All Forum Posts by: Nathan Gesner

Join a local investors group and try to find a mentor. Offer to help them by running errands, crunching numbers, looking for deals, etc. Most investors love to share their knowledge but they won't waste their time on someone that doesn't provide something in return (however little) or that doesn't make some effort on their own.

No investor group? You can speak with investors, lenders, or REALTORS to see if they can link you up with anyone. You can also search for other BP members in your area.

I would rather wait for the right deal than to buy something just so I could buy something and make a big mistake. Try networking with other investors through a local investor group. Look around for an agent that works with investors directly since they can often find deals before they hit the market. Direct mail is another option.

Read the contract and consult an attorney. 

Most leads are a waste. I can't speak for what other companies offer but real leads come from hustling, meeting people, networking, etc. Too many people think they can sign up with Zillow and watch the buyers pour in but the truth is you're just throwing money down the drain. Get involved in the local community, pass out cards, tell everyone you meet that you are in real estate and ready to help them or anyone they know. It takes time but you will build your own leads and they will start referring you to others. Expect it to take 2-3 years to have a strong list.

It's extremely difficult to be successful in real estate. Even more so if you are a part-timer. 

I see nothing wrong with watching the market and trying to forecast where it's headed. Yes, money can be made in any market but it's typically made by those that have been studying it and are prepared to shift their technique to match the changes. 

People made a killing during the last bubble because they saw the market tank and new it would rebound. They bought up properties for pennies on the dollar and now they're raking in money. We've seen property values and rent rates increase for the last eight years or so. It's wise to prepare for the market to slow or turn. I'm still ready to buy if the right deal comes along, but I'm not going to stretch my neck out for anything right now.

I use this ozone generator and it works great.

This machine can work really well on light odors without any heavy cleaning. If the smoke smell is bad, you should probably wash everything down first, clean the carpets, and then use the ozone generator.

These work great on odors from pets, food, or smoke, but it sometimes still requires heavy cleaning first.

First, I only recommend keeping rent low for PROVEN tenants. In your case, you have two years of history to demonstrate they are worth keeping.

Second, I would bump the rent but maybe keep it 10% below market. You could bump them to $1,800 which saves them $2,400 a year and costs you $2,400 a year. That's worth having a high-quality tenant and it should be worth it to them to avoid moving, paying more, or potentially winding up with a nasty Landlord.

If there's even a chance they would cry over an increase, be prepared to show them comparables, the value of staying with you, and how much you are losing by keeping them at the lower rate.

Once an appliance is more than a few years old, I won't spend more than 50% of new.

You shouldn't even be talking to the tenants. Tell them to route everything through your PM.

The fact that your PM is allowing you to communicate with the tenants indicates you may have a bad PM. Consider doing some research and finding a quality manager that understands their job and how to protect owners.

It's your mistake for buying the stove without verifying the old one needed replacement. I see no reason why the tenants should be charged, though I would certainly issue them a stern warning and be very careful about future maintenance complaints.

If the current lease says they don't have to pay until the 10th, abide by it. 

If that doesn't work for you, let the tenants know you will sign a new lease with them in November and require them to pay on or before the 1st. If they can't accept that, they are welcome to move and you can find another tenant.

@Victor N. is partially correct. The ITIN is issued to an individual that is LEGALLY in the country and allowed to work. In other words, they are not just here to visit or vacation. They are fully documented and fully legal.

I don't know if a credit/criminal would show anything but you should definitely require proof of their ITIN to verify identity and their legal status. They should also have employment that can be verified.

Just remember they are not citizens of the country. If they leave owing you money, you won't be able to go after them. That's not a disqualifier but it's something to be aware of and I would want to make sure there were no red flags before renting to them.