All Forum Posts by: Mindy Jensen

Welcome to BiggerPockets, @James Hardy.

You're certainly in the right place to learn about real estate investing. Since you're new, the best thing to do right now is learn learn learn. 

Decide on a niche, like fix and flip or buy and hold. Start looking for a great investor-friendly agent and have them set you up with alerts on the MLS based on what you are looking for. Following the market can help you get a handle on price and what people are looking for.

Do you know anyone in REI? A local meetup is a great way to start networking.

Welcome to BiggerPockets, @Lanny Bostwick. You're in the right place to learn all about real estate investing.

I have my license in Colorado. I believe that almost every state requires at least two years and sometimes three years of working beneath a more experienced broker before allowing you to strike out on your own. I think you can get around this if you are a licensed attorney, but that's the only exception.

I find it quite beneficial to work underneath someone, because if I have a question, I have someone who can give me the answer based on real-world experience plus state law.

I'm not familiar with Michigan real estate laws, so I don't know how they treat wholesaling. The issue you come up against is that it is perceived by some as selling real estate without a license. Obviously having a license would clear that up for you. I think Ohio is cracking down on this practice, but I can't remember for sure which state it is.

Welcome to BiggerPockets, @Jerrad Dixon.

You're in the right place to learn all about real estate investing. 

Have you set up your keyword alerts yet? Reserve at least one for your local area, to keep up with conversations and connect with investors in your area.

@Kevin Forsythe, you got a lot of great advice here. I was going to chime in with "just because you put it in the lease doesn't mean it is legal or enforceable" but then @Remmy Vernon shared that great link to a story that has the AG in WI saying tenants can be charged for carpet cleaning.

If they don't clean the carpet, I would have it done professionally, and attach a receipt for the cleaning bill, along with a copy of the portion of the lease they signed that said they would clean it. 

@Dawn Anastasi came in, and I was going to tag her if she didn't. She's pretty good with WI stuff. :)

I didn't see @Ramon Jenkins, so I'll tag him, too.

The door stop probably should have been in place, and @Max T.'s suggestion that you get one in there before the next tenant is a good one. But they broke it, and they need to repair or replace.

Your best protection in a case like this is documentation. Document everything you can think of! Anything you see. Take 1000 photos, and then sit down and write up a property condition report room by room. Should they take you to court, having pounds of documents shows you didn't just make stuff up.

Come back in a couple of days and update us!

@Account Closed said, there are pockets. Did you put eyeballs on the property? Drive the neighborhood in a spiral to make sure you aren't in one of those undesirable pockets.

Those ARVs sound a tad high for the area. Where did you get them? Check out average DOM, too. Houses there can sit for a long time. If you're flipping, make sure there are high margins, or this property may not be worth it.

Most people who are on a snowboarding vacation want to stay as close to the mountain as possible. Breckenridge is a better bet than a place like Frisco or Silverthorne. Both require a drive to get to any mountain. You will get more people more frequently in Breckenridge. 

The city of Breckenridge has decided they are going to do something to bring in summer tourists, and plan lots of festivals and weekend celebrations during the off-peak months of summer. It is a lovely place to be in the summer. Mountain biking, hiking. There is a pro bike race one week. 

The problem with Breckenridge is that the city is a tourist town. The properties are almost exclusively vacation rentals, which makes competition fierce. 

On the other hand, Colorado is a lovely place to live, so just move here! :)

@Robert McClellan, Welcome to BiggerPockets.

@Tim Macy pretty much summed it up. Lots of FREE information on this site, and excellent networking. Tim mentioned our Podcast - but did you know we also have a blog? Just about any topic you can think of related to real estate and/or investing is covered here. 

Have you set up your keyword alerts yet? Reserve at least one for your local area, to keep up with conversations and connect with investors in your area.

@Account Closed, the absolute best thing you can do is screen your tenants so you are getting high quality people who will take care of your property.

If you want them to know something, tell them. If you want to be able to prove you told them, write it down and have them sign it.

Your tenants cannot read your mind, so share with them exactly how you expect them to take care of your property. A way to keep an eye on the property is to perform routine maintenance like changing the filter in the furnace (which a tenant will almost never do on their own) and changing the batteries in the smoke detector. 

When you're screening your tenants, do a thorough background check, including criminal and credit history. This will tell you a lot. Call all past landlords and ask questions specific to the property like what is the address?

ANY eviction history is an automatic no. There had been a lot written about tenant screening in the blog and these forums. Read it all, devise a minimum requirements list, and then stick to it. 

Doing all this work upfront will lessen the work you have to do after they move in - a quality tenant isn't likely to be evicted or treat your place poorly.

Hey @Chris Tiff, that is exactly what BiggerPockets is here for. To help people learn. Search the site in the upper right corner. If you can't find what you're looking for, ask away!

@Stephen Akindona said it very well. It doesn't have to be confrontational, just firm. Each unit comes with one spot. The other two are available for a fee (extra money in your pocket? Um, yes please!) and on a first-come first served basis. Whenever a tenant with the extra spot moves out or no longer wants it, it becomes available to the oldest tenant with first right of refusal, and then down the line. 

@Stephen Bell came across these problems and after spelling it out with a (hopefully written) policy, he now has no more headaches. One of the best parts of BP is learning from others. 

@Elizabeth Colegrove has a 16 page lease. How long is yours? As policy changes come up, add to the lease.

Good luck @Sam Leon.