All Forum Posts by: Mike Ritter

@Account Closed  I would have one account for rent payments and then one account for security deposits.  You want to make sure payments are kept separate just in case you need to audit to figure out an error.  When you make transfers (if doing it online) make sure to add a comment for what the transfer was about to help with the audit process as well.

@Matt R.  If you do not have the keys and note message from the tenant that they have abandoned the property you should also check to see if the utilities are still on.  If they are not most people do not live without electricity and water so this would be another indication that the property has been abandoned.  Of course I would still check with an eviction attorney.

@Andrew Cordle  This is a great series of posts that you are putting together.  A lot of us that are just starting out will find this very helpful.  

I have a question about getting started in rehabbing. What type of properties should those of us just starting out focus on?  Should the property just need cosmetic rehab, small construction required or does it matter?

As you mention in your posts the ATL area has a lot of competition and the big players will beat out anyone getting started most of the time.  Is there even space for new people to get started in rehabbing in larger cities?  I am in Raleigh, NC and am sure there are several big rehabbers in the area.  I am just starting to research so I will hopefully find out.  

Thanks again for the great posts.

@Lee Huffman. Congrats on your flips.  I lived in Fayetteville in the '90s but have since moved to Raleigh, NC.  I am looking to get into flips/rehabs in this area and look forward to hearing about your experience with your first 2 properties.  

I have run into this type of scam on Craigslist as well.  We will post a property for rent and then someone will take our listing and create one with a lower price.  When the scammer is contacted by a potential renter they tell them to drive by the house and look in the windows since they are not available to show it.  Then they ask for the person to wire them the deposit if they want to move in.

In one case I was wrapping up a showing when a family showed up to look at the property.  After I showed it to them I went over the details (rent amount, deposit, etc) and they thought I was trying to rip them off since the rent price was so much higher.  I asked them who they talked to and where they got the price.  They showed me the ad on Craigslist and also gave me the phone number of the person from the listing.  So I called the person and inquired how they were able to rent the property since they were not the owner and were not the property manager.  Obviously the call did not last more then a minute since they hung up on me.

Good thing I was able to save this family money since they had not wired the money yet but were going to wire it that day.

@MaryAnn Morelli

Check out RPM Charlotte at

http://www.charlotte.realpropertymgt.com/

I was a member of the TREIA group in Raleigh a few years ago. I stopped going and need to get back to the group.  I attended the New Investor group and they had good information and guest speakers.   

Welcome! I just joined BP the other week and have found a great deal of information already.  I am in Raleigh as well.  Let me know if you have any questions.  

Hi,

I have a duplex that I bought in 2008 as my first rental property when I wanted to get into RE investing. 

Just would like some recommendations on what others would do with this property.

Details:

Both sides are 2 bd/2 ba - 900 sqft built in 1985

Gross Rent: $1475 ($725/$750)

Paid: $177k with 20% down

Recent repairs include - replace a/c in one unit, replace stove, replace carpet, paint

I have one tenant that is going to move out in the next month.  I was thinking about replacing the vanity's, faucets, vinyl floor in kitchen/bathrooms and possible the toilets as these items were old when I bought.  My thinking is this might help find someone that wants to live in one side and rent the other and possible help with the sale price.

Thanks

Mike

Hey Elijah,

Congrats on starting the journey. I wish I had committed myself full time to REI back when I was in my 20's but work always got in the way. I currently have 4 rentals and manage about 30 more but am looking at rehabbing next. Just starting my research on that subject and hope to learn from all of the great resources on BP and networking with experienced rehabbers here in Raleigh.