All Forum Posts by: Kevin Day

Interested to hear what the consensus is with what is most preferred amongst real estate investors a home that is tenant occupied or vacant?

Questions to discuss:
Is one better or worse for a beginner? What are the pros and cons of each? What do property managers prefer between the two? Any situations to absolutely avoid?

2 Votes

Cleveland, Ohio

Quote from @Nicholas L.:

@Kevin Day

hello. have you been to the neighborhood you're looking to buy in, in person? i would make sure you go out there to see the property in person, and also come out in person for closing. it's a major investment... what reason is there not to?

i would also make sure your expectations are calibrated accordingly. a lot of folks think they're going to buy a home run deal by picking something on Zillow, and then start "cash flowing" several hundred dollars a month right away. this is a total myth. it's expensive just to transact, and then there are going to be repairs even if it's rent ready, and then your furnace or dishwasher is going to break and need to be fixed.

here are some examples of when, again, expectations were not set.

https://www.biggerpockets.com/forums/48/topics/1242392-rough...

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

https://www.biggerpockets.com/forums/432/topics/1231840-sell...

https://www.biggerpockets.com/forums/311/topics/840134-memph...

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

hope this helps

Seems pretty grim. Thank you.

0 Votes

Cleveland, Ohio