All Forum Posts by: Karen Rittenhouse

@Eury Almonte Great.

@Erik Pacpaco 

If you're getting paid and the contracts are not violated, do nothing.

If the police have been called, you as the owner may also be being notified. Could mean you're going to have empty units soon which may not be a bad thing. You can clean them up and raise rents.

This is one reason I don't like multi units. One bad tenant can clean the place out.

Don't get involved and never let tenants know you're the owner. You're the manager and you're required to manage by your contracts. If they break the rules, evict. If they don't, nothing you can do anyway.

Good luck to you!

@Scott Vogeli Great advice here. I agree, check with lenders now to see how you qualify and what you qualify for so you know what to look for. 

Attend all your local real estate investor meetings which you can find on MeetUp.com and National REIA.org. I also highly recommend attending any landlord group meetings you can find. These are the people who will teach you what you need to know for your local area laws and regulations.

Plus, you may find some great deals on multi-plex units that you will not find on the MLS.

Good luck to you!

@Doug Haisten - You would buy this just like any other property. Wholesaling is a way to sell a property you already own. So, first you buy it, then you resell - usually after doing nothing to it - and you sell quickly for a minimum mark-up.

I don't know how there can be enough profit in an MLS deal with an agent for you to buy and re-sell to an investor who will also have profit in it when they buy. That's typically how wholesaling works. Wholesaling works best when you find a deal that is not on the MLS so you can get it really cheap - like 50-60 cents on the dollar.

Good luck!

@James Allison

Good luck, James! Thanks for sharing.

@Curtis Reid

Is the small multi-family something you're looking for?

@Kamira Collier

Where are the good schools? What are the hottest selling zip codes in your area? What are the high crime areas? Which areas are best for rentals?

As an investor, you can't know where to buy until you know what you want to own and where the best place to find those types of properties is "in your market". 

"Your market" is your geographic area for investing.

@Eury Almonte   Why say, "or", when you can say, "and"? I'd do both just like I've done since 2005.

Flips and wholesales create cash. Rentals create long term wealth and tax write offs for all the cash you generate with the flips.

Good luck to you!

@Daniel Maciag   Entirely up to you but, another thing to consider is vandalism. If the area is bad, you will have vandalism and property theft as you renovate. Once it's out that you're renovating, everyone knows you're constantly buying new things for the property and those things can go missing over and over.

Just something to add into your renovation cost estimates.

@Justin Petrides Are they important to you?