All Forum Posts by: Julia Lyrberg

A property manager can make the process easier by handling the day-to-day coordination, but the 10% fee might not be worth it if you’re comfortable managing things yourself. It really depends on how much time and effort you’re willing to invest. If you trust your contractor and can stay on top of the project, you might not need a property manager

It might be time to have a firm conversation with the tenant, letting them know that going forward, rent needs to be paid in full on the due date as stated in the lease. If they still don't pay on time then you have more then enough reasons to evict them if that's what you'd like.

If you're concerned about your DTI, you might want to look into DSCR loans. DSCR loans focus more on the property's income than your personal income or DTI, which could be a great option for you since you already have multiple investment properties. It's worth exploring if you're looking for more flexibility!

Feel free to reach out if you want to learn more!

Welcome to BiggerPockets! Sounds like you’re off to a great start with your triplex house hack and experience in multiple doors. Your property management experience will definitely help you avoid common mistakes. Best of luck!

For a turnkey property, in an "A" neighborhood, a reasonable cash-on-cash return might range between 5-8%, since these areas tend to be more stable but with lower returns. In a "B" neighborhood, you might expect a slightly higher return, around 7-10%, since there's more room for growth but also slightly more risk. It all depends on the local market and specific property, but these are typical ranges.

Sounds like you’ve got a great plan in place! House-Hacking is a great way to start building generational wealth.

Best of Luck!

DSCR loans are great for real estate investors because they focus more on the property's cash flow than your personal income. The DSCR compares the rental income to the property's debt, and as long as the property covers the loan payments, you can often qualify without needing tax returns or traditional income verification. They're perfect for people who might have inconsistent income or don't want to deal with the strict requirements of conventional loans. If you need more information, feel free to reach out!

Many out-of-area lenders can still offer competitive terms and expertise, especially if they specialize in the type of loan you need. As long as they’re familiar with the market you're buying in, it usually doesn't matter too much where the lender is located. Just make sure they have experience in the area and can meet your needs!

If the area is desirable (with features like the pool and backyard), and the ARV holds strong, the multi-family homes may not have a huge impact. I'd suggest looking at recent sales in the area to see if similar properties have been affected by the nearby duplexes. Ultimately, location and demand will play a big role in how it performs.

It's probably best not to engage in negotiations with the tenants. Instead, inform them of the current market rent and explain where you're setting the new rate based on that. This keeps things simple and avoids any potential issues between tenants if they were to discuss different rent amounts. Transparency about market rates can help them understand the change.