All Forum Posts by: Jeff McCaskey

I agree or echo @Kyle Gregg comments. I haven't seen the CL add you included but it sounds like you have listed it with a somewhat abnormal headline - it didn't sound particularly attractive from the above post.

It has been cold and snowy in many areas of the country and that can have a profound effect on people being willing to/wanting to move. I have seen things slow down for myself in my market this winter too as far as requests for advertised units and we didn't get all that much snow here this year  or an abnormal amount of cold weather either. I would say that a fair "lack" of interest is likely the winter weather.

I would also suggest that you just simply state what type of house or unit you are offering, a 3/2 or 2/2 etc etc and just keep it simple, don't make up something cooky that people might wonder "oh, what's the deal with that rental?" because I don't believe people will respond as well to that.

Good question was asked, is there a "FOR RENT" sign out in the yard?

Do you have a Facebook "buy,sell,trade" for your area?? Use that too.

Do you have any free classifieds in your area or that are popular there? Use those as well

Please please please don't drop your rates if you are confident that you are competitive and don't go to giving a month free etc etc.

I have had to wait before myself and once in a while you begin to wonder, what if or what's wrong, it's usually nothing, just some odd timing or just the group of people in the rental market at the moment.

Don't get discouraged .......

@Denise Mayo-Walley Use either or LOC/HELOC. Pay cash and fix anything needing addressed.

As soon as you get a closing date set up apt for repairs, advertise for tenants. 

Close on prop and get tenant in place after repairs are made.

Should have been setting up refi already so that you can roll into it quickly after close.

Refi out of prop and pay back LOC/HELOC (interest rates can be higher on these loans) and pocket the difference :)

With cash in hand go get another one!

vote team Neil.....!!!!

@Gregory Massi 

The better your records management system is the easier your life will be. You won't imagine the file names you will come up with. If you have it split out as much as possible you won't be hunting for information and it will save you a lot of time in the long run. Also, practice now for the future. You sound like you want to acquire more than one property and  you will soon be busy with many things and the habits you form now will carry forward. Make it easy on yourself and keep detailed and organized records from the start. That is almost as important as all the other spokes in this wheel, it will help keep it turning for you.

Mortgage with address

Prop Ins

Prop taxes

Income taxes

Utilities

Contractors (split out plumb, general, hvac etc)

Applications

Leases

City

Realtor

Research

Tools

Meals

Fuel

Inspections

LLC docs

Accountant

Lawn care/snow removal

Repairs

Credit cards

Separate checking account & statements

Separate savings acct

Lawyer

New deals

Notes (all the notes you take out and about, in meetings, phone, etc)

Office 

*There are some examples for you to incorporate into your operation.......

@Denise Cagle 

I echo above post. Your mentor should really be reading and books and networking. Investing is about as varied as the number of people out there, no set paths to follow and we all have to find our own way so to speak. Honestly the only thing you can't really figure out through reading and talking after a few dollars spent there, is the experience and that can't really be given ya know, you have to go through it all and use the knowledge you gained. Maybe get a group together if you want to and invest in a duo or trio. I did all of mine on my own. Read one book actually that really set it all in motion, I was familiar with aspects of real estate through my life experiences. Nobody really did any hand holding, there just aren't that many people out there that will/can mentor. I think if people really want  this then they most times have to just go get it on their own, unfortunately or fortunately however a person looks at it. Doing something alone can build great self confidence!!

@Jim Zatko  Depends on you buddy. Tenants can be time consuming, things come up and things go wrong. If you just want to be involved as a hobby I guess you have to take tenants into account. However you are making money either way so that is a plus!

You can have income from rent and have a lot more hobby if you rent it out and refi the house to get your cash back.....

@Josh Stevens Sounds like a short sale or a foreclosure. That's it. They are in pretty deep now. Otherwise you will be upside down in it and that is the wrong way to drive on this one way street!

@Stephen Roy 

Well you left this one wide open lol.

There are a number of things to check but it really depends on the age and condition of the building.

Can you post the details you have on the property? That would make it so much easier to give you pointers. Pics would be even better of you can snatch a few.

I would not agree with the $1000 per door rule. It can depend greatly on where you are in the country. Not all money making RE investments need to take place in a big city or metro area. There are many places where smaller communities have faced pressure on housing units available and it can make for a very strong rental market and strong rents. The investor can make very nice and dependable returns on property in these areas and to a large degree there aren't that many jobs that would pay the 3,000$/mo it would require to afford a 1000$/mo rental payment.

1000$ per door would be pretty nice in my area, then again I know a lot of property that would require substantially more than that to rent out and cash flow!

@Tim Lindstrom That is some profound advice!!! ha ha ha. I do agree you made the right call!!