All Forum Posts by: Ashley St. Gelais

Hey @Monish Naidu-

Welcome to BP!  Although we have a presence in the unit about 3-4 times a year to just check on the condition.

We don't charge any sort of in-between charge based on the condition of the unit.  The tenants may live in the home in a messy manner but then may clean it up when they decide to leave.  I don't believe it is legal in most markets to charge money to tenants during a re-lease.

Just be sure to complete a move out inspection report and have them sign it up on moving out.

A

Hey @Lee Griff-

Great to meet you on here! Welcome to BP.  : )

I might suggest using a traditional loan. The reason for this is because repairs can add up quickly - and if you need more cash it could be more difficult to get it when you really need it...

Insurance is to cover yourself in case of a loss.  If you didn't have insurance and the home burned to the ground - what would you do?

If you plan to own the home for only a short period of time - maybe it's worth the extra money to properly insure the home. Just in case.

Lastly, I love rental real estate.  But it's got to be done correctly so that you don't get hosed.

Hope this helps! : )

A

Hey @Account Closed-

Condos have their benefits and draw backs.

Personally you have less liability on you for the condition of the property. However as part of the condo association, if there are issues that aren't addressed or don't have a plan to be addressed, then the individual unit owners are on the hook.  Special assessments can be costly..  So I'd suggest to take a look at everything. Interior and exterior of the building and any facilities.

Also be sure to review their condo budget and plans for future improvements.

Hope this helps!

A

Hey @Jinlong Lin-

We use buildium to manage our properties - not only ours but for our clients too.

Check it out! www.buildium.com

A

Hey @Shimantika Kumar

Hey @Chris Richardson

Diversification is a great idea no matter what you are investing in.

This can mean investing in different types of real estate and different markets or even different investments.

One strategy that we've been working on building is using a indexed universal life insurance policy as a way to build wealth and create our own 'bank' for investing in new properties as well.

Hope this helps!

Anyone else use this strategy?

A

Nice! Hope it helps. : )  VT is a pretty great place.

Hey @Saleina Bailey,

I've found the best way to get into rental real estate investing is by using an owner occupied loan program called FHA. It allows financing for up to 4 units with just 3.5% down. It's all about using the cash you have in the most effective way.

Send me a PM if you want to know more. : )

A

Hey @Bryson Dawson!

Great question. It all comes down to your goals and preferences.

Will it impact your life if you are getting calls during off hours? Will it impact a full time job if you have one?

If you are growing quickly, perhaps you can negotiate with the PM company for a bulk discount?  

If you are going to take these on yourself, there are 2 major items i'd suggest.

1) Be 100% confident that you understand the tenant/landlord laws in your area. Follow them to a T.

2) Have a tenant approval process in place.  A bad tenant can wreck any returns you were planning on.

Hope this helps!

A

Hey @Jen R.

Congrats on your upcoming purchase! We've found the best returns on properties that needed a bit of TLC before turning it into a rental.

We actually hired a company to do a treatment on the ways of one unit. It got a ton of the smell out.  Here is their link so that you might be able to research an option like this in your area:  http://www.greenhomesolutions.com/vermont

I would absolutely recommend BIN.  We did paint over  the walls and haven't seen anything come through as of yet.

A