All Forum Posts by: Christina Linn

@John Kaspar Of course you can!  Does the bank ask you to explain yours? Every. Last. Detail. Every. Single. Time.  I already know how that works - just like the bank wants to protect themselves, you want to protect yourself.  You can also ask for more deposit if you decide to rent to her and take a chance. The two of you must either come up with terms you agree on (most tenants automatically agree to lease and most landlords won't deviate from lease) or agree to part ways.  Good luck!

It depends on the numbers.  Some markets are way too high for my taste, but some are more stable.  It seems like investing in the OK, NE, WY, MT, IA, and maybe the Dakotas is still quite lucrative.  Every deal is different though. I would suggest watching the market for something you're interested in and running the numbers.  You can also invest through someone else for interest or partner with someone who can manage the properties.  My own experience has led me away from property managers, but if you choose to buy something on your own and don't have time to manage it that is also an option.

The best advice I can give is to be creative and ensure the numbers work before investing! If you can find something off the market that is also awesome!! That would be tough since you're new, but easier since you know someone in the game.  Good luck!

@Jodi Rhoades yes, of course! They need to know that they are making a good investment. I would actually ask for the same from them with blacked out SSN.

It depends on a lot of variables. I have STRs that I rent anywhere from daily to monthly and I pay all utilities on those. My LTRs that are SFHs pat their own utilities. My multi-families that have separate meters pay their own electric/gas and I pay water, sewer and trash. I have also seen LL with one meter bill tenants based on percentage - I guess I do that in one of mine too (3/1 house with 1/1 mother-in-law apartment: 3/1 pays 75% and I pay 1/1 25% and include internet for 3/1 if they cover 1/2 bill).

@Ken Barrett that’s awesome! We are working on new lockers for drop off and pick up. We used to have lockers from Ikea with combo locks from Amazon, but they would just break when we were changing codes, so we gave up. My husband is writing code for an iPad interface to allow customers to do it all on their own. I am so excited for it to be done! We offer pick up and delivery too.

@Ken Barrett that’s awesome! I may just have to take you up on that! Are your laundromats manned or unmanned?

@Jerry W. that’s awesome! You’ll have to come check it out some day! I’m glad we found it! It’s been interesting to learn about the equipment and such; much different than real estate!

 It’s in Green River. That’s awesome! I jokingly tell my husband this one is just our first. I fell in love with real estate and that is where my passion is, but the laundromat brings unique opportunities. We are open 24/7 and I spend less than 3 hours a week there these days.

@Marc Turenne I’m sure there are great property managers out there, but I have done all managing and maintenance by myself since my first bad experience.  Now that I’m at 19 rentals I have decided to hire a maintenance person. With only three you can easily call a plumber, electrician or contractor when needed - if you wanted to maintain your own property that may be more difficult with in inflexible, busy schedule.

@Marc Turenne I would suggest landlording the property yourself. What you’ll quickly learn is that property managers are just the middle man. Even if you’re busy you can be the middle man for three units. Property managers have many listings and yours will only be three of them. They don’t care if they rent your unit or someone else’s as long as they rent A unit. I used a property manager once and will never don it again.

@Luka Milicevic absolutely, given the right circumstances. I judge first on impressions. If the tenant can articulate themselves well and act professionally, plus fill paperwork out correctly I honk that’s great. I once walked into a bank with my toddler and his bucket of toys wearing painting clothes and asked for a million dollars. The banker judged me at first, but after talking he realized I had earned the right to ask for the kind of money.

I don’t ever judge based on one thing, even if it’s bad credit or an eviction. People’s situations can change. I had a repo on my credit (it was actually a totaled car that insurance didn’t pay off back when I was too poor to cover it) and now I have a nice real estate portfolio and a laundromat. Things change.