All Forum Posts by: Erwin McClain
Erwin McClain has started 9 posts and replied 38 times.
Post: Competent, reliable property manager
- Posts 38
- Votes 7
Hello everyone,
Let's welcome in this new month. I'm looking for a property management company for a coliving/rooming house in D.C. Any suggestions
T.I.A.
Post: Is "rent by the room" a market dependent strategy?
- Posts 38
- Votes 7
Quote from @Alec Jacobs:
I am looking to househack in my local area, Beaver County PA to be specific, and I know some people who have done the "rent by the room" strategy but they invest in other parts of the U.S. and I was wondering if it is market dependent or not?
It seems like you would want your property be close to amenities since it seems like you would trade the comfort of having your own space to being in a better area for a cheaper price but I could be wrong. Is it possible to rent by the room anywhere?
Any insight is greatly appreciated. Thank you!
I believe room renting is possible in almost any area. Personally, I just post on line the rental thats available and see who replies just to see if its needed in that area before I purchase
Post: Future Coliving entrepreneur
- Posts 38
- Votes 7
Thanks Julio, I'm looking forward to working with investors who are problem solvers and go getters in order to scale my portfolio.
Thanks,
Post: Future Coliving entrepreneur
- Posts 38
- Votes 7
Thanks @Michael Dumler, I have a few people I know who were investing in a few areas of Georgia. I would like to expand to that area sometime in the near future.
Thanks for reaching out
Post: Looking to scale in the Co-living space of real estate investing
- Posts 38
- Votes 7
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $240,000
Currently practicing co-living with 4 tenants for the past 10+ years and looking to scale to more properties this year (at least 1 property per year)
What made you interested in investing in this type of deal?
My dad is an investor who is retired from his W-2 and now is a G.C.
How did you find this deal and how did you negotiate it?
My agent
How did you finance this deal?
bank
How did you add value to the deal?
Kitchen/bathroom & back porch addition
What was the outcome?
Currently renting
Lessons learned? Challenges?
Finding good contractors, negotiating & budgeting
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My contractor isn't able to work much because he is retiring
Post: Future Coliving entrepreneur
- Posts 38
- Votes 7
Looking to connect with like-minded people who are currently doing co-living (especially in the DC/Southern Md/Northern Virginia areas)
Post: Looking for advice on beginning a small claims/collections action against an owner
- Posts 38
- Votes 7
I put up $25K that was supposed to get a % return on principal with interest.
Post: Looking for advice on beginning a small claims/collections action against an owner
- Posts 38
- Votes 7
Hello everyone,
I am currently seeking advice on the best way to conduct/ pursue a small claim/collection on a property that I invested in but never received the R.O.I. I have a promissory note that we both signed. I want to take the proper steps to collect my funds and or put a lien on the property whereas I would receive my money if the owner sell a property.
T.I.A.