All Forum Posts by: Kenneth Hynes

@Eleinne B.

Welcome to BP - BP is a great resource. Full of great tips and reads. to help build your kowledge and experience    

One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

Check out the freeBiggerPockets Podcast- A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 120 past ones to catch up on.

@Dustin Ward

BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

Check out the freeBiggerPockets Podcast- A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 120 past ones to catch up on.

@Ariel Salenga

Welcome  to BP :)  BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

Check out the free BiggerPockets Podcast- A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 120 past ones to catch up on.

@Joe G.

   Going through a similiar thought process for a property i have in NC (Fayetteville) it ws my primary residence when i stationed there but has been a rental ever since i left (about 15 years)  

before selling , just remember your total retuen is more than just cash flow .  you also have equity build-up as you pay down the mortgage ( I am guessing that 11 years with 7 as a rental.  means 19 years left on loan.  you shold start seeing rapid increase on your eqiuty build up now as your loan balance decreases, assume you havent refinanced)   as well as the tax break from depracation  and possible appreciation.  

 If you can handle break even cash flow while paying offf the mortgage, you end up with a free and clear rental that can add to your passive income when you retire .  

just more food for thought

good info .  was the neighberhood  B or C  ?

@Jack Tucker

 great job and way to innovate .  I agree with what @Account Closed

 said about the vacation rentals, but doesnt this increase your expenses.  do you have a cleaning service ?  and do you have to furnish it as well ?   I would also be inerested in how you get professionals for just the week.  in a big city i would understand , but dont thinkk UGA has he same type of commute of taret audience isswues .

ken

@Mat Canada

 Great job and it appears you have a sound strategy going forward to make future purchases .  you plan on using the same model ?  how many offers did you mkae before the firs one was accpeted ?

ken

@Jason Mak

Great job and looks great.  Can you share some of the other tips  you did to attract a better tenant class once you started re-positioning the  property .  From what DL said , if it had a rough reputation beforehand, how did you go about getting better enants after evisting the problem ones.  

better condition of units?  new amenties ?  improved security ?  

again great work 

@Austin Rutherford

Welcome Austin. BP is a great resource that can help with all aspects of REI. Lots of military and ex military on site (including me0 so dont be afraid to ask any questions. there are also a couple of podcasts (askBP # 36, BP PODCAST #23) to assist you as well

good luck

@Will R.

  I assume the other two are rentals  ?  how long you had them.  I know some banks (USAA, NFCU) will work with you if you can provide documentation that the  2 properties are providing income to offset the debt service (tax returns, leases).   you can get up to 4 loans before it starts getting tricky