All Forum Posts by: Andrew Bosworth

Michael Siekerka,

Thanks for the feedback.  I included the survey in my first listing and had good response right away.  I think this is an approach I will continue to use.  Glad to hear others have tried this method as well.

Luis Becerra,

Thank you for sharing this info!  I appreciate your generosity.

Judah Hoover,

Guilty!  It took me two years to buy my first property, but I was determined to have systems in place from day one.  My goal is to develop a model that can be repeated from one property to the next.  With that said, I completely agree with you - getting on the phone is important, especially now as I am just starting.  As I mentioned, I am getting good initial feedback from the survey.  My next step is to start following up with the prospects by phone. 

I am about to list my first rental property and am trying to decide how to screen potential tenants.  Before taking any phone calls, showing the property or going through the application process, I want to vet potential tenants to make sure they are worth pursuing.

I decided to create an online survey that I will link to in my ad.  It asks some basic questions such as...why are you moving, when are you looking to move in, have you been evicted, etc..

Has anyone else tried this tactic?  Was it helpful?  Did you feel it helped weed out potential tenants versus "tire-kickers"?  Would you recommend this approach prior to getting on the phone with a prospect?

Welcome Judah!

Good read, thanks Brandon!

Judy, you don't need a Kindle to read it.  Once you purchase it, it will automatically open (desktop) or you can download the Kindle app (on your smartphone) and sync it with your Amazon account - very easy to do.

When you are passionate about something, you can't help but share it! 

Thanks for all the feedback!  I haven't done anything with the property yet, so just deciding what is the best route.  This is my first property (!!!)...I've been looking at places for over a year.  There have been other lower priced properties I've considered, but with much more work needed.

Although the deal is a bit thin, there is a lot of upside to the property due to its location, extra features versus other houses in the same neighborhood (sunroom, finished basement, etc.), little work needed on the house and recently replaced heating/cooling and roof.  IMO it's a good first property to learn on, though maybe a flip is the way to go. 

Eddie, where in PA do you invest?  What type of properties - single or multi?

Glenn, I am purchasing and renovating with cash then getting a mortgage.  For sake of conversation I am assuming 100% financing with a commercial loan, with a rate of 4.8% at 20 years.

RE taxes: $2,300

Insurance: $500

For monthly expenses I factor:

Vacancy at 8.33%

Maintenance at 12%

Self managed, but I charge 6%

Seeking feedback on a property:

3 bed, 1 bath ranch, recent addition of a large sunroom, partially finished basement, 1/2 acre lot w/ mature landscape, quiet neighborhood.

Price: $91,000

Rent: $1,200

Monthly expenses: $550 (vacancy, insurance, maintenance, management and RE taxes)

Mortgage: $590 (assuming 100% financing, commercial loan)

Recent comps: $125,000-$130,000

Other than a few cosmetic items, property is turnkey.  Heating/cooling systems, roof, etc. are all recently replaced, so I would anticipate few maintenance issues early on.  Nice neighborhood, above average ranch for the area; I expect modest appreciation. 

What would you do....hold or flip?

Have you tried:  http://www.forsalebyowner.com/sellyourhome/