All Forum Posts by: Gretchen P.

I heard about a vacant home, looked it up on the ElPaso County assessor's site, and it is owned by a Trust. I knew the  owner died a few years back. The mailing address is the property address. Is there a way to find out a better address for the trust? 

I agree with the strategies above, how about bird dogging for wholesalers, as a way to learn, even if you make a a small amount you will build up some capital. Attend RE meet ups and let wholesalers know you want to learn, and ask what they will pay for a lead. Even a few hundred is more than you have and will be worth more than some program you are paying for. Start walking neighborhoods and familiarize yourself with what the prices before and after flip in those neighborhoods. 

Listen to BP podcasts all the time. ALL the time. Focus on the ones that are beginners. Someone with 1000 units started somewhere, but it can be a bit daunting to listen to those. 

I don't know what the air b-n-b laws are in your city, but how about renting out part of your house to gain income?

Between us my husband and I own 3 businesses, one is real estate. We will soon have seven units, so not a huge operation, but as others have said, it would be easier with a 20-unit building. 

We have an accountant but need help with our books for all three businesses, and we need help with tasks like paying the water and sewer and billing the tenants back and tracking payments from renters. 

Where can I find someone to help with these tasks? I estimate the tasks will take about 10-15 hours per month, split between businesses. Because this person will have access to our financial records, I don't want to hire someone off Craigslist. 

I have a tenant who is also an electrician. I pay him separately. I have also paid a previous tenant who is a handyman in the same way. Neither got to the threshold for a 1099 point though. 

I am wondering what type of tenant you will have week to week. Is the property in a dangerous/undesirable area? Might be difficult to manage.

You could do a 6 month lease, then raise the rent after the lease is up. Your renter may just stay as it is easier to stay than move. I did this with some properties that were available in January (I had purchased in Nov and renovated them in Dec . That way I had no winter vacancy and didn't end up with a January vacancy again.

I agree with @Tchaka Owen. Buy a new stove as they are pretty inexpensive, charge the tenant half, explaining it is based on cost to repair, and move on. Your tenant immediately admitted she broke the stove top, and didn't make excuses, etc, so she'll probably be happy with the solution, and it was a mistake. Stuff happens and you don't want her to be without a stove over the holiday. 

Everyone has an opinion. The color reads blue-gray not Smurf blue. It will be fine. As @Michelle Santhanum pointed out other details on the house make a big difference. Not having another gray or tan house could make your house stand out from the competition.

Post a pic if you can. 

What it is worth is subjective. I've paid over asking to snatch something up (and renovated to get a 9% cap rate from it) and $25K under asking on another property due to a variety of factors. I paid what they were worth to us. It is a good deal if it works for your investment plan. 

Doing a live-in deal has other considerations than something you would only rent out. 

I agree, I have a great tenant who is an electrician. I occasionally hire him for electrical projects, but not in exchange for rent, it is separate.