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All Forum Posts by: Amie D.

Amie D. has started 53 posts and replied 342 times.

Post: Who pays trash

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

They changed trash billing in my area last fall to be prepaid a flat rate yearly and it is added to your property tax bill.

My leasing agent has been leasing in the area about two years, and asked how I wanted to handle this, and suggested that most landlords he works with in the area absorb the cost due to the yearly billing, since surrounding areas have had this type of billing for a while.

The house is being rented such that the tenant pays all utilities. Should I take the leasing agent's suggestion and absorb the cost, or pass on a monthly rate to my tenants? The cost is around $175/year.

Post: Buying properties in a hot seller's market

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

Randy F., yeah, I've got a pretty good team going (so far) in Cincinnati, actually it is just across the river in Northern Kentucky, so I'd probably buy there again to minimize the out of state tax forms I'd have to account for at the end of the year, since I already own property in Indiana and Kentucky. Ohio would add a 3rd state in the mix, though I could use the same management team. My other property is in Bloomington, IN, a college town great for rentals, however the management I have there has been having problems so I'd be hesitant to do something there until the problems are worked out for sure.

I'm considering buying out my sister and brother's share of my Dad's house, which we inherited, it's also in Indiana but in a different part of the state. I just get concerned about having too many different property managers involved in too many different areas, it eats up a lot of time to make sure they are all doing OK versus just having one area and one team to cover. Still, after seeing some of these frigging bidding wars over properties that cost twice as much that are in worse shape, I feel I may be passing up an opportunity if I don't pick up his house in Indiana.

And as Will Barnard stated, there are many strategies. I have been more of a buy/hold with both cash flow and appreciation in the areas I have bought in the past. Here that doesn't seem to be an option to do both so yeah I may have to look at a different strategy than what I am used to.

David Gellner, that is a good idea, yeah Seattle is at the heart of a tech boom, well it has been ever since Microsoft took root here, but it is even moreso lately. That speaks to higher end properties but investing in those would take more cash than I have right now. Still, the existing population needs to live somewhere... LOL.

I can see a rising market in a hot area being great for a investor looking to flip with a decent amount of cash to invest up front and a lot of experience in doing that. Again, I don't think I am in that market.

I will look at some outer areas away from Seattle. I think that's a good idea. Washington has no state tax so it seems that it would be another advantage to investing in state, though sales tax is high here for any costs involved in rehabbing, etc.

Nicholas Quinn, I expect this whole region is going to rebound/appreciate well. It really already has. This is why I dislike hesitating but at the same time want to do things right.

Post: Buying properties in a hot seller's market

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

Thanks so much for the advice Brandon Turner, I am unsure of what to do at this point. Besides having moved to a new part of the country, there is so much I feel like I don't know and still have to learn about real estate investing in general. I will check out Tacoma though as well, I'm a fish out of water in that town.

To complicate matters I am searching for a house of my own and would like to stay in the Seattle area to be closer to family, but I see a lot of others moving for their real estate career. Not sure if it's a good way of thinking, but I would rather work to live than live to work if that makes any sense. Real estate was less expensive in Cincy and I knew that area down to about the street level, but I personally did not like living out there so, I'm trying to decide what to do.

I don't know how people invest in the more expensive areas of the country (or even more expensive like NYC or LA) but I know that people do. I am guessing they must have "bigger pockets" than what I do... LOL. Again, I just feel like I have so much to learn, I don't want it to stop me but don't want to make a lot of mistakes either.

Post: Auston is Hot, Dayton is Not is that an opportunity?

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

Jeff S., I haven't, but I will take a look. I saw there were some moderately priced properties in Hoquiam, which isn't far from that area.

I guess the other advantage with Cincy is I lived there for about five years, as I was a photojournalist there - so know the neighborhoods well due to covering them daily. I am not as familiar with the areas around here, I suppose that will come with time. It just seems that people are in bidding wars over properties that cost twice as much here, with a higher initial investment and a lower cash flow. Of course long distance I'd have the costs of property management but would probably use that here as well if I could not buy extremely locally to where I lived.

Post: Auston is Hot, Dayton is Not is that an opportunity?

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

Again resurrecting an old thread but I have another vote in for Ohio (Cincinnati), now that I have moved to Seattle. Prices here in Seattle are higher, inventory is lower, with most things going to multiple bidders the day they are listed. Cincy inventory is getting less, too but not as bad here and the rental market is strong. I think I may start looking there instead for rental properties.

Post: Buying properties in a hot seller's market

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

I've recently moved to Seattle from the Midwest. From what I've seen so far, things are going with multiple offers in a highly competitive market. I am familiar with a couple other areas in the Midwest, where prices are lower and there is less competition. I have two rentals there that are managed by PM's.

Is it better long term to jump into the fray and try to invest locally, where prices are higher and competition is higher, or invest in the other areas I am more familiar with, maybe not as hot but where prices are lower, inventory higher and there is less competition for properties?

Out of state ownership isn't the best, so maybe I am not looking at the market in the right way. I am most interested in rehab/rentals; I have some capital but not a lot.

Post: Home inspection before renting house?

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

Not too concerned about lead paint as the whole house has been repainted inside and out. No mold as well... I lived there and would know.

I guess the other thing to add is the other properties I bought I had inspected before I bought them. This one was an as-is foreclosure that I was able to buy cheaply with cash as I made "no inspections" part of the deal, so it wasn't inspected (except for my own inspections) before I bought it.

Post: Home inspection before renting house?

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

I have rehabbed four houses in the past. The last one I lived in for a few years and now am renting out.

Is it best to hire a home inspector to go through a property before the first renters move in? I have no reason to believe he would find anything, as I know many of the codes more than some of the local contractors, and anything I saw that was not up to code was repaired or replaced. I am not sure if it is something good to do for liability reasons.

Post: Should I fire my property manager

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

Steve Babiak, yes that is what I am saying. But there has been the odd one-off where a reference has actually said things not that good about the person and also I've had no references given when asked for, too (obviously did not hire).

Post: Should I fire my property manager

Amie D.Posted
  • SFR Investor
  • South Bend, IN
  • Posts 342
  • Votes 56

James Vermillion, yeah, I always get references before hiring someone. But I find that most have great references - whether they turn out to be good or bad. I have had some references given that were not that good, and those do get weeded out. But this PM had good references, as did the PM before him, who was even worse!