All Forum Posts by: Nathan Holt

 ok, thank you! I do have access to an attorney for free through my job so I will be doing that

 Awesome advice, thank you!

I am trying to automate as much as possible, I thought doing 6 month inspections might help keep the properties in better shape and limit work and expenditures in the long run by catching problems early and taking care of them sooner. I've heard a lot of stories from landlords who didn't do that before and then found issues when the tenants moved out and decided it was worth it to start doing inspections. 

I like the ABC filter I'm going to write that down.

Thanks!

I am drafting in a new part to my lease to include an inspection, since I have heard from the podcasts that it is really a good way to make sure your units are kept in great shape. I was thinking of wording it as something like

"Inspections will be conducted as necessary"  or

"Mandatory inspections will be conducted every six (6) months. Tenant will be notified as a reminder 24 hours prior or earlier"

Do you have something like this in your lease? Would you mind sharing what you have or your thoughts on what I have written here?

I would probably make a decision on that based on the type of property it is. In a single family flip I'd probably go with the more appealing tile, I haven't done a flip personally, but I think when you sell the flip, the cleaning of the shower not going to be a huge factor as much as the visual appeal. It would also depend on how much value it really adds and if the difference between the two are really worth it.  On a rental that I know I am going to have to go in and clean after every tenant (and want to do it quickly to avoid time on the turnover) I'd go with the easier to clean acrylic.

 Would you be able to send those to me as well?

I am a new investor just east of Columbus. What kind of work are you going to be offering?

 I am always looking for new books to read, do you have any specific recommendations on this particular topic (or any other for that matter)

I would suggest not so much focusing on the direct condition of the house but focusing more on how your budget, target, and the numbers work for you on each property. 

Your budget is going to limit how much you can spend on the purchase as well as the renovations so it depends on if you have the funds for a complete gut or if an outdated property would be easier for you to take care of.

Also look at what the ARV on the property will be, that will help you figure out if the property hits the target you set for yourself or if you should move on from it and look at other properties.

You can do this by looking at the comparable units that have been recently renovated to your standards in your local area near the property for both rent income and property value. Your realtor should be able to help you find some good comps if you are struggling with that on your own.

It all really depends on your funds and your end goal with the investment

 Dude that's awesome. I currently live in Johnstown and just bought my first property in Newark, so I'm not too far from you.

I would recommend first focusing on finding your niche for what exactly do you want to do or at least get started with, whether its short or long term rentals, flipping, wholesaling, etc. For me, I am looking for steady income with as much hands off activity as possible so I chose long term rentals because it fits the type of income I am looking for.

The next step after that is to do as much research as you can on the investment style you chose and pick the market and do as much research in that area as possible. Try and figure out all the specifications you can for your niche and market.

As far as college, I am currently in my third year of business management school and I just want to warn you I am having a hard time not feeling like it is a waste of time and money. I haven't really learned anything here that I didn't first learn online (mostly from biggerpockets podcasts and books) for free and at a much faster pace. I'm not necessarily advising you not to go to college, but I would definitely recommend taking at least one year after highschool to figure out if you have the patience to teach yourself the knowledge you need to do it before you go spend your valuable time and money on something that big.

Note: I am very new to this myself so take my advice with a grain of salt and definitely listen to what other people are saying as well. 

I am new to investing as well. Biggerpockets has been an incredible resource for me while learning about this business and helping me feel confident enough to jump right in. 

Good luck!