All Forum Posts by: Alex Heidenreich

I think that pictures are fine as a starting point if you aren't able to get out there prior as suggested above. They can be a starting point for things you can see in the pictures. If you have an inspection contingency, you can use this inspection report as another negotiating factor. Try to be present during the inspection if possible and ask lots of questions. You can even bring your contractor. This helps you get a better understanding of the total costs. I would not hesitate to make a sight unseen offer if I had good pictures and a walkthrough or inspection contingency. 

First spend a little of that on education. Pick up some of the books here in the BiggerPockets Bookstore. Read and figure out a strategy. With that lump sum, you/your friend should be able to purchase some properties with cash and the credit aspect shouldn't matter. That's a nice amount to get started, just make sure you are smart about it. 

It depends on your location. I would say the majority of SFH rentals would be the entire home, but it is fairly common near college campuses to rent out on a per-room basis. I would say per-room is probably more lucrative if your local market and laws make it feasible.

I'm currently investing in Columbus, because I live here, but it does seem like there is a decent amount of competition. If I start having trouble finding deals here, I plan to start buying in Cincinnati. Both metros currently have very hot job markets. 

I was wondering if that was the case! I just signed the paperwork!

@Sean Grabow I've just started investing in Columbus this year and would love to connect!

House Hack! Buy a small multi-family with a low downpayment and live in it while you rent the other unit(s) out!

1/2 a months rent?? Do these people have any idea how much even small repair jobs cost? 

If they responded to a direct mail, it is highly likely that they are at least slightly motivated...

@Sarah McCluskey it sounds like a good deal to me with those lease terms. You will have the opportunity to present them with new lease options right away. The way we handle rent increases with current tenants (if you decide you want the tenants to stay) is to offer them a few different options at varying levels of rent increase or discount. Such as month-to-month (highest rent increase), 1 year (medium rent increase), and 2 year (lowest rent increase). This gives them choices and allows you to get rent to where it belongs. Just make sure they are good tenants before you lock them in long term.