All Forum Posts by: Rich Nickel

@Britney Gaudet

Go Canucks!

I grew up in Abbotsford,  often have wondered the same thing.

Have you spoken to a Title company?  I'm not sure how the transaction process happens when trading real estate in Canada.

I'm curious as well!

Rich

@Billy Bell

Maybe this isn't part of your strategy.  Can you finance it and turn it into a rental for your self or you and a partner?  

Congrats on locking up a deal.  You may try and find a more experienced buyer that has purchased these kind of "problems" and isn't scared of these unknowns.

Rich

@Austin Davis

Where did you get a code violation list from?

Rich

Roland....Sorry  :)

@Roland Thomas

Ronald

What kind of notes do you like to buy?

Rich

Where do you plan to go to school?  Will you be living on campus?

Love the drive Matthew, the future is bright!

Rich

Stephen

Welcome to Texas!  You're not in LA any more!   Love the west coast.  I did the same deal you did a few years back in Washington State.  Purchased the house for $165k and put $20k into it.  Sold it for $265k 2 years later.  We also lived in the house while doing the renovations.  Prices were so high out there.  

Are you going to any networking events?  What size properties are you looking for when you say small?  What areas of town have you targeted?

Rich

Ryan

Congratulations on your first rental property acquisition!  Cash flow is pretty cool, its one thing to talk about it, quite another when you see the cash dropping into your bank account.

I would find a good real estate investing club in your area.  Most clubs will have a few seasoned lenders that specialize in working with investors.  Sitting down with a few of these people will get your questions answered and help you plan for your next purchase.

If i'm not mistaken Fannie and Freddie Mac will finance upto 10 properties.  But the rules are always changing.  Investor financing is also an option.  It's usually more expensive.  But  if the deal is right it may allow you to get into something that you aren't able to make work with traditional financing.

All the best!

Rich

Brian

I used smartmove for my tenant screening.  You simply set up your property with them and then add the potential tenants email address.  Prospect gets an email, pays for the screening and you get the report.  The service is free to you.  Lots of venders in this space that work the same way.

As a side note, I require a background check on any adult moving into my property.  So just the wifes background check is not enough for me.  I require the husband to have one as well.  You don't need someone that checks out bringing "fleas" into your fresh property.

Happy landlording!

Rich

Two story is more difficult to rent then a single story is something I have heard as well.

You may consider calling back those prospective tenants that looked at the property and inquire about why they chose not to rent the home.

It may even help to come at it from a different angle, more of a follow up on your service, maybe asking if they have found something.  If they haven't rented yet, offering your service to find the client what they need.

learning directly from prospects what the problem is may be the fastest way to bring it to light and solve it, whether it be curb appeal, price or layout.

Rich