All Forum Posts by: Marc Manelis

Great story and thanks for sharing.  We sold our rental property several years ago and I want to get more but life happens.  Reading your story and goals is making me put my goals down on paper so I can accomplish them.  Thanks!

Thanks for tagging me.  I'll try and make it.

county assessor.  Some counties have the information online others you will need to go to their office.  You can get the owner name and mailing address.

Depending on the laws in Kentucky and the local municipality, you could give the tenants a 60 day notice (could be as little as 30, check the local laws) to vacate the property.  Then you can rehab it and rent the units back out at market rates.

sounds like you have done everything you can within reason.  An A\C can only cool 20 degrees below the outside ambient temperature.

Your plan looks good and well thought out.  You need to decide if you are going to manage the properties yourself or hire a property manager.  Make sure to do background checks on ALL prospective tenants, don't skip this step.  Make sure your tenants have enough income to pay rent and all of their bills.  When you run a credit report it will provide the minimum monthly payment, add those up so you can see the minimum amount they must pay each month to stay current.  Make sure to add money for utilities.  It is never fun chasing a tenant that hasn't paid rent because they didn't have enough money that month to cover all of their bills.  Another one is a silly question that you put on your rental application.  Do you have a vacuum cleaner?  It's simple and seems silly, however it will provide you with lots of information.  Someone that does own a vacuum is more likely to keep their home clean, someone that doesn't might not care too much about being clean.

It looks fine to me, I would ask the new tenant if they would like it painted, you don't want to do more work than you have to.  They might like it and have furniture that will go with the colors you have picked out.  

Welcome to BP and good luck with your RE career!

Keep reading and listening to the podcasts, BP is full of great information as well as inspiring stories.

Welcome Richard.  I am learning a lot from the BP site and it is helping me inch closer to my goal of obtaining some income properties.