All Forum Posts by: Mason Hickman

@Ben Wenger

I use Zelle transfers right through my bank account. The big banks I use have this as a free service (Wells Fargo and BofA). No cost to either of us and I see the money right away. Free text alerts when they make the transfer, too.

@Pratik P.

How about you Pratik? Any success doing your trial?

@Kwaku Farkye

Did you end up trying out this method? What type of results did you get?

@Stephen Brown

What is it that you're trying to do?

Regarding your real estate license, iIt depends on the state. For instance, you can get your license in Massachusetts but you aren't able to practice until you affiliate with a brokerage. In Pennsylvania, you need broker affiliation before you can actually get your license. Best to look up for the regulations for your state. 

@Shannon Conklin

Welcome to BP! There is plenty of great advice through the forums to help your answer this type of question.

What would the After Repair Value of the property be? At the numbers you mentioned, is it possible to go to friends and family? Similar to your hard money lender, the hard money lenders I deal with have minimums that this property would not meet, either.

@Matt Bodnar

I went with McKissock to get my license in PA and the resources were quite good.

@Laura Cardenas

I think your heart is in the right place to help your tenants out but you will be opening the door for problems and you'll be volunteering to subsidize your tenants' lives. Remember the children's book about if you give a mouse a cookie? Unless you're in a position to take on their rent for many months without complaint, I would steer clear of offering financial help. If you do decide to go forward with offering financial assistance, I'd be VERY specific on what you're doing to assist (30 days, 60 days, use of security deposit etc) so that you have some recourse if things go sideways. 

Let us know what you end up doing!

Hi @Sarah Acosta

Congratulations on your first rental property! Is the property owned in your personal names or in a business? If in a business already, you'll want to keep all of those expenses separate (in their own bank account) so that you have better asset protection for your personal assets.

*Note I am not a lawyer and this should not be perceived as legal advice!

@Shawn Miller

If you're looking to invest in vacation rentals out of state, it's best to do so in a market that has enough short term property maintenance and cleaning companies that are used to operating properties without owner involvement. If you're talking about being near state parks, I'd just be careful about being too rural because you'll have difficulty finding the necessary partners to run the property for you. To find general occupancy and average daily rates, try using Airdna. It'll give you a good overview. You'll have to dig deeper depending on the properties you find but it will give you a good market overview. 

@Ashley Zhang

How much time is left on your exclusive listing contract? Could be the determining factor depending on how much time is left. 

Also, have you gotten more interest since getting the updated pictures online?

Seems like you've made up your mind, however, I agree with the others that the number of showings is likely partially due to the price.