All Forum Posts by: Kris-Ann Lagumen

"The only fishy thing is she wanted to move in ASAP with sight unseen."

Showstopper.  I don't even select candidates that breeze through a viewing in 5 minutes.  I want the person that takes time to visualize their belongings and daily life at the property. 

Really need more info....

Verified income vs rent

Credit score and background checks results

Previous LL references (prefer not most recent, as they lie to get bad tenants out) and rental history

Pets can add income, but also result in wear an tear....

I would lean towards #2, but would want some other verification. The "sight unseen" is a bit concerning but depending on the ads/photos you have, it may be enough for some tenants. I prefer ALL the applicants see it in person and I meet them in person- can really help avoid some issues and gives you a gut feeling about the applicant. 

#1....bigger deposit. The plan for 1 year is also not great.... you do not want a known turn over in a year. You want long term....and if they are already "i'll only be here a year", then you have to plan for the cost of turnover, so you rate may need to be higher to account for that aspect. 

Any reason these are your only 2 choices? Dont rush..... getting the right tenant is 90% of success as a LL.. Not thrilled about either one...... dont talk yourself into a tenant

DO NOT do more than a 1 years lease.... a 2 year does nothing but work for the tenant. Get a bad tenant and you are screwed. 

@Fadia Eramya-Sealy Have you thought about potential new-builds? I'm working with a lot of buyers with new builds - they just are crushing the resales in Las Vegas now. That is what many buyers are doing in Las Vegas: getting into new builds. Between the rates, the closing cost credits, and all the warranties and brand-new appliances that come with them, it's just tough to beat. Add in the value add from the A communities/parks/client base around the area, I would consider that. Let me know your thoughts!

Josh Edelman

973-459-0938

Urban Nest Realty

@Maylin Cuello there is only so much you will get out of self education. They rest you will have to learn by doing. Kind of like riding a bike :)  I understand how you feel. We have all been there.

My 2 cents:

1. as others have mentioned, you do not need to pay for mentorship

2. Dont do STR arbitrage. It is just something shiny + plus you do not get the full benefits of REI (debt paydown, appreciation, depreciation, and cashflow)

3. Stick with HH'ing in your back yard. Keep it simple

Next steps:

1. connect with agent that is familiar with HH'ing and has a solid track record.

2. connect with a lender to see how much you can get pre-approved for. This will help you identify how much you can afford. (if you find a good agent, they will bring you the rest of the team you need. If not, find a new one)

3. start analyzing. Ill DM you the spreadsheet I use. I invest in Denver but spreadsheet works in all markets.

Baby action steps. 

Best of luck.