All Forum Posts by: Randy Gutierrez

Around 4 months. It just got to a point where I felt I wasn't learning as much anymore and all that was left for me to do was to take the plunge to further my education. One is constantly learning in this game and every new deal brings its own challenges. These days I look for very specific information on how to resolve those unique challenges versus researching "how to analyze a deal". It's been a fun ride thus far, well as long as I am making money ha

During my “education phase” (prior to buying my first property) I dedicated probably around 20-30 hours a week to BP. Now its around 1 hour a week.

https://www.equalhousing.org/w...

Good info here as well

@Justin K.Did you ever figure out what the issue was?

@David Ribardo can definitely answer each and everyone of those questions

Got over 100 inquiries on one of my listings in Easton. Even in the winter demand is still there.

@Josie Morris

Whichever one has a deal to be had I am in there

@Teresa Slawik

@David Ribardo

I would say it is not required to be handy. I would say it is required to be informed on the topic of repairs and what they may cost you. On expensive projects such as rehabbing a unit you can play the role of a GC and do some work yourself and hire others to do the rest, here you can potentially save $1000's. Such as painting the unit yourself, installing doors, etc. I think what is more important is analyzing deals well and accounting for repairs and capital expenditures. These analyses are based off you hiring people to do the work not DIY.

The biggest issue I think here is the inability to legally force someone out due to the closure of the courts and the eviction moratorium. Increasing rents isn't all that hard, you just send them over a new lease. It is much easier to do during the transitioning of new landlords as there isn't really a relationship between you and the inherited tenants yet. I would personally do a month to month lease at $1000 and then when you finally have the ability to legally force someone out I would then issue the 30 day rent increase notice. While 30 day is what you legally can do, I would probably do a 45 day rent increase notice to give them some extra room to look for a new unit if needed. I think $1000 is the right balance of getting additional income without risking non payment of rent from the tenant. Then when the time comes to increase to market rents you can justify it by saying things like the previous landlord had a lower mortgage, taxes have gone up, utilities have increased, you paid significantly more for the property versus the previous landlord, or your rents are significantly lower than market rents (use percentages/print out reports from rentometer) etc.