All Forum Posts by: Nate Burgher

Hey @Rigo V., I'm somewhat new to this as I only have a couple of properties, but doesn't the answer to this question depend on a bunch of variables, such as how much you're setting aside for capex, property manager %, maintenance reserve %, and vacancy allowance %? Or are you assuming anyone answering this question is smart enough to set that aside and is taking that into consideration when answering this?

Personally, I self-manage because I like it, and I bring in about $200 every month after all expenses and improvements.

I highly recommend reading David Greene's new (relatively) book. It's a somewhat dry read, but it's an A-Z manual describing the system he uses to invest long distance in any market. I'm in the same boat as you, my local market is just too darn expensive so I've been studying other markets for months. One of the biggest takeaways from the book is if you want to be successful out of your local market, you have to have or create your network where you want to invest. You need a good and trustworthy local realtor, lender, property manager, and handyman / general contractor, depending on how much work needs to be done in the foreseeable future. 

In my opinion, AirBNB is too volatile of a market in terms of future possible regulations by city, county, state and even federal government. As some have mentioned, you're seeing some places crack down on AirBNB's and others embrace them. I personally don't own anything that AirBNB's, and I've researched it a lot, but I don't think I'd ever buy a short-term rental that would not be a good long-term rental as well.

Oh shoot, sorry Victor! I didn't see it at the very top, I was looking in the body of the text for the info. My fault, I apologize.

Check out Rentometer. You can also do craigslist and zillow rentals.

I find that if you have a W/D in your unit, you can charge 3%-6% more. I've created spreadsheets in the past that list all the amenities and qualities of each rental in the area, along with price, beds, bath, etc. The more amenities you have, the more you can charge. Just like there are apartments with gyms and pools, they usually charge the most.

Also, think of it from your perspective of "would you live there?" When I was renting, I had to have a place with a W/D, and I wasn't going to be buying one and moving it from rental to rental every year or two. I didn't want to go to a laundromat because I didn't have the time, it would be a major inconvenience. So maybe you'd get more interest if you include W/D? Which translates to more demand = more $.

I really enjoy using Cozy.com. Collects rent online (takes 3-5 business days for it to deposit in my account), easy to do a tenant background and credit check (they purchase it and give me permission to view it, so they don't have to give me their SS#), and it has both a landlord and tenant portal, so you can communicate through that. It also syndicates the listing to a few sites when you put it up for rent. 

Oh, and yes, I have seen the property taxes in Ohio. They are way more expensive here, but vary greatly by zip code, which is interesting.

@Tyler Blackwell, did you pick up that 4-plex on Quince? I saw that one a couple weeks ago but it was a tad out of my price range.

P/R ratios in Spokane aren't that great, but there's a lot of upside potential there IMO. Olympia is getting crazy, Cap Rates in the 5-6%, numbers we haven't seen since 2006 (Yikes?!?!). 

Would you be interested in grabbing a beer or lunch in the next few days and chatting in person? I live in Tumwater by Black Lake, so it's an easy drive to anywhere in Oly.