All Forum Posts by: Mason Hickman

@James York

It probably depends on the market and what the competition is doing. What class of neighborhood is the property in? 

@Rich Hupper

If the property is in Massachusetts, did the town take the property back through tax foreclosure? Beware that the property owners will have a statutory right of redemption to pay their debt and regain ownership of their home that lasts for one year from the date of sale at foreclosure. 

@James York

Hi James, 

I have a duplex in which I give the tenants use of a shared storage shed. It's a solution that has worked for me and the tenants appreciate having the option to store items out of the rain. Depending on the class of neighborhood, you may encounter more issues with four people sharing it. Regarding mowers, I would suggest having a yard service. Most tenants will not keep the yard up to your (or your neighbors) standards. The more minimal the landscaping, the better. 

@Sebastian Roy

How quickly are you planning on doing your renovations? Going in with hard money and then refinancing out after completing your renovations could be an option. 

@Bruce Brazeal

Are you trying to live in the property or just buying solely as an investment? I talked to a handful of local lenders and they wouldn't let me put the property in an LLC; maybe your lenders will be more lenient!

@Marianna Osipenko

@Mike Fitzgibbons

I'd be interested in talking more, as well. I'm looking for other investors working on the cape. I'm currently renting out my short term rental on Airbnb and VRBO.

What type of property are you looking for Marianna?

@Bradey Peavy 

Bradey, welcome and congratulations on getting your investing started! I would say one of the best tips is to not sweat the small stuff and get discouraged by some of the speed bumps that you'll hit. In the grand scheme of things, the things that seem really big in the moment aren't very big at all. Take a step back and know that it'll work out. 

Additionally, you should definitely consider getting your real estate investing started with a small multi-family. It's a great way to get into a property for a low down payment and have someone else help pay your living expenses. 

Congratulations! do you have any other interior pictures to share?

Also, how did you originally connect with the attorney to generate referrals?

@Phil C. 

Hi Phil, when I'm dealing with paying for cleaning or one-off tasks, I allow the service providers to give me their hours and don't micro-manage the hours tracking. If something seems really high, I'll ask clarifying questions to understand why something took longer than I expected it would. This shows the providers that you're paying attention and you'll also start to understand how long certain tasks are going to take. I've found that good people generally undercharge for their time when they're responsible for billing because they don't want you to think they're overcharging. I wouldn't spend much time worrying about them charging you for an extra 15 minutes when you're time can be better spent elsewhere. 

I'm a supporter of Magic Plan, too. Haven't tried using with a pen but it's definitely worth checking out.