All Forum Posts by: Alex Deacon

@Michael Strobel I think the best practice is to qualify your tenants carefully and offer a good product in a good area. You will then have less issues with any security deposits. Incentives in my opinion are not needed. We manage 650 units in the Pittsburgh area and we dont offer anything other then the prompt return of the deposit if the property is left in acceptable condition.

@Diane Stinebaugh Be firm but fair Diane. Its good that they told you. Thats a sign that they respect you as a landlord but just be sure the tenants dont take advantage of you. I dont know if I would charge anything extra if they are good paying tenants and they are paying all the utilities. is it worth an extra few hundred dollars really. This way you dont appear to be a money grabbing landlord. But again you have to be in charge and it is a business so treat it that way. Its your call and good luck to you

@Artem Kovalevskiy @Cameron Andrews Be very careful with section 8. Especially when just starting out. There are so many things you will need to know I dont know where to start. Make sure you meet all your deadlines with the section 8 inspector and that you do your best to hold your tenant accountable for any damages done each year for the future yearly inspections. You have to over communicate with section 8 in many cases just to keep them on track. We manage over 50 section 8 rentals and its not fun and is one hell of a learning experience for anyone new. 

@Romont Johnson Nice to meet you Romont. I am a fellow pittsburgh native still living here going on 51 years. Good luck with your RE goals.

@George Mastrosavas Seek the advice of a good RE attorney. I am not an attorney but I know that any type of entity will give you protection. But as one of our BP members did say nothing will prevent being sued. You may also want to consider a very good insurance person on your team also.

@Zachary Williams @Cody L. Zachary i have to agree with Cody. i think what he is essentially saying is stay with something safe, affordable and with very low risk. Be happy with a single. lets just get on base first. Later on you can swing fro the fences. I personally like a duplex. live in 1/2 and rent the other. your risk is low, your monetary entry investment will be low and the risk will be low.

good Luck to You

@Jason Jenney @Tatyana M. I would never suggest that anyone quit their job and jump into this business. its something you should blend into your existing life. its going to take away from the little free time that you have now but it can take many years to be able to sustain an income that you can rely on through real estate ownership and flips. I have done this for 25 years and I am just starting to hit my stride. I have said this too many times but it deserves repeating. I dont want to stomp on anyones dreams. By all means go for it. Just go slow, be cautious, know your limitations, be humble but aggressive and be willing to sacrifice and work hard. It will happen but it will take time. Hopefully for you not 25 years as it did for me but I made a lot of mistakes and I want to help others learn from some of my mistakes.

@Patrick Young we manage 650 units in PGH PA. Typically we start looking for a tenant 2 months prior to the end of the existing tenants lease end date. Anyone who is worth finding as a tenant is going to plan ahead at least 45 days prior to the end of their lease. if you do get a deposit then yes it is non refundable if the new tenant decides not to move ahead and sing the lease. Our lease clearly state that we are allowed to show the apartment. The issue you will find is showing a cluttered apartment or one that doesnt smell so good, or the tenant has a dog and they have to be home for you to show the apartment. Thats only a few of the obstacles that you run into when a tenant is still occupying the property. Whats in the lease and then the practical real world often do not mesh. You will figure out whats best in each scenario because its ever changing. Being a landlord is easy. People make it difficult and frustrating at times. but I look at it this way. if it was easy then everybody would do it.

@Richard Forton The saying go big or go home. Hog wash. keep what you have and start looking for more good cash flowing properties in stable communities. Bigger is not always better. 25 years doing this and I buy 3-5 homes a month here in PGH I can tell you that at least here its nearly impossible to find a good large multi family. The fact is that most inexperienced investors will over spend for these buildings which keep us experienced investors out of that market. All I am saying is be selective and careful. Take risks but calculated ones.

If you want to expand up here in PGH PA  let me know. 

good luck to you

@Austin J. Dont give up. My wife took her test 20 times before she passed and I have sold thousands of homes in my 25 year career and 99% of what you learn from taking the RE classes and passing the test is useless. the real learning will come from real life practice and experiences.

You will pass just dont stop trying