All Forum Posts by: Account Closed

Find another agent that has experience with this process. It is a waiting game but hang in there and stick to your numbers and keep shopping. Best of luck with your investments.

Typically I give the tenants one of those little pocket folders with the three foldover binders. In goes a copy of the lease, house rules, garbage, online payment, thermostat, dishwasher, garbage disposal and furnace filter instructions if applicable, and some basic homeowner care instructions about changing a light bulb or unstopping a toilet. There's lots of this stuff available online for printing. Point being I want the tenant to read before I charge them $35 for a service call. Best of luck with your investment.

Yes it is. Shop around for a loan but be prepared to define your goals and explain how the loan will be repaid. Best of luck with your investments.

There's three REI clubs in my area that are always looking for contractors. Find a meeting near you and network. Bring some deals and ask for a partner. Best of luck with your investments.

Not a bad idea but you'll earn your money. Grow a thick skin and budget resources for legal process and property repair while coping with unhappy tenants/owners on their way out. Learn to make small talk with the constable as you both stand in the driveway watching a rental truck get packed in a hurry. Your friend, the locksmith, will make keys for you in under an hour while you wait. Don't forget your saw and extra nails for the plywood. No horror stories, just keep a cheerful attitude while making things right. Sincerely wishing you the best of luck with your investments.

Don't disconnect any utilities during the process. The judge will frown big-time on this and most likely it's illegal. Google self-help eviction. Add the cost of utilities to your judgement and best of luck with your investment.

Read the lease, As the owner, the lease (and security deposit) will transfer to you and rent may be increased with proper 30 or 60 day notice. Best of luck with your investment.

Time for an update. Two offers fell through but this house closed yesterday to the third offer at 95% of asking. Thanks to all for their help. Shopping for the next deal, any ideas?

If this is a flip or you're short on time, pay up and move on as the price is right. If you're going to live there, shop around and pay someone to draw up a plan and shopping list but you still need to hire a crew of 3-4 laborers with shovels to help you. How many weekends do you want to devote to this project? Next time maybe have an end goal in sight before you start, possibly could have saved some of the existing landscape rather than having it all carried away. You wouldn't rip out a toilet and then ask for help. Best of luck with your investment.

Many cap rates are advertised at 5% each vacancy/maintenance/property management expense. I like to bump each of those up to 10% when I look at a property. An old building might need 20% maintenance but you need to see actual expenses from prior years, not a magical proforma. A property over 30 years old should be in the 12-16% range. Remember positive cash flow and factor in a local property manager or your time/gas running up and down the Thruway. Best of luck with your investment and google Ellwood's Formula just for fun reading.