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You are here: Home / Archives for I am an Empire Builder

Why the Southwest Airlines’ Business Model is my Real Estate Inspiration

September 28, 2014 by Elizabeth Bennett Colegrove 4 Comments

Southwest Airlines' Business Model is my Real Estate Inspiration

You're probably thinking I am CRAZY for comparing Southwest, a low cost airline, to a Class A property investment and management firm. While I might be a little touched, the key I have learned from all the case studies I have read (yes I am a little nerdy) is to find a niche and exploit it. You won't find the niches, they will find you and bash you on top of the head. The question is how well did you grab ahold of this opportunity and run with … [Read more...]

Filed Under: I am an Empire Builder

How to Build Equity Through Roommates

September 28, 2014 by Elizabeth Bennett Colegrove 6 Comments

How to Build Equity Through Roommates

Are you looking for a way to get your foot in the door in real estate without a lot of cash? Have you considered getting roommates for building equity? The best kept secret in real estate is buying a personal house and renting out all your spare rooms. This is a great way for those who have W2 income, qualification to FHA, VA, USDA loans, and a conventional 5% down payment to get started in real estate. For many of us, 2-4 units are not … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management Tagged With: Roommates

How to Keep Your Roommate Relationships on Track

September 28, 2014 by Elizabeth Bennett Colegrove 1 Comment

How to Keep Your Roommate Relationships on Track

Getting started off on the right foot with roommate relationships is the key to the rest of your success. Roommates are very similar to traditional rentals so treat them ACCORDINGLY! Keeping Your Roommate Relationships From Going Sour While roommates are a great source of extra income, make sure you start off right by having a written agreement of both of your expectations, especially yours, as the landlord. This is crucial if it is your … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management Tagged With: Roommates

How to Have a Good Landlord-Tenant Relationship

September 8, 2014 by Elizabeth Bennett Colegrove 1 Comment

Your tenants are not your enemies. They are your assets, protectors of your property, and over all your customer.  I often hear from different forums the tone "landlord versus tenants." That attitude and belief is guaranteeing the fact that you will have a horrible experience. Instead, you can have a good landlord-tenant relationship, and I can give you some tips on how to do that. Remember you catch more flies with honey than vinegar. … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management

How to Write an Incredible Lease

September 8, 2014 by Elizabeth Bennett Colegrove 30 Comments

How to Write an Incredible Lease

My entire success as a landlord has been through having an amazing lease that has allowed me to hold my tenant to their written word. The Quick and Dirty on Writing a Kick Booty Lease Legal Zoom Leases change depending on the state and local rules. Therefore, I always buy the local "real estate lease" from legal zoom. Then I add to and alter the lease based on my experience, keeping the local information. Tips: I keep the lease blank. … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management

Are Goblins Ruining Your Real Estate Cash Flow?

September 8, 2014 by Elizabeth Bennett Colegrove Leave a Comment

Are Goblins Ruining Your Cash Flow?

Goblins are things that ruin your real estate cash flow with nothing to show for it. Goblins can be things like landscaping and alarm systems. In my experience these "extras" do not offer more value. Contrary to popular opinion, landscaping, alarm systems, and HOA fees are not passed onto the tenant, they are actually cash flow goblins. More often than not, they add no extra value yet they cost you more money. 3 Goblins that Reduce Your … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management

Multi-Year Leases: The Good, the Bad, and the Ugly

September 8, 2014 by Elizabeth Bennett Colegrove Leave a Comment

multi-year leases: The Good, The Bad, and the Ugly

Multi-Year leases: the gold standard or leaving money on the table while locking you into a long term lease? Let's discuss the pros and cons of multi-year leases. The Good Reduced Turnover - Loss of rent between tenants is expensive and advertising costs (flying out or hiring a manager if you are not local) Reduced Move in Wear and Tear - Housing is damaged more often during moves. The Bad Undermarket Rents - Rents … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management

8 Tips to Establishing Rental Price

September 8, 2014 by Elizabeth Bennett Colegrove 4 Comments

8 Tips to Establishing Rental Price

8 Tips to Establishing Rental Price Establish the Number of Houses Available - Look on Zillow, Craigslist, and Trulia to see what other house are currently available. # of Houses Available to Rent - Look at all the houses available, the highest for rent and the lowest. Determine your Comps (Comparables) - Look at houses with similar numbers of bedrooms, bathrooms, and square footage. It is important to note that single family houses … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management

Why a Rent Increase is a GOOD Thing!

September 8, 2014 by Elizabeth Bennett Colegrove Leave a Comment

rent increase

It's Official: I am that horrible landlord that does a rent increase on great, long-term tenants at renewal time. Contrary to public opinion, it's not because I am a money-grabbing landlord. The market is very fickle and it's always planning for your demise through expenses and market caps. Landlord's Expenses: 1. Increased Mortgage Payment While the actual mortgage that a landlord pays (principle/interest) never changes. The escrow fees, … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management

Landlords: 5 Ways to Simplify Your Rental Paperwork

September 8, 2014 by Elizabeth Bennett Colegrove Leave a Comment

Rental Paperwork

I don't know about you, but I am all about the simple, easy path that doesn't come back to bite you in the butt later! Since my rental books tend to be some of the most complicated things since my day job as a Financial Analyst, I like to make things as easy as possible for myself. How to Simplify Your Rental Paperwork 1. Collect Receipts. Put all of your receipts in a folder. I make a folder on my computer and I have one in my office. I … [Read more...]

Filed Under: I am a Reluctant Landlord, I am a Small Time Landlord, I am an Empire Builder, Self Management Tagged With: paperwork

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I love my family, my country and real estate. My goal is to retire early through frugal living and real estate investment. I am making great strides and want to share the information I've learned through the process. Read More...

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