All Forum Posts by: Eric H.

@Thomas Leon Laing Greetings,

Here are some of J Scott's tips for preparing for a market crash. https://www.youtube.com/watch?v=rTn5w5u-k_Y

Greetings @Vina Real,

I have used Travis Shaw, 4434131679

I also recommend http://bluhomeinspections.com/

Greetings @Pranay Prabhu,

Welcome to BP!! The first step should be to define your 'why'. Why are you investing in rental properties? Will that why keep you going when it gets tough? It will get tough. The next thing to do is to learn your market. Get a great understanding of property values and rental rates. Analyze at least one deal per day.

Hope this helps.

@Kip Thompson Greetings,

1. Check your state statutes. It will dictate what the minimum requirement is.

2. Check your lease. It should be included in the lease somewhere.

3. Finally, I would say the sooner the better. It will give the tenant more time to make arrangements. Not sure what you plan to do after the tenants are gone, but I am sure some work will need to be done to the property given that they have been there 5 years. Inspect the property asap to get an understanding of what works needs to be done and get some quotes/estimates. Some things you may be able to do while the tenant is still there. Ultimately this will decrease your vacancy time and turnaround time to get another tenant in the property.

I wish you the best.

@Scott Jensen Greetings,

Check out these two sites for basic construction estimates.

Homewyse.com - HomeRenovationEstimate.com

I wish you the best.

Greetings @Charles Wang,

I would say that you're closing costs and vacancy rate are underestimated.

Consider 3-8% and 6-8% respectively.

Greetings @Meredith Mihm,

Congratulations!!

Where is the property located?

Greetings @James Petty,

All of @Ward Conville's advice in the previous post is an excellent start.

Yes there are banks that will make those small loans. You may have to make a lot of phone calls and send a lot of emails to find that one, but don't be discouraged. They are out there.

Greetings @Courtney Rollins,

Congratulations on taking action. Your feelings of weariness over fumbling is normal but I believe that experience is the best teacher. Mistakes/setbacks are unavoidable even with a well thought out plan. I would say a good real estate attorney or title company would be a more viable option if you are concerned with uncertainties related to contract or paperwork. Just be sure to close using that company.

I wish you the best!!

Great morning @Ken Wang. I recommend @Tyrus Shivers