All Forum Posts by: Charlotte Edwards

Thanks for the responses everyone! 

All three of my properties are 3 bed, 1 bath. There's not room to add another bathroom, unless it was in the unfinished basement. 

I'll check about the insurance; I hadn't thought of that. 

It's priced accordingly; the only changes were changing out the countertop in the bathroom (it was an unsightly color, albeit new when we bought), a fresh coat of paint inside, and replaced the leaky toilet. It's nothing fancy, and much like the other rentals. 

Thanks, everyone!

It was move-in ready when I bought it. PM fixed a few minor issues that did need taken care of. Our first two rentals went quite smoothly, so I was not expecting this. However, it's only our third, so I certainly have a lot to learn. 

Rent seemed reasonable for the size (3 BR/1BA), spacious 2 car garage, deck, driveway. I'll suggest a bigger drop. It's located in a decent area, near to a main road and many shops/schools. 

I purchased my third SFH in mid-August. The PM got it spruced up and started showing it. But he's only gotten one application despite numerous showings. He's lowered the price once. My other two rentals are with him; I've never had issues with him, nor do I blame him for this.

The feedback he gets is that it's next to an apartment complex; people don't want to rent near there.  Since this is only my third deal, and I was in a time crunch to get it purchased (I work abroad and was on summer break), it didn't cross my mind. This wasn't my first choice of a purchase; in hindsight, I should've just waited to buy. 

Does anyone have ideas on what, if anything, I can do or should ask the PM to do to help get this rented? Drop the price again? I've been in communication with the PM, but my husband is getting antsy since we have so much money tied up in a house that's not bringing in any. I'm not trying to micromanage or get involved in something I've handed off to him, but I'm not sure if I'm being too hands off.  

Thanks!

I don't know if it's nationwide, but Menards usually has good prices. My sister shops there for her renovations. She's got their credit card and tries to do most of her shopping when they have an 11% rebate.  

If this isn't an option, I'd call the appliance companies to try to negotiate a discount.

Congratulations! Love your story!

I second the "buy used" advice. Unless there's some reason not to (like if it's not sanitary or safe) buy used. This saves my family so much money.

Also, do you have a good budget? You might be able to find things to cut out (subscriptions you don't use or getting cheaper insurance) if you do a written budget and then FOLLOW it.  The internet abounds with ways to cut $10-100 rather easily. 

Then, yes, take your kids up on getting a part time job. Research suggests students who have other responsibilities besides school work take school more seriously. I worked my way through college and graduated in three and a half years. Three of my good friends didn't have jobs, just hung out in front of the television (this was pre the internet being in its current glory)...one took six years to graduate and still couldn't pass the exams to get a teaching license, two others quit after junior year.  I only see good things come from working part-time as a student.

(slight aside, I work abroad and have taught/worked with many new college grads...it's not common for them to get jobs in college and parents pay for it...it's dirt cheap by US prices...and these kids are some of the most entitled humans I know. They have tons of potential but don't realize it because they and their parents just want "a good and easy job.")

A Google search, several years ago. Only joined in late 2016, I think, as my husband and I were having our semi-annual "should we invest in real estate?" discussion. Each time I'd search to find the latest info on if it is or isn't a good idea, BP would dominate the results. Glad I finally took time to join, and tell my husband that if we don't do it now, we'll keep having this discussion until our kids are grown and gone. We bought two properties last year and planning to buy a third this year.

Our situation is similar, yet different. I'm American, husband is not. We live in his home country,  we are long, long distance landlords, but have chosen a PM rather than try to manage it ourselves or with a business partner.   I did a good deal of researching PM in the area, even asking in a local forum on here. I'm happy with the one I chose. 

One thing we did was to finally just jump in and buy; we'd talked about buying about once a year for several years. Finally I told my husband we just have to do it. We'll make mistakes,though from my reading on here and listening to podcasts I think we avoid a lot of them, but need to get our feet wet somehow. Might as well be sooner rather than later.

All the best!

@Logan Allec Thanks for the suggestion. 

I'm interested in this, too. Following the topic.