All Forum Posts by: Kathleen Osborne

No. I pulled the report before listing.

The last tenants lost their mailbox keys and I did not inherit any at purchase. A triple box is about $250 - $350. That option was not in the budget.

A lock smith is $75 minimum. That could work in the budget. A new lock ordered from Amazon for $6.98, a borrowed drill, and a You Tube video later…I’m feeling a sense of accomplishment. It took a bit longer than I expected after watching the 9 minute video. However, 20 minutes of my time plus the cost of the lock will make cash flow a little better than it would have been.

I look forward to the day when I can just call a handyman and write a check for most everything. Better yet, I look forward to the day when I have a handyman on the payroll and have enough property to keep him busy and well paid. In the meantime, I’m learning a lot about DIY and becoming a handywoman in my own right.

Less than $7.00 and 29 minutes of my time provided a huge sense of accomplishment. What is making you feel accomplished these days?

Here’s the lock I ordered: https://www.amazon.com/gp/product/B000B4N0PC/ref=ppx_yo_dt_b_asin_title_o05_s01?ie=UTF8&psc=1

There are so many trail blazing women to admire. But the one I admire most was known as "Mom." She told me to dream big and that I could do anything I put my mind to. I've accomplished a few dreams and have many more to tackle.

@ Ashley 

@Ashley Zhang I ran the numbers on the whole triplex prior to purchase using the under market rents it was already bringing in. It was barely breaking even to pay mortgage, water, trash, insurance and taxes. When the first renters moved out, I looked at what 2 bed/1 bath was getting on Furnished Finder for my zip code. The first four months of rent will cover my brand new furniture. Months 5 - 9 will cover my new appliances. So after the first 9 months, I'll be whole on the upgrades. By that time I will be converting the other two units to Furnished rentals.

My first SFH I bought outright for $38,000. I charged $600/month rent on that one but it was long term and not furnished. This is my very first furnished rental and I'm learning as I go.

I started with a SFR a few years ago and hired a property manager. I sold that property last year and bought a triple. I'm self managing for now with few issues. I also have a full time job 7:30 - 5:30 most week days.

How many units is your property and what kinds of repairs are needed? I'd do the jobs I am qualified to do and contract the others out. Join local REI groups to connect and get recommendations for contractors, plumbers electricians, painters, etc.

My contractor showed up on time and gave me costs up front. But some things were not done to my expectations. Do not pay in full until the job is competed.

Good luck!

That kind of down payment can go so much further and generate more cash flow in other areas. As an example only: https://www.zillow.com/homedet... A duplex with water views for less than $130,000 down payment. That leaves you with an extra 200,000+ to invest in another property. Of course long distance is scary, but there are ways to make it work.

Good luck with whatever you decide.

In Virginia, we can get to the owner info on the GIS website. for example: https://data-franklincova.open...

Driving for Dollars by Deal Machine or PropStream are two popular apps. Sometimes sending the mailer directly to the property address doesn't reach the owner though. You may need to look it up on GIS to get the owner's name and address. And one postcard won't get results. It takes about 7 touch points to make the phone ring. 

So I'd design three small postcards, two 6 by 9 postcards, and two letters or self mailers. Build your mailing list and mail something different to the list about every 6 weeks. I'd also repeat those messages on Facebook ads, Instagram and/or TicTok (I've not used TicToc, but seems to be the latest and greatest social media).

Here is a Facebook group for posting rentals to travel nurses and other medical professionals:

https://www.facebook.com/groups/Travel.Nurse.Landlords