All Forum Posts by: Aleksandrs Vilumsons

I was also thinking about implementing some smart features in future rentals. I was looking at some things such as WiFi connected thermostats and keyless door locks. You could get a normal thermostat for $20-$30 or a lower end WiFi Connected thermostat for $60. Keyless door lock for $110 instead of $15-$25 for a normal door lock. I think that the thermostat sounds like a bargain for something you can control with your phone. The keyless lock seems a little bit steeper, but I think that the smarter technology is definitely a growing long term trend. I agree, $50 per month seems a little steep, but I bet if you added three or four smart features you could at least increase rent by a minimum of $25. Plus, old tenants moves out or are evicted? If you purchase the right product, you can control the codes and active keyfobs. 

I would think that in 10-15 years, many potential renters will not even look at certain properties unless they have some sort of standard smart technology. The tenant could probably take their Echo or other device when they move and simply pair it up with their new thermostat, lights, etc. It could also result in cost savings for tenants who have to pay their own utilities. I also agree that the basic "blocking and tackling" such as good flooring, and clean and crisp looking walls are important, but now that the cost of these features plus smart phones to control the features have decreased since they all were introduced, I think it might be an interesting way to make your units more attractive, especially to the millennial generation or the next generation of kids soon to be renters (many of whom have not experienced a world without a tablet or smartphone). 

I have not committed and tried any of this yet, but I think I will experiment at least a little bit. I wouldn't mind being a guinea pig and writing about my experience.

Thanks Levi

When looking at multifamily properties, when is it appropriate to ask for rental history? When you make first contact? Do you wait until after you've walked through and inspected the property? I can get a pretty good idea of what rents should be and generally are in the area, but how would I confirm the current rents and rent histories for a specific property? I would like to know as early as possible if I would have to raise rents or continue at current rates so that I can have some sort of plan after the purchase is made. 

Thanks in advance 

Those are some very good points, and the numbers on the deal work out OK. If I could negotiate down a bit, as you suggest, it could be a pretty good deal. Thanks for the tips.

Does anyone have any opinions/experience with rental properties next to and/or near freeways? Should an investor stay away, or pursue if the numbers work? 

Thanks 

That's awesome to hear of how well that deal turned out for you. I'm looking at purchasing my first property and am very interested in living in one of the units and renting the others out. Seems to be a pretty good way to start in the real estate world. I'm also in the Milwaukee area, looking to invest in northern Milwaukee and Washington Counties. 

Great to see another person from Milwaukee join the BP Community

Welcome to the BP Community Matthew

Ben, 

I would say it depends on the situation. If you are meeting them at some sort of real estate event, I would agree with Nathan. Make some small talk, get familiar with each other, explain why you are interested in real estate, show that you are interested in a mutual relationship, not just the single deal you are looking at. 

If, however, you are "cold calling/contacting" the person because you looked up their info in the public records, I would be relatively direct. I would tell them exactly who you are, how you found their number/email address/etc., then why you are contacting them. This way, if they are not interested in selling the property, they can tell you that and you can both be on your way. If they are interested, then you can start getting more personal and opening the dialogue to build that relationship. If they do say no, I would still repeat your name, the name of your company, or try to give them a phone number or some other way of contacting you. You never know what might change in a month or two. If they suddenly do want to sell, they might remember you and contact you letting you know the new situation. 

Which ever way you pick, I think most people would agree that your first impression will be very important. It's important to present yourself professionally, but even more crucial, be honest.

If it doesn't work out, then you have lost nothing, but if it does work, then you might have a deal in play, plus you have potentially added another person into your network. 

Awesome to hear Jason, should be an amazing journey.