Epic Rise Invest

We help landlords partners to produce and build a rental portfolio by providing them off market properties, typically at some kind of discount. We provide solutions for landlords wanting to sell or liquidate properties.

Are you looking to purchase a residential rental property to boost your investment portfolio?

Real estate is a tough business and the field is peppered with land mines that can obliterate your returns. That’s why it’s important to do detailed research before you dive in so you’re on top of all the pros and cons of real estate investing. Here are the most important things to consider when shopping for an income property.

• Vet the neighborhood thoroughly—its livability and amenities are key.

• A neighborhood with a high vacancy rate is not a good sign.

• Know the area’s selling prices to get a sense of local market value.

• Research the average rent in the neighborhood and work from there to determine if buying a rental property is financially feasible for you. Every state has good cities, every city has good neighborhoods, and every neighborhood has good properties. It takes a lot of footwork and research to line up all three. When you end up finding your ideal rental property, keep your expectations realistic, and make sure your own finances are healthy enough that you can wait for the property to start generating cash

You can also acquire an investment property by partnering.

A Starting Point for Structuring Partnerships

An investor puts down the money required to buy the business, and then split the profits 50/50 straight.

The Terms

• Partner puts in the cash required for the down payment and the closing costs; I take out the mortgage and do the work.

• We split the NET (profit or loss) 50/50.

• If we sell the property, we split the NET (profit or loss) 50/50.

• Equity is always split 50/50, including appreciation and any possible refinancing.

• I provide my investor with a statement and direct deposit every month.

• We both report the 50% income (or loss) on our personal taxes.

• Our partnership is legalized through a legally documented Partnership Agreement (no LLCs, etc.).

The theory of this split is it’s a 50% investment for the person willing to put up the cash and a 50% investment for the person willing to take the risk. My partner’s name is not on the property, so if anything happens to it, he is not liable. So him putting up the cash constitutes a reward of 50% of the NET income, and my accepting all of the liability and also doing all of the work and management for the property (although minimal since we bought turnkeys) constitutes the other 50%.

This setup can be done with or without the use or mortgages or other loans.

It can easily be done with an all-cash purchase. However, I don’t know the exact balance of the money vs. risk investment — like if you own it outright, you don’t have the mortgage risk or the offering of covering the mortgage side of things (see previous incentives for the cash investor), so I’m not positive how you would convince anyone to do it. But who knows? If you pull it off, let me know how you did it know who you are going into business with!

Make sure your are protected.

It’s important to be smart going into a partnership, and it’s also important to be smart legally with the partnership. Spell it all out so there is no question later. And if you do it like I did, where the cash partner’s name isn’t on the house, make sure it is set up that should something happen to you (death), that person has a way of getting the house. You can do this type of legalese with an LLC or a legal real estate contract, etc. But do something.

You also have to consider how you’re going to manage the property.

How to Be a Good Property Manager

Although not for everyone, self-management of rental properties out of state is possible and can save you thousands of dollars per year in property management costs. Here are some helpful tips if you are considering replacing your property management company and managing properties yourself.

Be Clear About Your Expectations

You have to let that tenant know that you are an absolute stickler for getting your rent on or before the first day of the month. “If the rent is not there by the first, have a process server deliver a three day notice. And once they get that legal notice, their attitude will change almost magically.

Consider a Hybrid Approach to Self-Management

You could also choose a third road that gets you the best of both worlds with a hybrid approach.

A property manager or possibly even a real estate agent is the perfect person to do your lease-up. This involves performing a move-out inspection of the prior tenant, taking pictures and posting them to various websites, and arranging tours with prospective tenants. The lease-up process may also involve deciding if the place needs repairs and then lining up the people to do it.

The rest of the property management can be done yourself. In fact, much of it can be done with the help of property management software and landlord apps. This hybrid method keeps you in close touch with your properties while still giving you the benefit of third-party input help when needed. It also saves you money. You’re only paying a property manager to do the lease-up, and you don’t have to take time off from work to fly out to conduct a tenant turn.

Self management is not a good option for everybody. If you already have a great property manager, keep them. But if they are doing a mediocre job, then you may want to consider self-management.

Join an Association

Apartment Owners Association. Despite the name, this isn’t just for owners of apartment buildings.

For a minimal monthly or yearly fee, your membership at a local association could provide you with access to forms to accomplish various legal tasks. They also offer forms for the tenant screening process, professional advice on evictions, information on upcoming legal changes, and access to a network of similar investors.

Some of the investors you meet can provide valuable advice and tips on local regulations, tax issues, property values, and rental rates.

Here are 4 of the best property management tools/systems.

1. Cozy
2. Innago
3. Rentler Landlord
4. TenantCloud

Before you choose a free property management software for your business you should:

• Look for hidden charges. Many free property management tools, including the ones mentioned in this article, have some hidden charges or paid features. Before finalizing a product, be sure to check with the software provider if the tool includes any such charges or features.

• Read product reviews. Read user reviews on third-party websites, such as Capterra, to learn more about the real performance of tools. Reviews help check if a tool’s performance matches your needs and expectations.

• The number of free property listings a tool supports may vary. Some tools may have a free listings limit, after which you need to pay to add more properties.

You can get Cash for investment property funding from various places for rental real estate

You can get cash funding from:

* Your 401K or IRA.
* Someone elses 401k or IRA, such as child, spouse, family, friends, network.
* A partner
* Private money
* Hard money
* 1031 exchange.
* HELOC Business credit line

You can get funding from one of our partners Novarise Invest

Do you want to sell a property?

We buy houses and other properties!

We buy single family, multi-family and mobile homes.

We provide solutions to landlords by providing options to easily sell to us and liquidate problem properties.

Ask us how you can sell your property and still get cashflow from it.

We don’t just buy properties, we are real estate problem solvers.

Contact Us

Get In Touch

Phone: (352) 290-5557
Email: admin@epicriseinvest.com