Greetings, this is Tim Roesch from Charlottesville, VA; brand new to BP!

Richmond, Virginia
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Greetings, this is Tim Roesch from Charlottesville, VA; brand new to BP!

Timothy Roesch
Member since 2023 · 3 posts · 3 votes

I am an accidental landlord and own four rental properties. Thinking of adding to that, but totally clueless on how to analyze what I currently own. Thinking I might need to cull out one or two current properties before I buy any more. 

Nice to meet you all!

2Reply
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Kevin Coco-Senyszyn
Real Estate Agent · Keller, TX · Member since 2022 · 62 posts · 37 votes
3y

Welcome to BiggerPockets, Tim! It sounds like you're in a great position as an accidental landlord with multiple rental properties, but are looking to take a closer look at your current portfolio to see if it makes sense to add more properties or potentially cut some out. A great way to start analyzing your current properties is by looking at your cash flow and return on investment (ROI). This will give you a clear picture of which properties are performing well and which may not be as profitable.

You can also use a tool like the 1% rule, which states that a rental property should generate at least 1% of the purchase price in monthly rent. For example, if a property costs $100,000, it should generate at least $1,000 in monthly rent. This can be a quick way to gauge if a property is a good investment.

Another important factor to consider is the occupancy rate of your properties. A high occupancy rate means that your properties are in high demand, which is a good sign. A low occupancy rate, on the other hand, may indicate that the property is not in a desirable location or is not priced competitively.

It's always a good idea to consult with a local real estate professional or a property management company to get a better understanding of the local market and what types of properties are in demand. This can help you make more informed decisions when it comes to buying or selling properties.

Another important aspect to consider when analyzing your current portfolio is the condition of the properties. Are they well-maintained and in good condition? Are there any major repairs or updates needed? The cost of repairs and maintenance can greatly impact your cash flow and ROI, so it's important to take this into account.

Additionally, you may want to consider hiring a property management company to help you with the day-to-day tasks of managing your properties. A property management company can handle tasks such as tenant screening, rent collection, and maintenance issues, which can save you a lot of time and hassle. They can also help you with marketing and advertising your properties to ensure they stay occupied and increase the occupancy rate.

It's also important to understand the legal requirements of being a landlord in your area, such as fair housing laws, eviction procedures, and rental agreements. If you're not familiar with these laws, a property management company can help you navigate them and ensure you are in compliance.

Finally, consider the location of your properties. Are they located in an area that is in high demand and has a strong rental market? Are they in areas that are experiencing growth and development? A strong network of real estate professionals can also help you understand the local market trends and help you identify the areas with the most potential.

Good luck with your journey as a landlord, and feel free to reach out to the community if you have any more questions!

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  • John O'LearyPro Member
    Lender · Winter Park, FL · Member since 2021 · 738 posts · 412 votes
    3y

    Hi Timothy!

    Welcome to BP. I'd happy to hop on a strategy call and assist in analyzing anything you have so you can keep the assembly line moving, assuming those are your intentions.

    Best of luck!

    [email protected]800-663-4122
    0Reply
  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    3y

    @Timothy Roesch, need more information from your end. When and how did you acquire the properties? How is each financed? Did you refinance at any point in time? Have you been filing the rental income? Running the numbers shouldn't be too difficult for four properties. Do you at least know your annual NOI?

    0Reply
  • Jacob St. MartinPro Member
    Investor · Charlottesville Virginia · Member since 2021 · 348 posts · 346 votes
    3y

    Hello Timothy,

    I am a real estate investor in Charlottesville, I would love to grab coffee and hear how you acquired these properties and see if there is any way I can help you out. Send me a connection request!

    0Reply
  • Timothy Roesch
    OP
    Member since 2023 · 3 posts · 3 votes
    3y

    Team:  Here is how I got the properties:

    First One: Lived in a Condo in Washington DC area. Was able to keep it when we moved to a house. We moved to Charlottesville VA in 2005 and I did a 1031 exchange in 2007 and bought a duplex near the University of Virginia and rent to college students.

    Properties two, three, and four, my wife and I inherited from her father when he passed away in 2021. So, 2022 is the first year of having them for the full year.

    Someone mentioned NOI. not sure how to calculate that. that's why I posted, looking for help!!


    Thanks everyone for responding!

    1Reply
  • Timothy Roesch
    OP
    Member since 2023 · 3 posts · 3 votes
    3y

    Michael:  all properties are paid off. And for tax year 2021, i reported income on my taxes for all properties, and tracked my expenses for all of them in Simplifyem.  I'll be pulling that data for my 2022 taxes.

    thanks!

    0Reply
  • Kevin Coco-Senyszyn
    Real Estate Agent · Keller, TX · Member since 2022 · 62 posts · 37 votes
    3y

    Welcome to BiggerPockets, Tim! It sounds like you're in a great position as an accidental landlord with multiple rental properties, but are looking to take a closer look at your current portfolio to see if it makes sense to add more properties or potentially cut some out. A great way to start analyzing your current properties is by looking at your cash flow and return on investment (ROI). This will give you a clear picture of which properties are performing well and which may not be as profitable.

    You can also use a tool like the 1% rule, which states that a rental property should generate at least 1% of the purchase price in monthly rent. For example, if a property costs $100,000, it should generate at least $1,000 in monthly rent. This can be a quick way to gauge if a property is a good investment.

    Another important factor to consider is the occupancy rate of your properties. A high occupancy rate means that your properties are in high demand, which is a good sign. A low occupancy rate, on the other hand, may indicate that the property is not in a desirable location or is not priced competitively.

    It's always a good idea to consult with a local real estate professional or a property management company to get a better understanding of the local market and what types of properties are in demand. This can help you make more informed decisions when it comes to buying or selling properties.

    Another important aspect to consider when analyzing your current portfolio is the condition of the properties. Are they well-maintained and in good condition? Are there any major repairs or updates needed? The cost of repairs and maintenance can greatly impact your cash flow and ROI, so it's important to take this into account.

    Additionally, you may want to consider hiring a property management company to help you with the day-to-day tasks of managing your properties. A property management company can handle tasks such as tenant screening, rent collection, and maintenance issues, which can save you a lot of time and hassle. They can also help you with marketing and advertising your properties to ensure they stay occupied and increase the occupancy rate.

    It's also important to understand the legal requirements of being a landlord in your area, such as fair housing laws, eviction procedures, and rental agreements. If you're not familiar with these laws, a property management company can help you navigate them and ensure you are in compliance.

    Finally, consider the location of your properties. Are they located in an area that is in high demand and has a strong rental market? Are they in areas that are experiencing growth and development? A strong network of real estate professionals can also help you understand the local market trends and help you identify the areas with the most potential.

    Good luck with your journey as a landlord, and feel free to reach out to the community if you have any more questions!

    1Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
    3y
    Quote from @Timothy Roesch:

    I am an accidental landlord and own four rental properties. Thinking of adding to that, but totally clueless on how to analyze what I currently own. Thinking I might need to cull out one or two current properties before I buy any more. 

    Nice to meet you all!


     Where are these products located?

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    Use the Calculators here on BP

    [email protected]248-209-6824
    Logical Property Management4.9465 Reviews
    WebsiteView Page
    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    3y

    @Timothy Roesch

    Welcome to BP!

    Just make sure to consume contents here as much as possible and feel free to ask any questions you may have. We are here to help each other grow.

    Get as much knowledge and experience as possible and find a mentor.

    Join real estate investment clubs.

    Get in touch with a local agent or investor and shorten your learning curve and save you a lot of headaches as they tend to understand the market better.

    All the best!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    0Reply
  • Jacob SloopBusiness Member
    Rental Property Investor · Virginia Beach, VA · Member since 2020 · 274 posts · 111 votes
    3y

    Welcome to BP

    Bigger Pockets is a wealth of info and I sent you a message if you need any help!

    [email protected]757-235-0369
    Jacob Sloop538 Reviews
    WebsiteView Page
    0Reply
  • Alex Olson
    Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
    3y
    Quote from @Timothy Roesch:

    Team:  Here is how I got the properties:

    First One: Lived in a Condo in Washington DC area. Was able to keep it when we moved to a house. We moved to Charlottesville VA in 2005 and I did a 1031 exchange in 2007 and bought a duplex near the University of Virginia and rent to college students.

    Properties two, three, and four, my wife and I inherited from her father when he passed away in 2021. So, 2022 is the first year of having them for the full year.

    Someone mentioned NOI. not sure how to calculate that. that's why I posted, looking for help!!


    Thanks everyone for responding!


     Great work that's how you use a 1031 exchange!

    0Reply
  • Alli Breighner
    Lender · San Diego, CA · Member since 2022 · 587 posts · 298 votes
    3y

    Hi Timothy! Would love to discuss real estate with you, and connect. 

    Welcome to BP, this is an amazing community.

    0Reply
  • Erin Estes
    Realtor · Goodyear, AZ · Member since 2015 · 152 posts · 59 votes
    3y

    I think I saw an REI group posting events on Meetup out of Charlottesville! I want to attend them but I am living in Phoenix at the moment, so will try when I'm visiting the area during the summer months!

    WELCOME to BP! You’re right where you need to be!

    0Reply
  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    3y

    Welcome @Timothy Roesch !  The Calculator is a good tool here on Bigger Pockets.  I became an "accidental landlord" with my first purchase in Charlottesville in 2010.  It was an expensive tuition to the School of Real Estate.

    Story House Real Estate529 Reviews
    WebsiteView Page
    0Reply
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