All Forum Posts by: Ron H.

just nope!

This is their issue to work out.  If they can't pay the rent I suspect they will be moving soon.

Quote from @Seth Baumgartner:

Quote from @Ron H.:

Quote from @Seth Baumgartner:

Hi BiggerPockets Community,

I'm preparing to rent out a 2-bedroom, 1-bathroom unit to college students and would love some advice on how to furnish it effectively. What are the essential pieces of furniture and amenities I should include to make the unit attractive and functional for college students? Additionally, I'd appreciate any tips on balancing cost-effectiveness with durability. I currently have $9,000.00 to work with.

Thanks in advance for your insights!

$9,000. ?????

I'm probably usually closer to $500 for reasonable furnishings.  Students completely responsible for bedrooms.  I provide leather sofa and chair, end tables.  One TV. Dining table and chairs, maybe a high table and stools depending on layout.  Microwave, toaster.  If you look around you can get very good stuff on Craigslist and Facebook.  OK, with washer/dryer I am maybe closer to $800.  Possibly add can opener, utensils, corian and plastic glasses.  I tended to not add dishware.  That way less issues on who's dirty dishes. 

I used to rent by the room in UCF area, but long term rentals are less work.

 Thank you for your response! I'd appreciate your insights on cost-effective furnishing.

I'm curious, how do you find the balance between quality and cost when looking for items on Craigslist and Facebook? Any specific tips on what to look out for or avoid? Also, considering I'm renting to college students, what kind of wear and tear should I anticipate, and how can I best prepare for that?

Thanks again for your valuable advice!

I only purchase good, like new furniture.  Quality I wouldn't mind in my house, maybe just a little lower end.

Never had much issue with extra wear.  Was very conservative on applicant selection.  No smoking, no parties, no alcohol in common areas of house.  I know a little drinking happens but we let it be known strongly the rules of the house.

Quote from @Ron H.:

Quote from @Seth Baumgartner:

Hi BiggerPockets Community,

I'm preparing to rent out a 2-bedroom, 1-bathroom unit to college students and would love some advice on how to furnish it effectively. What are the essential pieces of furniture and amenities I should include to make the unit attractive and functional for college students? Additionally, I'd appreciate any tips on balancing cost-effectiveness with durability. I currently have $9,000.00 to work with.

Thanks in advance for your insights!

$9,000. ?????

I'm probably usually closer to $500 for reasonable furnishings.  Students completely responsible for bedrooms.  I provide leather sofa and chair, end tables.  One TV. Dining table and chairs, maybe a high table and stools depending on layout.  Microwave, toaster.  If you look around you can get very good stuff on Craigslist and Facebook.  OK, with washer/dryer I am maybe closer to $800.  Possibly add can opener, utensils, corian and plastic glasses.  I tended to not add dishware.  That way less issues on who's dirty dishes. 

I used to rent by the room in UCF area, but long term rentals are less work.

I would also furnish internet/wifi service.

Quote from @Seth Baumgartner:

Hi BiggerPockets Community,

I'm preparing to rent out a 2-bedroom, 1-bathroom unit to college students and would love some advice on how to furnish it effectively. What are the essential pieces of furniture and amenities I should include to make the unit attractive and functional for college students? Additionally, I'd appreciate any tips on balancing cost-effectiveness with durability. I currently have $9,000.00 to work with.

Thanks in advance for your insights!

$9,000. ?????

I'm probably usually closer to $500 for reasonable furnishings.  Students completely responsible for bedrooms.  I provide leather sofa and chair, end tables.  One TV. Dining table and chairs, maybe a high table and stools depending on layout.  Microwave, toaster.  If you look around you can get very good stuff on Craigslist and Facebook.  OK, with washer/dryer I am maybe closer to $800.  Possibly add can opener, utensils, corian and plastic glasses.  I tended to not add dishware.  That way less issues on who's dirty dishes. 

I used to rent by the room in UCF area, but long term rentals are less work.

Getting a HELOC on a rental home is harder than on a primary. Rates are higher when you find one too.

My first investment property was purchased during a large market dip in 2009.  I wanted to purchase additional houses but most of my cash was tied up in this first property.  If I just would have either made a minimal down payment or cash out refinance i could have continously purchased additional houses and could easily be retired now off them. (Opportunity cost).

when i was finally in a position to purchase more houses the prices were substantially higher. I followed a BRRRR method. Originally pay cash, then refinancing after renovating. This way I have the cash again to purchase another property. Unfortunately with today's high rates and prices my opportunity to find very good deals has passed for now. If I only had more available cash when prices were low i could have cleaned up.

No matter what you need to make sure you are not over leveraged. I have always been very conservative on this.

There is ZERO need to keep a balance on a card.  This just enriches the CC companies.  My score is always about 840 and I have never left a balance on a card.  Try to have cards with high credit limits and try to keep the utilization down on them.  Then pay off in full every month.

Just because you have a month to month lease doesn't mean tenants aren't going to stay 25 years, or tenants with 25 year leases aren't going to move after a week.

I do 1 year to start then month by month for the duration.  This gives me the option to get rid of them quick if problems develop.  All my current tenants have been with me for at least 4 years now.

Quote from @Hector Perez:

Sometimes, I am a wholesaler and sometimes I am a cash buyer. So I will give you two points of view

 as a wholesaler I want the cash buyer to

1) sign my assignment of contract with no contingencies 

2) provide a non refundable deposit 

3) close within 7 days after title is clear

now as a cash buyer, this is what I request the wholesaler to provide before signing the assignment 

1) a copy of the original contract

2) the escrow officer's contact info

3) information about title, is it open? if it is, is it clear or not? if title cannot be clean within 30 days, I want my money back within 48hrs after I request it

4) if this is the first time I am dealing with the wholesaler, I will make the deposit payable to the title company. If I know the wholesaler and I have done multiple deals with them I don’t mind making check payable to them

I personally would never make a payment to any wholeseller. So many wholesellers do not have even a clue about RE transactions although they claim to be experts and you must do as they tell you. I pay only the closing company ( attorney or title company depending on the state].

In the future if something likes this gets broken, charge the tenant immediately.  Deposit is to only be used when things are found broken at moveout.

I maximize exposure.  Zillow , apartments,  FB to start. Use Craigslist only if not much action after a few weeks, which I haven't had to use in about 5 years