All Forum Posts by: Michael Modesto

@Natalya Murphy

There are many things that I value in a landlord.  Among them are:

Transparency: Being upfront with what's occurring with my property, so that I gain the proper visibility into potential issues.  I'd rather know ahead if a problem may occur so we can plan proactive ways to avoid it.

Responsiveness: Being an out-of-state investor, it's important to me that communications are continuous and that the property manager respond to requests in a timely fashion.

Congrats on getting back into the game, @Makenzie Kelly!

I commend you for taking action, @Tyler Haskell!

Thanks for sharing, @Wendell De Guzman!  Your transparency will surely help a lot of investors.

I've reached out via email and PM, to start a discussion.

I learned from @Wendell De Guzman not to invest in areas that require a bullet-proof vest to visit.

I learned from @Wendell

My guideline for spending money to prep a home is: aside from safety and code requirements, only spend money on refurbishments if it will increase the value equally or more.

If you spend $2,500 on a new lawn, will you be able to sell the home for $2,500+ more?

Otherwise, you are wasting effort and costing more in time and holding costs.

Hi @Dom Lombardo

That seems like a very open-ended question.  Could you provide more details on what specific areas you need assistance from?

As a default resource, @Brandon Turner's book is an EXCELLENT resource for guidance.

http://get.biggerpockets.com/nomoneydown/

Another question is, does the deal work for you based on $1,100 in monthly rents?

If so, then the upside in rents is icing on top of the cake.

@Leigh Ann Smith

Building on what @Eric Thomson mentions above, I would put value in a proven tenant who pays on time.  If the tenant leaves, it would take 3+ months' worth of the $300 increase in rent collected to recoup the losses from each month loss in rents due to vacancy.

I would first explore ways to increase the monthly rent, before evicting a (presumably) good tenant.

Also, in a competitive market (as you said), having these conditions may negatively affect the chances of your offer getting accepted.  IMHO.