All Forum Posts by: Jen R.

Personally, based on your goals and timeframe, and the significant investment of time & money, I don’t see a huge benefit in the MBA. That’s an awfully expensive program, especially if you factor in the student loan interest and opportunity cost. Also, are the starting salaries you mentioned above the pay you could expect in your current position if you obtained the MBA? Or just an average for graduates of the program? If so, what kinds of jobs are those, and how much time will they require you to commit? I’ve done the salaried corporate job, and though it pays well, I easily worked 70+ hour weeks on a regular basis. That leaves little time/energy for aggressively building a real estate portfolio. 

On the the other hand...I do have my MBA (which was paid for by that previous employer), and it has given me additional opportunities to bring in extra income while doing something I enjoy (teaching business classes part time at a local college). If that is something that appeals to you, a cheaper program than Cornell will probably suffice.

So, in essence, I think it really comes down to your personal goals...but your time may be better spent cutting your living expenses and investing with your current salary so that you can start building your real estate portfolio sooner. Good luck!

Good points from Jason. Another idea is to only refinish the staircase and cover the rest of the hardwoods with floating vinyl plank - we have done this in cases when it was cost prohibitive to refinish (due to required patching). The vinyl is attractive, more durable than carpet, and protects the hardwoods in case you ever wanted to refinish later on down the road.

Congrats, and I’m excited to follow along! Looks like a fun project. Between the paint jobs and the backsplash, I guess you could say the previous owners were not afraid to make bold design decisions... 

I disagree with the previous posters; the tenant is at fault here, and they should be held responsible since the damage was due to their negligence. If the tenant has renter’s insurance (which they should), they can turn into their insurance company. Most policies contain a minimum of $100k personal liability coverage.

The last cigarette house we did was intense - everything was orange from floor to ceiling. You have to be thorough, but TSP and BIN shellac really work. We have used Kilz as well, but found that the shellac covers better. Just make sure you wear a respirator! You can also look into renting an ozone machine after you get all the fabrics/carpets out of the house, which works wonders as well.

Do you have pics you could post to show the condition? It’s difficult to say without being there, but I would not plan on having to replace all the drywall. I would, however, replace all the light fixtures - once the light bulbs heat up you can get some lingering smells, even after they’ve been cleaned. Also, windows are particularly difficult to clean. It can be done, but if the house has older wooden windows, you may want to budget for replacing those as well.

1. Know your local landlord-tenant laws and make sure you fully understand them.

2. Have a local real estate lawyer review your lease. Best money we ever spent was paying an attorney to write our lease; we’ve only had to make minor tweaks over the years.

3. Read quality landlording books. There are several recommended on this site. Take notes!

4. If possible, join your local REIA so that you have local support when questions/issues arise. Utilize the knowledge of those seasoned landlords who have already made mistakes and learned from them. These individuals will also have connections with people who matter in the industry, and that always helps.

5. Search BiggerPockets whenever you have a specific question; the forums are full of people ready to help. But you’re already on top of this one.

Hope that helps! We’ve been landlords for over a decade now, and I regret to say I did not follow all of this advice when we were first starting out...instead, we often learned the hard way. In short, reading quality books and networking locally are two of the  most impactful things you can do to be successful!

If the current tenant is asking you to wait to show it until he is back in town, I would try to work with him on that. Sure, depending on your local laws and your lease, you might be legally able to show it while he is gone (in Ohio we need to provide 24 hour notice), but personally, I would rather be flexible than deal with an angry tenant before move-out. The last thing you want is for him to accuse you or a prospective tenant of stealing something from the apartment while he was gone. Assuming the apartment is in good condition and will show well, try to work with him on a showing date/time that works better. 

Of course, if the place is dirty or not in ideal condition, I agree with the previous posters: wait until he’s out so you can get it in top condition to attract the best tenants.

As long as you pay cash for the property, delayed financing is pretty simple and straight forward. And if you are purchasing in your own name, you can still obtain a conventional mortgage. I would simply call around and find a bank/broker that has experience with delayed financing. If you are purchasing with an LLC, or are using borrowed money to make the original purchase, it gets a little trickier because it won't be conventional, but can still be done.

We’ve done it both ways, and though I am certainly not an expert, I’d be happy to answer any questions that I can about the process we went through!

When we have tenants moving out, we make sure to provide them with Move Out Instructions, so they know exactly what is expected regarding the condition in which the property should be left. Among other things, the instructions include having the lawn properly trimmed and mowed, and cleaning out garden beds. That way, you can help ensure you are on the same page regarding what things constitute normal wear and tear, and what things will necessitate  a security deposit deduction. 

I use a program that I bought years ago called Home Designer by Chief Architect. It’s not as robust as sometimes I would like, but generally gets the job done. It works well for doing layouts and some simple interior design. I posted a couple of screenshots from a recent project if that helps!