Helpful Landlord
@heIpfullandlord
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Investor + Mentor. Sharing truths about being a landlord since 2005. Focused on residential rental properties & development. Follow along! DM open. Not advice.
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Joined November 2021
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Pinned Tweet
Looking for $8M-$12M worth of real estate. Anyone looking to sell / have deals we could look at?
Preferences:
-Close to major university
-Close to hospital
-Multi-family
(A bunch of SFHs or smaller MF deals are also okay.)
A finders fee to be negotiated and paid at closing.
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I saw a stat recently that BLEW my mind:
"U.S. homeowners have a net worth 40x higher than renters - $225,000 vs. $6,300."
I figured it'd be higher, but not 40 times higher.
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Most real estate investors are asset rich and cash poor.
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My property manager brought me a 12-plex they've managed for 23 years. The owner recently passed away, & the kids are selling it.
Don't get too caught up in building "multi-generational" assets. Chances are that your kids are going to sell it as fast as they can after you die.
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RE Investor: "I own 18 doors."
Translation:
Southern California: $12M
Midwest: $900k
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Owning real estate is wild...
- Use the bank's money to purchase real estate
- Rental income from tenants pays off the real estate
- You own the real estate
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Never include utilities. It's better to lower your rent (if you have to) than run the risk of your tenants charging 134 Bird scooters in the garage every night.
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RE Investor: "I own 18 doors."
Translation:
Southern California: $12M
Midwest: $900k
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It will hurt your ego, but cash for keys is typically the fastest and cheapest way to get a non-paying tenant out of your unit with as little damage as possible.
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Why don't more Realtors own massive real estate portfolios? (Honest question.)
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When a tenant approaches us asking to end their lease early, this is what we do:
-We respond (in writing, of course), thanking them for letting us know.
-Remind them they are on a fixed term lease until XX/XX/XXXX.
-Let them know we are happy to help find a new tenant as
How do you handle tenants who ask to move out early?
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I recently had my laundry done by a place 2 minutes from my office.
$14.70 to wash, dry, and fold all of my laundry. This is normally a 2.5-hour process.
My life will never be the same!
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291
It's been said before, and it's worth repeating:
Paint is the best ROI in real estate.
Great photos are up there as well.
What else has great ROI in real estate?
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293
A friend wanted to ditch his 9-5, so I suggested a book to read.
Recently, we went to a sporting event, and I asked him what he thought about the book.
He told me he didn't want to spend the $24 on the book while he was (no joke) holding a $12 beer in each hand!
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I'm not waiting 30+ minutes in line to save $12 at Costco's gas station.
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An inherited tenant was so thankful that we replaced her dishwasher that she was almost in tears.
She said the previous owner had told her, "You're the dishwasher," when she asked for a new one.
The bar is low. Be a good human and treat your tenants well. This is a long game.
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Most real estate investors are asset rich and cash poor.
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274
Who still thinks "Rich Dad, Poor Dad" is a MUST read for all aspiring real estate investors?
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Most real estate investors are asset rich and cash poor.
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I’ve sold nearly everything that has an HOA. We have a few left… the HOA is budgeted to have a large deficit in 2024.
The board raised the dues 20% effective Dec 1st and then going to a vote to raise it another 35% in the new year.
Avoid investments with HOAs if you can.
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Why don't more Realtors own massive real estate portfolios? (Honest question.)
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A big mistake I made was celebrating too early. I bought a Porsche 911 when I was 29 years old. I could have bought a canal-front condo in SW FL for the same price.
I drove the 911 for 11 years and sold it for a bit more than I paid for it. The condo's worth 5x more now. Oops.
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261
I started putting granite countertops in my student rentals back in 2009. Fellow landlords thought I was nuts. They also always wondered why I was getting $600+ per month more than them. Those countertops paid for themselves in 4-5 months.
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Now, more than ever in my 18-year career, we're finding that we need to keep our preferred vendors honest by getting multiple quotes.
Plumbing quote from our preferred company: $1,700.
2nd quote: $600.
Get multiple quotes even if you have a long standing relationship!
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We have a unit advertised for $1785/m. I just got a message inquiring about it and they said:
"If it's okay with you, I'll pay $2,000 per month for 1 year."
Proceed VERY carefully when you get messages like this. 99% of the time it's a HUGE red flag 🚩🚩🚩.
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For the vast majority of real estate investors, I recommend using 3rd party property management ASAP.
You're better off spending your time looking for more deals OR enjoying your life rather than dealing with tenants, maintenence, etc.
Please ensure you interview & vet many
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I started putting granite countertops in my student rentals back in 2009. Fellow landlords thought I was nuts. They also always wondered why I was getting $600+ per month more than them. Those countertops paid for themselves in 4-5 months.
15
8
226
Why don't more Realtors own massive real estate portfolios? (Honest question.)
147
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211
A tenant told us the dishwasher wasn't doing a good job cleaning their dishes.
We sent out the tech, and the tenant wasn't removing the soap pod from the wrapper.
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Never include utilities. It's better to lower your rent (if you have to) than run the risk of your tenants cranking the furnace at full blast with the windows open all winter.
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AD: Rent is $1785/m.
INQUIRY: "I can pay $2,000/m for 1 year in advance."
99% of the time, it's a HUGE red flag 🚩🚩🚩.
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If I were in my early 20s again, I would get started in real estate the same way: house hacking.
The only difference is I would buy a 4-plex using an FHA loan with 3.5% down rather than a SFH.
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I saw a stat that BLEW my mind:
"U.S. homeowners have a net worth 40x higher than renters - $225,000 vs. $6,300."
I figured it'd be higher, but not 40 times higher.
41
28
208
I spoke with a real estate investor recently who told me he'd purchased 8 homes remotely, and they're averaging $500/m net profit.
His numbers: 20% down on a $200k home is $40k to earn $500/m.
To do the same with $SCHD (a popular dividend ETF), you'd need to invest $177k.
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AD: Rent is $1785/m.
INQUIRY: "If it's okay with you, I'll pay $2,000/m for 1 year in advance."
Proceed VERY carefully when you get messages like this. 99% of the time, it's a HUGE red flag 🚩🚩🚩.
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I bought the 4-plex I tweeted about yesterday (the one with the wonky bathrooms) for $162,500.
I sold it a little while later for $220,000.
It recently sold for $821,388.
This is a lesson in buying real estate and waiting.
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When we call past landlords for references, we ask them to verify the address the tenant provided. If they stumble on this question... you're probably NOT talking to their real landlord (and probably their mom).
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Who still thinks "Rich Dad, Poor Dad" is a MUST read for all aspiring real estate investors?
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I'm still not waiting 30+ minutes in line to save $12 at Costco's gas station.
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@JulieChangRE
They have to be replacing the countertops and decided to make some “content” before demo. That’s what I’m choosing to believe anyway!
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I looked at an 8-plex recently that's listed for $1.5M, & I felt it was too expensive.
When I mentioned it to my Dad, he told me that he's pretty sure he looked at it (or one on the same street) in the mid-80s & thought it was too expensive at ~$100k.
There's a lesson there...
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Real estate can be life-changing... you can go from having no extra money because you're broke to not having any extra money because it's all tied up in illiquid assets! 🤦♂️
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I was touring properties with a Realtor, and she stopped at her office mid-way through our showings that day.
Getting back into the car, she said "I wanted to pick up my gun before going to see these next units."
That was the end of the showings that day.
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PSA: real estate isn’t all puppy dogs and sunshine.
We're in the middle of eviction proceedings at one of our units. The tenant owes us $12,700.
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I spoke with a real estate investor recently who told me he's purchased 8 homes remotely and they're averaging $500/m net profit.
His numbers: 20% down on a $200k home is $40k to earn $500/m.
To do the same with $SCHD (a popular dividend ETF), you'd need to invest $177k.
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Whenever a garbage disposal dies in one of our rentals, we remove it completely. We've never had a tenant complain and it saves us maintenance headaches going forward.
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@AlTayWeiss
Cheerful tenants asking where you send the full amount of past due rent and letting you know that they completed gut renovations of their units on their own dime to "spruce the place up."
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2
191
A friend wanted to ditch his 9-5, so I suggested a book to read.
Recently, we went to a sporting event, and I asked him what he thought about the book.
He told me he didn't want to spend the $24 on the book while he was (no joke) holding a $12 beer in each hand!
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190
One of my biggest mistakes over the past decade was not shouting from the housetops that I was a real estate investor/developer looking for deals. My desire for a low profile cost me a boat load of deal flow (& money). The introvert in me is still working on it and I'm improving.
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192
RE Investor: "I own 18 doors."
Translation:
Southern California: $12M
Midwest: $900k
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186
Why do we all still talk about the "number of doors" we own?
12 doors in Detroit isn't the same as 12 doors in La Jolla.
Is there a more universal way to describe our portfolios? Or are we sticking with "doors"?
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It's been said before, and it's worth repeating:
Paint is the best ROI in real estate.
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I told the owner of the rental next door that I'd buy it if he ever wanted to sell.
I reminded him yearly. One day he calls and tells me he's selling to the neighbor on the OTHER side!
I asked him what happened... He told me they approached him with a written offer.
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Is $2.5M of real estate all you need to be considered a real estate tycoon these days?
I talked to a friend who went from a 9-5 engineer to a $2.5M real estate tycoon.
4 things you actually need for a smooth, cash-flowing property management biz:
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I've never seen so many household incomes over $200,000/year than on recent pre-screening responses from prospective tenants.
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Dear 9-5 people,
As you sit at your desk wishing you had time, freedom & stacks of cash, know this...
There have been MANY times when all I wished for was a steady paycheck!
Entrepreneurship is fun, but it's not always sunshine and rainbows!
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You don't need a multi-8-figure real estate portfolio for it to be life changing.
If I had stopped after my first 3 properties, I would have a portfolio appraised at $1,040,000.
My total down payment was $143,500.
Those 3 homes generate $70,000+/year.
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179
It's been said before, and it's worth repeating:
Paint is the best ROI in real estate.
17
14
180
One big mistake I've seen many real estate investors make is to stop acquiring rental properties after a couple-few.
They get too busy managing those properties rather than focusing on acquiring more.
Please consider 3rd party PM ASAP to minimize this operational burden.
29
11
179
It's been said before, and it's worth repeating:
Paint is the best ROI in real estate.
Great photos are up there as well.
What else has great ROI in real estate?
67
5
173
A guy I've become friends with by going to the club/gym every weekday own a business with 300+ locations, 5k+ employees, and 16 commercial buildings.
I asked if he had any buildings he wanted to sell. His response was "Commercial buildings are for buying, not for selling."
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176
Many real estate investors got used to buying at 2012-2018 prices and had a hard time buying anything in recent years.
I think 2020-2022 sellers are now in the same boat, stuck thinking they will get peak prices.
What has to change for sellers to lower their prices?
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172
It will hurt your ego, but cash for keys is typically the fastest and cheapest way to get a non-paying tenant of your unit.
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176
"I'm going to be honest with you..."
"I'm a straight shooter..."
The more someone goes out of the way to tell you how honest and straight-shooting they are, the more dishonest and crooked they are.
Just an observation from renting out property for 18 years...
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If real estate was as easy to sell as stocks, there's 0% chance I'd be where I'm at today.
For me, the illiquidity of real estate is a feature, not a bug.
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Never include utilities. It's better to lower your rent (if you have to) than run the risk of your tenants charging 134 Bird scooters in the garage every night.
17
7
171
You don't need to syndicate deals wearing a Patagonia vest from your real estate private equity office to live the good life.
4-5 cash-flowing properties can make a massive difference each month.
Hold those for 30+ years and wow…
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I’ve seen estimates between 60-90% of tenants have pets. Let’s assume 50%.
In a 100 unit portfolio, 50 units have pets. If you charge a $20/m pet fee, you’re adding $12,000/y to your bottom line.
At a 6-cap, that’s $200,000 increase in your property value.
An easy “value add.”
The biggest mistake I have made in real estate? Not allowing pets earlier. Wow what a boost in value.
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How much would your life change if you bought 1 rental property per year for the next 5-10 years?
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Real estate can be life-changing... you can go from having no extra money because you're broke to not having any extra money because it's all tied up in illiquid assets! 🤦♂️
19
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166
Most real estate investors are asset-rich and cash poor.
34
8
162
Would you rather own:
(A) 100% of 20 units
(B) 10% of 200 units
and why?
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Excited to be on route to
@REconveneLA
! A short intro:
- RE investor since 2005
- Invested in 7 different markets
- Luxury SFH & MF developer since 2012
- Biomedial engineer in past life
- Drilled 100+ oil & gas wells in past life
- Wife + 2 kids (2 & 5)
- Former D1 athlete
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A friend of mine is an electrician, he's so busy that he's turning away work. What's the move here?
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Never include utilities. It's better to lower your rent (if you have to) than run the risk of your tenants charging 134 Bird scooters in the garage every night.
If you have to include utilities, consider adding a monthly max in your lease.
26
11
157
I avoid buying an investment property with an HOA for many reasons, but here's one of them...
One bonehead decision from a prior HOA board member can cost you a TON of money.
The garbage/recycling costs at the 12-unit complex where I own a unit felt incredibly high.
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12
158
Had some plumbing work quoted with the company we’ve used for years (and have spent 6-figures with): $1,700.
Got a second quote: $600.
Make sure you’re getting multiple quotes even if you have a long standing relationship!
17
10
155
Why don't more Realtors own massive real estate portfolios? (Honest question.)
108
5
158
PSA: real estate isn’t all sunshine and rainbows.
Yesterday we started eviction proceedings at one of our units. The tenant owes us $12,700.
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10
157
Many think investing in real estate is the most sure fire way to become a millionaire. Do you agree or disagree?
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155
PSA: After you pay off your mortgage, you must pay your insurance and property taxes yourself.
28
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154
Sometimes I sit back and think about how wild owning real estate is.
- Use the bank's money to purchase real estate
- Rental income from tenants pays off the real estate
- You own the real estate
25
17
157
The idea of a "national real estate" market baffles me.
We've been invested in 7 different markets over the past 17 years, and they all have behaved very differently.
Become an EXPERT in your market and ignore the noise.
23
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154
Your tenants are expecting you to increase the rent... don't let them down.
15
13
155
It will hurt your ego, but cash for keys is typically the fastest and cheapest way to get a non-paying tenant of your unit.
33
7
157
I started putting granite countertops in my student rentals back in 2009. Fellow landlords thought I was nuts. They also always wondered why I was getting $600+ per month more than them. Those countertops paid for themselves in 4-5 months.
24
5
154
We had a unit advertised for $1,785/m. A potential tenant sends us this message:
"If it's okay with you, I'll pay $2,000 per month for 1 year."
Be VERY careful when you get messages like this. 99.7% of the time it's a HUGE red flag 🚩🚩🚩.
35
6
152
Being a millionaire and being able to write a million dollar check are two very different things.
15
8
148
I once had a tenant that told us the dishwasher wasn't doing a good job cleaning their dishes.
We sent out the tech, and it turns out the tenant wasn't removing the soap pod from the wrapper.
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3
149
@Darin_T80
I spent 6 months living in The Netherlands and rode a bike everyday. It was the best commute I’ve ever had. I wonderful way to bookend a work day.
5
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148
It's been said before, and it's worth repeating:
Paint is the best ROI in real estate.
16
10
145
There are a lot of people doing incredible things here on ReTwit. Please don't get overwhelmed or discouraged by their scale, complexity, or success.
You can do VERY well by simply:
- buying 1 property per year
- keeping them forever, and
- doing this for 10, 20, 30+ years
23
14
146
One mistake I've seen many real estate investors make is to stop acquiring rental properties after a few.
They get too busy managing those properties rather than focusing on acquiring more.
Please consider 3rd party PM ASAP to minimize this operational burden.
23
11
144
Had some plumbing work quoted recently with the company we’ve used for years (and have spent 6-figures with): $1,700.
Got a second quote: $600.
Make sure you’re getting multiple quotes even if you have a long-standing relationship!
13
6
145
When dealing with my property manager...
Early in my career: I want to approve any expense over $50.
Now: call me if we need to rebuild.
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142
Dear appraisers, can you please start putting your opinion of market value in HUGE numbers on the cover page rather than making me hunt through 27 pages to find it? Thank you!
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