All Forum Posts by: Celine Crestin

Unless you're doing the BRRRR method, I would also suggest using the funds to purchase multiple properties. You'll be building wealth on both cash flow and appreciation faster having a portfolio.

You can do it in stages so as to not feel overwhelmed and so you can apply lessons learned on the first to the next one and so on and so forth. :)

As mentioned, you can structure this in whatever way works best for both of you. Would the investor be funding both the purchase and reno? In that case, I would think they would want a large % split of the profits, but you never know. Either way I would think the experience you'd learn and being able to get into the fix and flip market to begin with is worth doing at least your first few with an investor partner and then you can always branch off once you have enough funds of your own. 

I was assuming SFR, but the post was unclear. Thanks for the clarification. I was not aware that landlords have no rights upon fulfillment of a lease on their own property whether it's MF or not? That seems bizarre? It's not like the landlord is terminating the lease early...I'd love to learn how the rules work in CA out of curiosity now. Do you have any further insight into this @Dan H.? 

$0 (assuming you have signage). Snacks are a waste of money/time/energy and you risk visitors making a mess in the home. 

Time is your investment. You can print a few flyers up, but why not create a great digital flyer on canva or the like and offer to text it to your visitors. That way you can get their number and also send your digital business card and if you want to go high level perhaps text them a link to a brief digital feedback survey about the property when they leave? 

congrats on your license and good luck!

100% what everyone else said. You have the right as the landlord to choose not to renew their lease and I would simply give them the notice to vacate as dictated per your original lease terms. 

I would add some landscaping and/or colorful porch decor to bring some warmth and interest. At first glance I thought it was cinderblocks and no one wants to stay in a prison ;) 

I would add decor throughout the home as well, the bathroom with the blue furniture in it needs some flare. 

The workout area could use some plants or artwork. Hide the damage on the wall next to the gray storage unit? 

I personally did not like that the photos jumped around so much. Here we are in the living room, now the book nook, outside, back in the living room, etc. For me, that isn't pleasant, but maybe I'm the anomaly? 

I agree with the others, overall it looks clean and nice and I'm just being nit picky because you asked us to be. :) Good luck and wishing you much success with this!

Yes, I know an excellent Realtor there who is familiar with both those strategies and is investor friendly who would love to assist. 

I'm happy to message you her info if you would like.

What @Ryan Kelly said is great info! You will be hard pressed to find anything under $200k currently and if that's going to be used as a down payment, you'll have to see if your son qualifies for a loan if you want him to be sole owner. 

There are also quite a few rules in the city of Austin regarding short term rentals, so you'll want to educate yourself on those and also consider condo deed restrictions as well. Good Luck!

I would personally screen my MTR tenants and have them sign a lease. Anything over 30 days is lease-worthy IMO. You can also list those rentals in the MLS with a realtor and probably find quite a lot of traction, as there are many home buyers who sold their home and need a short term place to stay (1-6 months typically) until their new home build is completed and utilize their realtors to help them find something.

You can screen tenants with a variety of services online; I like to use my smart move, but there are several others. Many of the online rent collection sites also offer tenant screening. 

Hope this helps. Feel free to reach out should you have additional questions.

Show them! Here is an approach you can try and generally works well three ways:

1. Show them a FACELIFT. This doesn’t have to be $10k in redesign, it could be refreshing the trim paint, or new flooring that needs to be done anyways. It could be as simple as only $500-1000 and it brings new life to the property and they appreciate it and “see” where there money is going. And if they move out makes it easier to rent anyways later

2. Show them the NUMBERS. Explain how property taxes have went up over $xxx in the last 3 years, insurance, cost of material just like the cost of groceries. Tenants sometimes think landlords make 90% net profit on rents. Also show them direct comps for other houses renting in the area.

3. Show them GRACE. At the end of the day, if you are pretty far from market rent, the chances of getting them that caught up in one large increase are tough. I would ask them what they would want them to do if they were in your shoes. What is fair to get close to market rents. As loyal tenants they likely expect a discount which is fair, but still need to be close to the market rents over a 2-3 year period.