All Forum Posts by: Mackenzie Grate

Listing looks great. From a design perspective, maybe throw in a few faux plants. It's a lot of brown and some green would really help break it up.

I love the idea of listing with the discount to start off. Someone also said that tweaking the listing regularly also helps with the algorithm. So play around with it and update it as you go. It's great start though and I'm sure it will book super fast :)

I agree with @Nathan Gesner larger companies are able to do this because of a scale of resources, systems and structures and connections to local government officials, zoning boards and tax breaks. That being said, affordable housing doesn't always mean "low income" housing. Middle class renters need places to stay too. Buying in class C or D neighborhoods and fixing the properties up so they are livable is totally doable. Partner with a local agency that provides housing vouchers to help offset the rent. Ask to get put on their list when your property becomes available. 

I think it's more important that private investors keep buying rental properties so huge conglomerate companies don't buy up all the inventory and eventually drive up the prices.  Renters tend have a better experience and prefer knowing who their landlord is and their landlord cares about them as a person. That is just as important when it comes to helping with the housing crisis. :)

I agree with @Kristin Kiddy. I actually am an investor turned realtor and I got into it for the same reasons. But honestly, I love selling now too and working with other investors. The classes were a baseline. There were a few things I learned from them that I didn't already know based on my own experience. The majority of what I have learned has been on the job though. If I hadn't started selling and seeing more houses, and working with clients to buy their investments, I don't think I would have learned nearly as much. So overall, I'm an advocate for it. But know it is a pretty high buy in cost for most the information that you can already find online for free. The real education comes from working with clients, viewing homes and learning through inspections and supporting others in getting their deals done.

I'd get a thermostat you can control, even if the tenants pay for utilities. It does damage AC units when they are ran during the colder months. If they want additional air condition unit they are welcome to purchase their own window unit and do so. But I agree, a conversation is warranted to explain WHY it's an issue they are running it during the winter. Honestly, they might not even know it causes damage to begin with.

Good luck!

I think there aren't many responses because the answer is "it varies." All this depends on your level of experience both with renovations, property management, your lenders ability to move quickly, your contractors ability to get the work done, the scope of the work, how long it takes to close a loan in your state, etc. 

The one thing I do know, is whatever you estimate to be the time, add a 2 month buffer zone at lease, and maybe 3 with these cargo delays. 

You will learn with the first one you do. Map it out to start, and just like a budget, add a "time contingency" to your schedule.

Good luck! You can definitely do this! :)

UCREIG meets on the last Thursday of each month. We plan to get back to in person meetings soon. Right now it's still online. We are based out of Kingston, NY. :)

Consider adding an incentive or creating a way for your apartment to stand out. 

Can they get a month free if they rent it at $1200? (It might feel like a deal but break even over the course of the year). Can you offer update that is desirable for a new renter? A focal wall painted, new appliances? Upgraded lighting? Perhaps a cleaner to come clean the place for the first month?

Is there an incentive you can offer other renters if they recommend a friend for one of the units? Perhaps $100 off their next month's rent? Is there a way to create a referral program?

If pictures aren't great, re do them. Pictures are crucial in moving listings fast. As much as it sucks to spend money on professional ones, it pays itself back in dividends.

Hope these are some ideas that may help. And if all else fails, lower it a bit and find a quality tenant. Much better to rent out for slightly less now than have it empty as long as you still are selecting a great tenant.

Good luck!

Honestly, I would not do that. I'd give them property notice according to the law, but I would still have them pay. I have learned the hard way that sometimes when you give an inch, people take a mile. Having them not pay is no guarantee it will protect your unit from further damage, especially if they are already upset/ resentful about having to vacate. That may just put you further in the hole with even less recourse. Maybe you can offer to help them by sending them listings of other rentals or offering to help arrange movers if they need it. These both show kindness and compassion and help to ensure they take steps towards actually vacating your place. 

Sending good vibes your way that this goes smoothly. I've been there myself and am currently there with one inherited tenant now. It's a delicate situation but I'm sure you will navigate it well and learn some new skills from this too.

Good luck :)

I'd also add going to a local meet up to meet actual investors. Not only does it increase your network, but it gives you an idea of what people are looking for and helps you to practice/learn the real estate lingo. The more in person time around people who are actually buying real estate, the better. :)

Good luck! You'll rock this!

I do! 

For home inspector, Mick from Quality Home Inspection Services is the best. He's old school, not a lot of internet presence, but tons of wisdom after years of doing this:

And for lawyers, there are a few but one of my go-to is Mark Smith, Esq. I use him for my transactions and my clients who use him always rave about him.

Message me and I'll give you their contact information since the forums won't allow us to publish that information.

Good luck! :)