All Forum Posts by: Stone Jin

I basically view damage done by the animal and damage done by the tenant to be the same.  I charge a $20 fee per month per animal and I don't do a pet deposit.  I require them to professionally clean the carpet and tile and then if there are any additional smells I may have to paint some of the rooms which will come out of the security deposit.

I would refinish cabinets and counters instead of replacing.  I would do the same for shower surrounds and tubs.   I think carpet is gross as do most of my renters so every shred of carpet is usually removed.   I use a beige paint on all my units, the exact same beige paint so touch ups are easy to match.  Swiss Coffee for ceilings and trim.  I try to make things nicer so I opt for used stainless or used white appliances.  

I would refinish cabinets and counters instead of replacing.  I would do the same for shower surrounds and tubs.   I think carpet is gross as do most of my renters so every shred of carpet is usually removed.   I use a beige paint on all my units, the exact same beige paint so touch ups are easy to match.  Swiss Coffee for ceilings and trim.  I try to make things nicer so I opt for used stainless or used white appliances.  

@Reggie Maggard

I've done it both ways.  It really just depends on the type of house and your market.  Typically if the renter has their own set I'd remove mine.  I think it depends on your competition, everyone else is offering rentals with washer and dryer and you don't then your probably will be less desirable.    Used appliances are cheap in my market so I don't mind putting in a newer set that will last 5-8 years to have my house to have a slight advantage.   Also I think most renters do not have their own set that they drag around.

@Drew Donovan

Option 1 will likely allow you to have the least skin in the game once the plan is executed.  My lender has always allowed me to count the rent as part of my income for the underwriting.

Option 2 is the traditional path.

Option 3 you could invest outside your area.  I'm just not a big fan of the appreciation play at this point in the cycle.  As interest rates go up and affordability remains roughly the same, value must come down to meet the demand.  If you are not cashflowing from the start and banking on appreciation, it just sounds risky to me.  Is your area booming with job or population growth?

@Spencer Carr what are your goals and what is your strategy?  Are you looking for flip, wholesale, buy and hold, buy notes etc etc etc.  

At minimum get a realtor to set up a search on the MLS so you can updates daily on new listing. If you go the traditional route of conventional financing, find a mortgage company that can do up to 10 loans and establish a relationship.

ARPOLA has a lease for each state, so does biggerpockets.  are you asking where you can get a free lease?  In AZ, the local eviction attorney has free leases on their website, perhaps the same thing could be said about texas.

@Grayson Gist, a fourplex qualifies for conventional financing.  Why not just buy it that way to get the best of both worlds?  I'm not sure I fully understand statement about equity, it doesn't sound like you will have any equity going into this deal if the seller if financing a piece and the bank the rest, unless you buy at a significant discount.  

@Arturo Colmenero are you talking about profession or geography?  I would like to think that profession in tech and healthcare will be strong for years to come.  In terms of geography, I would think large, affordable and sunny locations are growing faster than small, expensive or cold locations.

@Account Closed in the rare case that you have to go over for inspection or do repairs, the renters will have to make accommodations to make sure it'll be safe for you or the repair person.  I allow animals and have never had an issue with this situation.  Usually the tenant is home to meet the repair person.  I have the repair company directly contact the tenant to schedule.  Make sure you charge your normal pet deposit and pet fee.