All Forum Posts by: Cody Neumann

@Connor Kerr

It depends what their current lease is. Is it month to month or does it expire on a specific month?

Once the lease is up I would definitely screen them to make sure they fit my criteria before I continue renting to them. Also judge them on how good of a tenant they were during their previous lease.

@Brock Bonnicksen

Do you have cast iron pipes?

If so have you gotten a camera through them to see if there is any flaking? It sounds like this could be an issue too

@Seth Borman

I didn't realize where he was located. My bad. I'm used to the -40 degree weather in Wisconsin.

@John Joe Rother

Depends on what your goals are.

Real estate is actually tangible and in your control unlike the stock market.

If the house isn't cash flowing or it is a pain for you to manage because it is far away you could 1031 and get another property closer.

The problem with a 1031 is that a lot of people aren't able to find a property that is better than their current one that is closer.

@Johanna Silva

I have used foremost and they are fairly lenient but expensive and aren't the best.

@Ruben Goodbear Anders

Find your core 4.

Don't spend an insane amount of time on this at first as it would be a waste if you don't find any deals.

Network with local real estate investors and realtors who can help you find deals.

@Awet Hagos

Is your property out in the country if there is no natural gas hookup?

I would convert to LP before I convert to an electric furnace due to high electric costs near me even if the tenants are responsible?

@Caleb Reits

Be sure to screen all your tenants properly from the start.

Too many landlords will get their first property and end up with a terrible tenant which then leads to them giving up.

If you are interested in learning more in depth info on it I highly recommend you read the book on managing rental properties by Brandon turner.

@Joe Lijoi

It is very risky to go about it by cost per square foot especially being newer. Estimating rehab costs is a learned skill that will come with practice. You are better off getting in touch with either a contractor or someone that is knowledgeable on rehabs to get an idea of costs or read the book on estimating rehab costs by J Scott.

I have heard of too many rookies get screwed over by that form of estimating.

@Saban Becirovic

They don't look terrible from the pictures.

Are they dirty or scratched up?

What do the comps in the area have for cabinets and what is their condition?