
So there was nothing illegal about it and I very clearly said that to him in an email in those exact words.
So anyway, we came to agreement and by the way, December 27th or whatever, when they were closing in on the day they were going to change the locks and the day that I was arguing with them, we came to an agreement that they would not touch the property and I would be able to continue renting it as is until we negotiated a purchase. We did not sign a purchase agreement until the end of February.
And I dragged it out for two and a half months because I was so pissed off that they lied about everything. And it was petty and it was beneath me and I still smile thinking about it because I wasted two months of their time. It gave me 45 secure loans days to make the purchase in a traditional fashion, which I did. So I think secure loans right now I think the mortgage on the property is like 135,000. I had somebody throw a party and do a little bit of damage in the very beginning. And I actually have two more STRs that are getting ready. In my retail business, in my life, customer service is the core of everything. If you are a good customer service person, if you can learn to not be petty and payday loan companies not brokers drag things out for two months for spite, those are the things that lead interest rate on personal loan to success.
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