All Forum Posts by: Byron Scott

There is a lot to know. You will make mistakes and learn a lot. For management I would go to "rent like a pro" YouTube channel and watch their videos. I put the link below. These guys are great. 

https://www.youtube.com/channel/UCvcWEN8tb8vqdFa64PseWJA

Another good one stop shop for magagement is @Brandon Turner's book on managing rental properties. Audio is free with an audible trial. I would get the book and cancel immediately. I put the link below. Good luck! Keep us posted on your progress.

https://www.amazon.com/Book-Managing-Rental-Properties-Screening/dp/0990711757/ref=asc_df_0990711757/?tag=hyprod-20&linkCode=df0&hvadid=266118767273&hvpos=&hvnetw=g&hvrand=16164101783274466799&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=1015288&hvtargid=pla-332027372834&psc=1

@Jorge Duarte Hey man! I think whatever you do you need to make it clear that rent pay in full is rent plus solar panel payment. If you want it to be include with the rent paid to you. Some tenants will see it as a option if they think its a separate bill. Don't accept rent without the solar panel bill. This is just something I've seen. Good luck in your situation!

Become a Biggerpockets pro and search the BP search bar for NY leases. They have leases you can save and edit. Its worth it they have all the forms for your state that you need and reviewed by attorneys from my understanding. You can get all the forms for like 99 bucks too. Good luck!

If both are over 18 and both will be living in your property you need to have both on your lease. Anyone over 18 needs to be on the lease from what I've always hear and followed. That covers you in any situation that comes up with either tenant. It also leaves both of them on the hook for rent and any potential evictions. Good luck!

Yeah I was referring to the combining duplexes to be on one lot should work. Don't think they will let you do two lots. I'm not a pro though so ask your lender.

Yes that would work. As long as property doesn't go over 4 units you should be good to go. Good luck! Let us know how it goes.

I bought this triplex in July 2019 to house hack. I have done rehab to the inside and I'm living in one of the units. I also got the trees off the house. This property is across the street from a college and near restaurants. It is currently not a student rental but definitely has an option of being one. My question is should I paint the outside. It has an old siding or should I replace the old siding? It has asbestos cement siding. Please let me know your thoughts. Thanks!

@Colton Potter I would google for rent in the same area as your rental, same bed and bath close to your neighborhood. Different areas call for different things. When I see what the competition is doing I usually try to do something that will make me stand out. The comps and budget should give you your answer to your question.

@Brooks Beisner I would search google for 1/1 bath rentals in the area you want to build in. If there is other 1/1 there you will know what size people are renting and the layout that people in the area are used to. If there are no 1/1 in the area you are taking a little of a risk but then you have something rare for the market there. Make sure to have reserves for when things go wrong and calculate all expenses every month a great tool is the biggerpockets calculator I put the link below. I hope this helps. Good luck! Keep us posted!

https://www.biggerpockets.com/buy-and-hold-calculator

@Allen Humphries I think Edwin is right. Just move on and think about your leases and how you have them structured. If you want everybody responsible put them on one lease. If you want individual rooms so it works like a multifamily where you may have one vacancy but still collect rent on other two rooms while marketing the other room have separate leases with split up cost. One thing I've learned as a new investor is to create processes and follow them. If she skips town there should already be a process for people who don't pay rent. For example file and eviction with eviction attorney let them go after her and move on marketing the unit. Good luck man! Keep us posted!