All Forum Posts by: Kevin Fletcher

@Bill S. Well it is definitely a crossroads, I am coming to the end of a career as well so I can relate. You seem like a man of many talents so I'm sure you'll be fine. For me, 1st thing is to not be over leveraged, so you are not stressing constantly waiting for the next money to come in. As deals are a little hard to come by on the MLS right now, maybe wholesaling to find some deals may be a good option. Finding deals gives you options. Since you have consulting skills it may be worth doing some self promotion to get some other streams of income, while you figure the other things out.

Wesley Velez Welcome to biggerpockets. I love Italy I lived there for 2 years. One year in Teramo and the 2nd outside Napoli in a city called Caserta. You've found the right place to learn everything about REI.

@Macie D. Welcome to Biggerpockets!!! I'm sure you'll find all of the resources you need here. I'm a Denver Investor and I think you have the right Idea to invest in that area. There is less competition, and so the deals are a little easier to come by around there. I've noticed also that the the Cap rates are better in Fountain and Pueblo then they are in Denver. And, the fact that you can buy properties for under 50k makes it easier to get into the game. Good Luck with everything!

@Alton Williams Many investors have to start with financial support from their family because they have no other option. Its very common to get private money from friends and family. If you are looking to work with family, its important to treat it like any other business relationship. Maybe do one deal with them and see how you work together before creating a whole business plan together. Like any other partner, you're going to want to see how creative, organized, disciplined, and hard working they are in a business setting before moving forward. If it works grow incrementally together, and try to keep special attention to keeping business and personal problems separate. Good Luck

That's the direction I want to go. Thanks for sharing. Congratulations!!!

Welcome to BP!! I'm an Investor in the Denver area. Good Luck with everything

@Daniel Foster I think its also important that the tenant is made aware of the way you will be managing the property. When owners change some of the friendly agreements and concessions between parties inevitably change. So, its important to make the tenant aware that regardless of the way the previous owners ran things, they will be expected to conduct themselves in the highest level of conduct within the terms of the lease. Basically let em know that you are a business man, and you're serious about your property.

@Account Closed

I started out not charging application fees but made me notice a few things. When people get the application fee waived, they may be more likely to fill out the application, but it doesn't mean that they are more likely to rent the apartment. So, its just more work, and more money. I find that if I charge for application fees, I'm more likely to get strong applicants who are serious about renting. When they have skin in the game, they are more likely to be responsive after the fact. I don't want a tenant that can't pay the $25 it takes to run the screening process, because its a sign of a larger problem.

@Rusty Scott I think inexpensive and easy is the way to go but do a good evaluation of things that could be a problem in the future. If there are hard wood floors put extra coats of polyurethane so floors are extra protected. I love tile, I could put it on every surface cause it protects better than anything else. Just evaluate what aspects of the house that are susceptible to wear and tear and then over-engineer to make them stronger.

@Matthew Cataldo I echo the sentiments of the other posters that the level of tenant will not be as good. Its important to account for all of the inflated expenses of renting in the less desirable market. A strict tenant screening process is a must, and make sure your lease is all-encompassing and clear. Also, there are just more headaches with this type of investing so yo have to be psycologically prepared for a higher volume of problems that may not just be financial.