All Forum Posts by: Philip Johnson
Philip Johnson has started 16 posts and replied 175 times.
Post: My first refi, take what I put in, or go BIG!? (into debt?)
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Thanks Jerry, so I'm pretty obsessesed with cash flow, but you're saying if I can take $30,000 and still have $300 cash flow, it's worth it to take out $50,000 and have only $200 cash flow on the property, to set me up for the next BRRR? Ty!
Post: My first refi, take what I put in, or go BIG!? (into debt?)
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
I have 5 properties. I've done 1 a year, rehab to rents. I'm doing my refi cash out on the first property I bought. Should I just get out what I've put in (down payment + rehab) or should I take out more? I will be using the cash to purchase a nasty property that will need a full rehab.
Post: Calculator for cash on cash return, IRR, Return on equity?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Thanks Ned, I didn't know there were tools here! I'll check that out. I stumbled into some apps on Android on my flight to Arizona last weekend, but I'll definitely check out what you mentioned.
Post: How do I find a new tenant when I'm 1000 miles away?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Wow so many brilliant ideas here, thanks everyone! I'll be having my first test soon as I'm in northern california with my units down south. I'll likely narrow down very qualified candidates and hire the realtor.
Post: AMERICAN HOME SHIELD Home Warranty Company
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
I think they're worth it, I have spent $3393 on warranties over 4 years on 5 properties (one property has 2 units).
I would have paid at least $3224 out of pocket for the repairs.
I like them because they save me time. I use their online chat while I am at work from my desk. With bad service, they are happy to change the company. I've had a furnace need repair, two water heaters replaced, 2 main line sewer backups, a sink plumbing issue, and a shower repair. If I would have had my stupid garage door covered, I would be ahead of them right now ($600 repair out of pocket). After that I changed to the pick ten plan for every property to make sure my range and dishwasher is covered. I believe Pick ten will return the best.
Lots of haters here, but as you see they are only $150 ahead of me after a number of years.
I am also happy that they recently started offering AC tuneups for $75. This should pay for itself as the unit I'm using it on always runs low on the free-on stuff and they should top it off.
Post: How do I find a new tenant when I'm 1000 miles away?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Originally posted by @Austin Mountain:
The easiest and most efficient way would be to hire a property management company that offers to fill vacancies and then turn over everything to you. They would do the advertising, showings, applicant screening and then handle the getting them your lease and keys. Typically you are looking at a charge of one month's rent for this service.
You could do all the advertising yourself online and hire a realtor to go and do showings give information about the property. You could have them handle the application process or do it yourself if you have an online application feature set up. If you are investing from out of state you likely have a contractor you trust in the area that could show them the property. Depending on your state laws, they just likely cannot give any information about the property since they are not a licensed agent. They would just have to refer them to you with questions as all they can do is open the doors and let them take a look.
Your best bet would be a property management company. That is what they do. It is their wheelhouse. Don't trade your time for stress and screening applicants to try and save a few dollars.
Thanks ! Good to know. I knew there were laws about showing property. Good loophole to have them show property but answer no questions!
Post: How do I find a new tenant when I'm 1000 miles away?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Originally posted by @Jordan Moorhead:
@Philip Johnson it's usually first months rent
Omg hecka expensive. Diy !
Post: How do I find a new tenant when I'm 1000 miles away?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Originally posted by @Alfred C. Crawford:
Hire a Property Manager to show the property to the prospective tenants. Even though they charge fees almost equal to one month's rent, they will also ensure safety of your house.
👍
Post: How do I find a new tenant when I'm 1000 miles away?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Originally posted by @Jordan Moorhead:
@Philip Johnson I run the ads. Zillow, Facebook Marketplace, Craigslist, Cozy. I hire a realtor to do the showings if I can't find someone to just show it for me. I have all of my out of state properties in areas that I've lived at some point in time.
Aw darn I got excited there I thought it said jorah mormont replied to me at first glance while I was watching game of thrones ! But still, much appreciated comment 😁
What are typical fees you would do for a realtor ? Commission based flat or by the amount of showings, and do they do key loaning ?
Ty!
Post: How do I find a new tenant when I'm 1000 miles away?
- Rental Property Investor
- Hartford. CT
- Posts 178
- Votes 54
Originally posted by @Ed Barone:
A number of landlords on our platform have mentioned success with advertising their vacant rentals on Facebook groups. If you open Facebook and enter "apartments for rent" in the search bar, then click on groups, you'll see a number of groups around the country. As an example, New York apartments for rent group has 10,000 members.
Gothcha. Facebook is terrible for absorbing other services which are much better at doing what they do, as it wasn't designed for so much of what takes on their marketplace.
Thanks for the suggestion though.