All Forum Posts by: David Shiling

@Colleen F. I didn't even think about that. I wish I would have when I was writing up the lease because that is a great point. I am adding it to my shortcut list for the next one for sure. Thank you so much for sharing that with us. 

@Megan T. Thank you very much Megan, I just purchased that book so I will definitely be reading it. And thank you so much with the pet "fee" I was wondering on how to word that properly so that there was no confusion. 

Have you ever had any luck with charging a monthly pet fee? Or do you just do the one time pet fee?

@Brian G. How do you calculate your capX? 

@Eva Neikirk That is great. I see why having some patience and really checking out the leads for the tenants makes it worthwhile. If they aren't even willing to take those steps then sometimes its not even worth it. I appreciate you sharing all your knowledge with us!

@Joseph Crunkilton ahh yes makes sense. Thank you for sharing that with us. 

@Chris McConnehey haha Thank you for that one. That is a great idea for sure. 

@Cason Maertens yes they can. But hey giant lesson learned my friend. Thats for sure and like you said came out on top so I can't complain. 

@Bryan Noth  Thank you Bryan! Hoping to get another one here in the next 6months. 

Investment Info:

Townhouse buy & hold investment in Wellington.

Purchase price: $198,000
Cash invested: $20,000

2/2 villa with lake views in the front and back. Screened in Patio with a 1car garage.
Remodeled new floors in the entire house. Remodeled bathroom, kitchen, and paint.

What made you interested in investing in this type of deal?

This was my first home that I purchased then broke up with my significant other and had to buy her out of the property. Still have the equity in the home and did not want to live there and rented it out.

How did you find this deal and how did you negotiate it?

I am a real estate agent and bought it from a friend that I work with. Negotiated closing costs concessions as well as taking the realtor fees off of the purchase price.

How did you finance this deal?

Conventional 10% down

How did you add value to the deal?

Remodeled the floors walls, bathroom and kitchen.

What was the outcome?

Renting it out cash flowing $450 per month.

Lessons learned? Challenges?

Don't ever buy a home or anything with a girlfriend. If you don't have the funds then find another way and don't let her parents bully you into getting her name on the property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I worked with myself.

@Kathryne Omaits Thank you very much for sharing that with us!