All Forum Posts by: Ronald Perich

Great to have you as a member, George!

 Use the @ symbol. 

I don't know this area. I assume you want it because it's an appreciation play and since you know the area. My thoughts on your numbers (again, I don't know your local area) - they appear to be too generous on the upside and too low on the downside.

• Insurance on a $450K property is only $650? 
• No maintenance costs? 
• No office expenses? 
• Nothing other than insurance and taxes are going to eat away at cash flow? 
• 3.41% interest rate on a rental property? 
• Taxes of $6000? Have you checked the county website for the real numbers? (https://www.montgomerycountymd.gov/Finance/Resourc...)

Honestly, if I had $121K sitting around doing nothing, I would not be considering this as an opportunity. You'll be making less than 1% on your money if not losing money every year. Just because it's across from your parents house and you know the area well doesn't make it a good investment opportunity.

Unless you're considering this an appreciation play and won't mind continued contributions of your own capital over time. 

When I execute a lease, the only way my signature gets on that document and the only way the keys get turned over is when I have all monies. First month's rent, security deposit, leasing fee, ...

You might consider changing your process to something like this. 

I have to agree with folks about Vinyl Plank flooring. I wait for Menard's to have a sale and then I get their Crown Lake brand. If you can get it on sale and get their 11% rebate at the same time, It comes in at about $1.85 sq/ft.

Unless you're laying over a slab, you don't need an underlayment, moisture barrier, or anything like that. The stuff looks great and can be installed as easily as laminate. I really like that it doesn't telegraph the subfloor.

I had a kitchen with rolled vinyl going into a carpeted living room. Pull up the carpet and you'll have a small hump unless you pull up the vinyl. With this stuff, no worries. You can feel the hump, but you don't see it. And it holds up very well.

@Joe Moore, if I am doing individual showings, I don't call them. I ask them to text me 30 minutes before their scheduled appointment to let me know they are coming or I might not be there. But like most others, I have moved to an open house format.

Most have told why this seems to work better. I'll add another reason - safety. With open houses, you have a natural deterrent to bad actors because there are likely to be more people around. As the open house ends, I make it a point to "call" someone in front of the last two prospects letting the other end of the phone know when I'll be leaving.

@Julie Marquez, I guess you have taken a lot of advice and executed already. Great job. I'll add one more suggestion. The pictures you did take need to be of better quality and showcase the living area better. And key to this? Angles to show depth and perspective and lighting.

Front of the house should be from a corner spot on the property, not a front view. You must include a picture of the kitchen. In fact, take two or three from different corners in the kitchen. Instead of the picture looking down at the front door, take a picture from the front door looking into the residence - and turn on the overhead light. In almost all cases, every light should be on when you are taking pictures.

If you are showcasing a part of the property (you mention the wildlife), make sure you have a picture of that feature.

If you are interested in seeing this in action, check out the video I created for my latest vacancies. These videos are just a mash-up of the snaps I took of the property and were made with Windows Movie Maker. 

Notice how each picture attempts to provide perspective and gives the prospect a sense of the apartment before they step foot in it.

@Chris Mason I could honestly hear your evil laugh in my head!

Look up your IL law. Tow companies can take it if you have given sufficient notice and the police are on sceen during the tow.

Also, check the back of the car for the company that sold it. Call them and ask if they know who bought it. You should tell them that it's just sitting there waiting to be taken. If the loan company is owed money, they're going to come and tow it back. I did this and saved $150 in fees.

@Dan Bryskin has identified your issue. You maybe don't need a professional photographer, but if you've never used one before, maybe this is a chance to get one. Then compare their pictures to your pictures. 

Here's what you'll notice...

1. The front view of the house shows no depth. You need to get a side-angle shot, preferably from the right side so the prospective resident can see the driveway that leads to the garage. Same with the backyard picture. 
2. You didn't turn on a single light in the rooms and the shades are partially drawn closed. This blocks natural lighting and makes the place look dark and uninviting.
3. You need multiple angles of each room. I can't get a feel for how things will lay out.
4. The flow of pictures on the posting should be kitchens and baths and then bedrooms. I often put the kitchen as the first thing in my postings if the kitchen is worthy of such a position. Otherwise, it's the front of the house.

Hope this helps garner more follow-through interest. You only posted this 17 days ago and have a ton of views. Almost 300 right off. So just a little clean up and maybe you'll get some more calls.

 I, too, hate the concept of Cash for Keys. But I had a very similar situation. Mind you, they were past due on rent and I served them with a five-day notice. But I also told them I would forgo the eviction if they were out in two weeks. And if they were out by midnight, I'd give them $300 cash.

I made it clear the cash would be exchanged at a public location and they had to sign paperwork stating everything they left in the unit was considered abandoned. I knew it was a full rehab when they were finished, so I wasn't too concerned. I bought the place with them in it and knew from the beginning the apartment was a total loss from day 1.

But it worked. And now I rent it to a nice couple with a young child who pay $85 more in rent and haven't been late once. No calls in the middle of the night from the neighbors. No trash all over the complex.

It may cause you to swallow hard, but for me, it was well worth it.