All Forum Posts by: Hannah Atherton

Hi @Jonathan Dagerath. I'd recommend making sure that your listing is posted on multiple sites including Craigslist, Facebook Marketplace and zillow or apartments.com. I might encourage you to drop your screening fee - I don't know how much your screening company charges you, but $50/adult might be a deterrent (or you could say it's refundable if they don't qualify). Other than that, I would agree on the price point may need to be lowered. Instead of technically lowering your rent, you could also consider providing a rental "concession" where you have a signing bonus by x date which gives them x amount off rent (which might equate to $50-100 "off rent." Other than this, with showings: make sure the lawn is manicured, all lights are on while touring, window shades open, and maybe a handout with a short list of neighborhood amenities could be helpful!

Hi @Dwayne Clarke! That does sound like a tricky situation! Some things come to mind: The property manager should send you photos with time/date stamps on it as well as video. You are right that you don't want to take your tenant's word for it. As an owner, you have legal right to enter with proper notice (and doing inspections yourself every 6 months or so is not a bad idea - make sure it's written into the lease!)  I might also order a home, sewer, etc. inspection now, even though you decided against it before. They will only cost a few hundred dollars and give you all the real information you need to make the best decisions moving forward such as if this situation is salvageable. Also, I don't know the laws in your state but you may want to consult a lawyer. If the owner knew of these and did not disclose these issues, that could be legal ramifications for that - but I am definitely not a lawyer and don't know the laws of the state - just something to consider. Another thing on my mind is to contact Section 8 and speak with the case worker and see if there's a way to get hands on the inspection report they've done and when that inspection was done (though first choice is to order your own home inspection!).  You might also want to know if the unit is designated as Section 8 or is it that the tenant has a voucher - that's not something that will help in this situation, necessarily, just a good thing to know.  Either way, communicating with the Section 8 case worker and bringing them in as a partner to help solve this challenge is something to pursue! Also - what's written in the lease? If you are able to redraft another lease (again, this depends on the area), you can make sure that there is specific language in the lease about making sure they are properly ventilating the home and doing things like limiting number of plants, etc. that may cause moisture build up. These forms (link below) are for specific states but you can browse them to see if there is language you might like to incorporate into your forms (such as the mold and mildew addendum) - though relying on local experts is the best method. Best of luck to you!! It will be a very good learning experience in the end - so don't listen to criticism, you're already learning how to approach things differently in the future! You've got this!

https://www.rentalformscenter....

Hi @Jakhari Sandcroft! Glad you're thinking about this now!

My suggestions:

1. Education (as others have mentioned) - the library is also a great way to learn for free by checking out real estate and business books. Also read: "How to Win Friends and Influence People"

2. Save 20-30% of your after-tax income (or more) by putting your checking account on auto-deposit to your savings account each month. 

3. For your job - make sure that you're working in the industry to gain experience - property management is one that doesn't necessarily require much education to start (maybe some certifications). Or, you can become a real estate agent. If you do that, make sure that you're interviewing different teams and join a team that's successful and able to provide trainings. For either of those - start by asking people for informational interviews to ask what they do, pros, cons, etc. I wish I had skipped the restaurant jobs, personally (though sometimes you don't have an option!).

4. Once you have enough savings, pursue buying a duplex. You can qualify for a higher price point with a duplex than a single family home because the rents from the other unit count toward your income. There are loans where you only have to put 3-5% down payment. If your family is able to provide you with help, you can accept gift funds from family.

5. It's better to meet with a loan officer sooner rather than later to make sure you know what you need to be doing to set yourself up for success before you're ready to go (work on your credit score, your debt to income ratio, etc.). 

6. Find a mentor who invests in real estate and see how you can add value to their lives and how you can in turn glean insight into how they made their success.

7. Any road blocks you encounter - think actively about how you can overcome them rather than feeling victimized or stifled by them. Just keep moving forward no matter how you're feeling (listen to an reinforce your thoughts that give you courage and don't weigh the thoughts that make you doubt yourself).

Exciting path for you! Fortune favors the bold. Keep moving toward your goals. They don't happen overnight but they happen over time with continued dedication! Building wealth is the long game!

Hi Cody,

I agree with @Jeffrey Albaum. If you have a small amount of capital to start, one of the best strategies is to house hack. The reason being is that a portion of the other units' rents count toward increasing your qualifications. You can use low down payments that are available to owner-occupied loans and on top of that, qualify for more than you would for just a single family home (because of the rents). Great entry strategy!

@Melissa Dorman see you there!