All Forum Posts by: Evan B.

 WOW! I had no idea that property taxes could even be that much money period (except for a huge mansion or commercial property) and I bet that 800k home isnt that big, considering the housing prices lol

The way I do it is this: all these small things are fine by me, I fix them right away. by fixing them it creates a positive relationship with my tenants for a very small amount of money (relatively) that way, when something big happens, the situation will start off from a point of trust, instead of "this cheap landlord will never fix this big problem!!"

I put into my lease agreement which items are their responsibility to maintain. Things that fall under "regular maintainence and cleaning" are their responsibility, but anything beyond that (mold, damaged stuff, broken stuff, etc) are mine to resolve.

For the broken shelf, that is super easy, have them send you the model of the fridge and then just order a new shelf to their door.

For the downspouts, inspect that yourself to ensure that water isnt going towards the foundation of the house, or going onto a walkway that could cause ice and a fall hazard.

 to me it seems like people are moving away from the coasts (due to remote job opportunities) and buying or renting properties that are cheaper overall. There are places, like Arkansas for example, where properties are so cheap that when I was first looking around at them, I thought it might be a scam. But my guess is that since there isn't that many jobs in the area, theres nobody to pay for the house, so its cheap. Maybe the midwest is having the same thing happen now?

I also read an article about a town called Crested Butte in Colorado, tons of remote workers moved there because it has great skiiing and mountains and stuff. Before the pandemic, the economy was balanced because to live there you had to find a job there, other than that it was all tourists. But now remote workers have moved in and caused massive house cost increases because there isnt enough land.

Every market has its quirks lol!

 Great ideas and information, your comments are always very helpful, thanks

OpenShot is a free open source video editing software that I use, it takes awhile to get used to and has some problems, but almost all the video editing softwares have quirks and issues with crashing. It has a learning curve

Quote from @Andrew Freed:

@Tyler Davis - Great question! I can only talk about my market since that is what I know well. Regarding whether we will have another housing cash, I doubt it will be significant without inventory increasing. Take a look at the below chart, my buddy @Ian Hogan creates this for our monthly meetups which we grab from the MLS sales data. As you can see from the red vs the blue, the amount sold and the yearly sales cycle has stayed consistent since 1997 for the most part. The true differentiator when determining price reductions is the amount of listings or inventory on the market. As you can see in 2021 and 2022, the amount of inventory pretty much matches the amount sold. Based on this data, what we truly need is more supply of properties for prices to reduce otherwise the demand seems to be consuming what is available. Without more supply, I doubt we will have a crash, maybe sideways adjustment or a slight reduction but nothing dramatic in my humble opinion.

 Agreed 100% on all points - cool graph too!

 Same and agreed, as long as the majorly expensive stuff is in working order, I think its fine to buy older homes. But if I had a lot more liquid capital and had the choice, I would buy newer ones.

in my opinion, if people have to start paying back their student loans, it will greatly effect the real estate market. Other than that I agree with everything you wrote!

1.) Check laws to see how much you can raise it per year / lease term (to meet comparable nearby rents)

2.) If someone is living there now, Improve the property in the lowest cost, highest ROI (return on investment) ways. Paint walls, replace anything broken or malfunctioning, maybe get a new appliance. You will need to do math on these improvements to ensure it makes sense to spend X amount, when rent will raise by X amount. It will give you a "reason" to raise the rent other than "your neighbors are paying X amount!"

3.) Try to weigh your options - if the tenants are very long term, you may want to raise it in increments in order to hopefully keep them as your tenant and allow them to budget and plan around the (fairly) increased rent price.

thats off the top of my head, Good luck!!

is there existing duct work throughout the house for the central air to plug into? 

Look into a Heat Pump, they are very efficient.