All Forum Posts by: Phillip Dwyer

The inventory has caused prices to shoot up for the past six months or so. The "deals" that we're here are no more, but compared to other southwestern markets the price to rent ratios tend to be better even now.

I'm not sure how the laws work in Illinois, but in Nevada you must have a real estate license to get a property management permit. The broker under which you hang your license must also have a property management permit. Just like real estate sales transactions, the properties being managed are under contract with the broker. The split will likely depend upon who's covering what costs. The broker will have additional book keeping, regulatory, and insurance costs that will need to be accounted for in some way.

It sounds like your rental data is good. You'll still need to account for getting the unit rent ready if the tenants move out when you raise the rent.

How familiar are you with that rental market? Who's giving you the rental data? You should probably account for the costs associated with finding a new tenant if you plan to get rid of the current one. What condition is the unit in now, and how much will it cost to make it rent ready?

Does the community require the owners to be over 55 or the occupants?

Welcome to BP! This is an incredible place to establish new relationships with RE pros and investors. Best of luck in your new venture!

You could buy houses in 55+ communities.

I just tried their smart key system. It's really slick. It should help reduce rekeying costs.

There's a ton of posts on this topic. Like Josh, I think networking is very important. However I know some agents that crush it with a radio show.

I attended a legal/tax presentation where the guy recommended using your attorney to hire the CPA. The reason being that you have attorney-client privleges with the attorney that protect what you say to your attorney. However, cpa's are not bound to the same confidentiality. I haven't verified this yet, but it does seem like one more way to add a layer of protection.