All Forum Posts by: James Brand

@Kevin Harrison @Matt R. @James Austin @Jay Orlauski @Max T.

Thanks guys for the input and experiences.

James, I am planning to look into ductless air conditioning when I think the area is in a place, could be quite soon, when AC should be available to acquire the right tenants.

Having installed plenty of ceiling fans, and given all the posted comments, it seems like the right way to proceed. 

Keep the opinions coming though!

Thanks for the input @Shawn Washington & @Mike Wood.

Looks like @George P. is the first to come in on the opposite side of the subject. 

Again, if the units had central air (something I will consider adding in the future) I would not be as concerned. But Philly can get hot in the summer, and a ceiling fan is a nice touch. I am definitely leaning that way...

James

I hear ya @Michell P., and appreciate the input. I am leaning ceiling fan for this property. For those who know Philly, it is in Point Breeze.  A nice block with lots of new construction. 

As the area continues to turn around I plan on gradually making larger improvements, most notably washers/dryers in each unit and roof decks the units. I am trying to develop the properties as the caliber of tenants in the neighborhood progresses. Adding value along the way and growing rents.

Okay so I have held that the more amenities you offer in a rental that can break easily, the more time/money a unit will cost you. 

I lump ceiling fans into this equation and I was planning on removing the outdated ones that are present in my most recent investment in Philadelphia, BUT the units do not have central air and I am consider keeping ceiling fans in there. 

I view the trade off as greater appeal to tenants/prospective renters with an increased likelihood of getting maintenance requests.

Curious to get some takes on this, so lets hear it!?!

James

Hey Ashley,

What areas of Philly or the suburbs are you looking invest in? I am not surprised that you have found yourself being moments too late on flips, the good ones do have a tendency to move quickly. I have been looking at potential flips with clients only to have them sell during the 30 minutes I am in the property.

-James

Hey Andresa,

A colleague of mine is a zoning attorney in the city. I will see if she could recommend anyone who specializes in collections.

Will let you know!

-James

Hey @Greg Effron!

Welcome to the site. I have heard that your best chance of sustaining yourself full-time is exceeding 10 properties. Shortly before  hitting that goal though, you will likely feel a bit overwhelmed as you balance your full-time gig with 6, 7, or 8 properties 

How are your current investments performing? If well, I would advise that you keep the same criteria that you have used thus far to build your portfolio. 

BP can definitely be a great resource, and since you are already in the game it might help you evaluate your current investments to determine how they are doing.

Best of luck!

James

Thanks for the input all.

@Tina Tarkington, I really like the idea of making a nice gesture to your tenants around the holidays. In the most recent podcast, 147, Johnny Yousseff had a similar practice of gifting his tenants mugs. 

Completely agree with @Ali Boone here, your own home is more of a liability in my mind. It does not generate revenue. You could make the case that the tax benefit of being able to deduct your interest is an advantage but unless you have roommates or renters (house hacking) it is not an investment. It could appreciate sure, but to be investing solely for appreciation is speculative. 

Some really great insight above though. Read and learn and I am sure you will develop your own strategy. Set goals.

Goof luck!

-James