All Forum Posts by: Justin Larese

Based on your info you currently own a home. I woul keep your money in savings, house hack your current location, see what improvements can be made to increase your equity. Once you've done that look at HELOC or an equity loan to leverage for your rental property. Or move into new location to fix up and house hack as you rent your original location out. Interest rates will only be going up from here. In two years you will be playing catch up when interests go up. Something to think about.

Stock market is an investment, and as such is still a gamble. If you choose that route I'd advise caution, unless you are savvy with stock trading.

If you have a date deadline where your rental will be available you can advertise for that start month to begin leads. Advertise for the tenant you are desiring. If it's students near a college you can put an ad in their campus off campus rental site, leave flyers at dorms. Same for military bases but is a bit more thorough to complete. If you have a rental and it isn't being filled revist your neighborhood to see what else is out there and what their comps are for tenants and adjust accordingly. You may have your rental priced higher than what people are willing to pay. Maybe Toss in covering water sewage etc.

separate them. You want to be able to track where your expenses are coming from when reviewing your property. Then you can also look at what your property needs focused on to help minimize the expense. If it's vacancy then you know you need to tweak how your renting to lessen its negative impact etc.

every state is different for some codes, but make a point to have gfci outlets in kitchens and bathes, they will trip before allowing a surge. If your appliance is under warranty they might cover it, if not $700 is not bad compared to a burned down house. just make sure you have your electrical box inspected and for any possible burnt wiring. If a tree branch falls on a power line maybe you get them on negligence, but even then. **** happens, that is why you pack reserves.

There is a lot of information in the education part of bigger pockets that will help you answer most of these questions. If your trying to build a team from out of state you will need to network and learn the area. If you want to be successful you need to be in tune with the market and what prices are going for in the area or you will be in trouble. Good luck. 

Stick with a one year lease max. You can put in writing if you want that if a tenant stays in good standing and property is well maintained you will reward the 2nd year lease by lowering monthly rent as an incentive, depending on tenant and area. Having a "higher" rent and larger deposits will automatically wean out tenants who cannot afford your rental. You don't want to lower your standard and risk allowing someone to enter your rental and not afford to keep up with costs And result in higher turnover.

Some Landlords find it easier to pay for these utilities. If tenants in your area are used to the provision it may be their preference. You can increase rent to off set difference. An example I owned a rental out of state, tenant fell behind on lease and I had them leave. I was planning to sell property and went to get utilities switched to my name and found the tenant had utilities shut off for gas and water due to not paying. I also had to pay the fee to have water turned back on. Unit had gas for furnace and was middle of winter so I was trying to get the house heat on to prevent pipes from freezing. Tenant was using an electric space heater. Had a rough time bc you need to let the gas company in house to inspect for gas leaks after turned on. Also had to fight city utility over me being responsible for tenant's water bill. You can stream line between tenants if these utilities stay in your name, and you can keep an eye on usage. many utilities require a deposit so tenants may be discouraged having so many deposits to pay up front. Just personal experience.

Fritz Nippes & Associates LLC: Fritz Deborah S CPA

Located near the PFI boot store in Springfield. That's who I use for a CPA and have been impressed with them so far. Currently still shopping for a real estate lawyer as well.

Theresa hit it on the head. Put in your offer with a contingency that the repairs are finished and you do a final walk thru to inspect before signing closing papers. You get the property under contract to prevent someone else from buying it out from under you or bidding the price up.