All Forum Posts by: Brian Adzadi

@Karen A.

I am by no means a contractor to answer with full professional understanding. However, I am a utilizer of common sense and common sense tells me, you are much more better off building from the ground up than trying to restore or rebuild a flood damaged house. Water reaches almost every crevice of a house when there is a flood, and from the devastation I saw on the news, the flood had gone as high as the second floor of some houses.

I would be willing to restore or rebuild if the bones of the house was mainly concrete, cinderblock or brick. Those materials are meant to surpass the test of time. However, if the house structure is mainly wood, dump it. The water damage would be too insidious that even places you don't expect to be damaged, will be. The worst concern for you is the potential for mold to build up in the house, molds in places you can't see. Such as between the walls. So be very careful if you truly decide to do this.  

@Chatheersh Sivakumaran

Simple, for the ones who ask if internet is included, say yes there is but its an extra $X amount.

Or you can have the internet already installed and change the price of the rent to whatever price that compensates you.

Like Mari-Antoinette supposedly said, "Let them eat cake."

@Brodyn Beauchat

What I would first ask you then is are you the handy type, the type that is willing to get down and dirty and turn a coal into a diamond? Or are you so-so in the handy department and tend to hire professionals? If you are the former then find a cheaper deal, rehab it to your best abilities and rake in the cash-flow. If you are the latter, like me, get something with solid bones, HVAC in prime working condition and no immediate repairs required.

For your bonus question, crawl before you walk. Half of what land-lording is people management. Being able to deal with the different characters that come along your way. The only way you can develop that tough skin is to experience the hardship yourself.

Hope this helps.

@Dustin Turin

 You are not being a jerk if the potential roommate does not pass your background check. Those are your qualifying factors and if she does not meet them, then sorry your tenant will have to have someone else. Like @Mark Webb said, you are running a business, not a popularity contest. Businesses have guidelines and protocols, so should you. That is the only thing that will protect you from being taking advantage of. So tell this tenant that this roommate does not pass the background check and should either find a new one or find a new place. Simple as that.

@Don Konipol

LMFAO, ad they say being a loan officer is boring. But if there was an order though, I would have put the Ferrari for 23 y/o Russian girlfriend as Number 1.

@Daniel Pichardo

Your best bet is to go out of state. Sorry to say. The market is so saturated with investors with deeper pockets than you, me or half of the Biggerpockets bloggers put together. I am seeing Single Family Houses being bulldozed down and multi-story condos replacing it.  What chance do you have?

I know there will be other members here saying "Oh don't say that, there is still places people can invest in NYC." Its bogus, trust me. I have lived in NYC for 24 years and trust me, Joe Schmoes like us will not succeed in this city unless we are rubbing elbows with heavy hitters. Why would you even want to invest in such a tenant friendly city anyway?

I looked past NYC or NJ for living and investing and went to Pennsylvania. Best decision I ever made. Housing stock is so much cheaper and the ROI is so much better.

Dude, start looking at Pennsylvania or the Midwest: Ohio, Indiana, Illinois or Michigan. If you want a decent cash flow and good ROI, these are the places you want to be.

@Melissa Gittens

As long as you are not denying any federally protected class, you can say no to almost anything.

I did not place stipulation on Christmas trees on my lease. I didn't feel I needed to. Would put that in a lease? Hhhmmm. No.

However, you can say no to live Christmas trees. You can allow it as well but state that if any damage such as fire does occur to the property as a result of the tree, the tenant will be held responsible and may have funds withdrawn from the security deposit to cover recovery and fixing costs.

@Khayyam Latif

I also like the fact that the price point is just of single families but multi-families. This is great, so just in case for some reason the student population decreases, you can always turn it back into a regular long-term rental property.

@Khayyam Latif

Go for it buddy. Sounds like you have done a good amount of research on the area. You already have a relative who can give you perspective. Plus the price points are pretty low enough that you won't feel like you are investing too much money into it.

Remember when it comes to college housing. You rent by the bedroom, not by the unit. So if certain bedrooms in your units are large enough to be divided into 2 smaller rooms, do it. That way you can charge more as a whole but the students won't feel the crunch because they will be paying a "low" price for their rent.

@Charles Huenergardt

It all depends on how much multi-families are going for in your area. Your in Cali, so I am suspecting it must be pretty high. So a 1031 exchange would be a good bet to get the down payment needed to get into multi-families.

However, I am a believer in having your cake and eating it too. So personally, I would keep the property, use it for whatever generates the most amount of money. Whether its through Airbnb or a long term rental. Start saving the cash flow from the property and use it as a down payment for the next multi-family.

I hope others chime, because I really want to know what they would do.