All Forum Posts by: Linda S.

I will say, if you don't know how to do something, (ex for us: structure work), good contractors are worth their weight in gold...   seriously,  bad contractors were our biggest stress!    If you can learn to do something yourself, you'll save a lot.   Know your limits, but don't be afraid to try out new things!

If you're going to be buying in the next 90 days, if you're going to be doing anything renovation wise..  you can run all the numbers you want, but what will help you most is skills-- plumbing/electrical/drywall/cabinets/installing fixtures, etc,  anything like that..    if you're doing a renovation,  if you can do it yourself, you'll save yourself A TON!! not to mention, move faster and get cash flow sooner!  Hit up Youtube University!    Good luck!

Which is the best?  It depends on your strategy, and what you're comfortable with?    If you're really handy, and have friends who are electricians, plumbers, etc, then one with work may not be that bad.. but if you just want to collect some extra income, and not worry much.. do turnkey and hire a property management company.  Again, it all depends on how involved you want to be.

My motto, is if you want to be in this business, you need thick skin and deep pockets. 

I had a similar issue earlier this month, where someone called it a terrier-mix, and I didn't check it in person to deny the pitbull.    Now, I'm a huge dog/animal lover, and I feel like this topic evokes a wide array of emotional posts, talking about how other dogs bite more, pit bulls are loving dogs, etc.. but at the end of the day, you are the landlord, and it's your butt on the line if something happens.. how much of a pit bull lover will you be with that $3M lawsuit?     Is your financial status worth being nice?

I would tell them that upon renewal, you're company is having a change in pet policy, to no bully breeds, and the animals must be below 40lbs due to your insurance company.  It's even better if you're brand new! new management, new policies!    If you have to get them out now, you can offer them to stay, and get a new dog that fits within the new policy.   Your insurance company is the bad guy, you love dogs..etc..    I'm still getting used to the "bad/mean landlord suit"... try it on, it needs to fit.

If this is a flip, you absolutely must put in stainless steel appliances in the kitchen, and move the washer/dryer.      The brand new cabinets look beautiful, but yuck, brown and white is UGLY!   Buyers are  likely seeing $$ to get all new appliances.   I agree with the others, if it's a flip, you need to stage it better, including curtains, better neutral colors and much better pictures.    Also, for someone like me who likes to be outdoors, but hates seeing neighbors.. a 6 ft privacy fence would do wonders in curb appeal!   The current fence looks "functional." 

Military bases, for 2 reasons.. 1) Housing stipends are normally 1200-2K, so guaranteed money.. 2)  transitional housing.. most military servicemen/women will only be stationed somewhere for a few years, so most don't want to buy, just rent.   It's a steady flow.  

Another reason I would like to add about the mobile homes not being a good idea, most places come with some type of HOA, which will take up more of your profits. If you're handy, try a fixer upper!

I was in a similar situation, and had to fund $30K for a duplex.    I got a personal loan through LendingClub.com, granted it's based on credit.. but it was super easy,  and I got a decent rate.   If it sounds too good to be true.. it is..  I'd be very wary, it might be lawyers or sharks that will get you with the fine print.  

Wow, when it rains it pours.   Our business focuses on low income working tenants, and one thing we offer is at Cozy.Co, where they can pay rent from a credit card (they pay 3% fee), it's not the best financial plan, but it gives them an option, and you the rent money.   Can she pay a portion now, and tack on a heavy late fee?  She's either paying you or someone else.    Be understanding but firm, I wouldn't throw out the option of breaking her lease until it's inevitable that the eviction is coming. 

Any income is better than no income, especially during renovation when you have bills, bills, bills! 

What's the name of the company?   I've heard of financing of flips, but not long term rentals.  

To answer your question, you have to determine your strategy, do you want turnkey properties,   or do you want to do all the work of a renovation?   What type of tenants are you looking for?   If you do renovations, make sure skin is thick, and your pockets/credit are deep.   There's a wide array of answers... but in general, unless you're only doing section 8, large, steady employers are what I like to see.   I like to buy near military bases, or colleges.