All Forum Posts by: Ryan O.

I appraised a couple of 12-unit buildings several months ago and the owner was in the process of remodeling and upgrading the building and units. He stated that he provides free wifi and finds that he gets a better quality tenant. I did not verify this but this was just his observation. Could be a good marketing tool as well??

Again, keep in mind the downside which is what the previous folks have mentioned.

I would love to be in your situation with two qualified tenants to consider. I believe you should go with the first qualified tenant if all other things are equal. In other words if I had two applications for a rental and the two were both good qualified potential tenants I would take the one that turned in their application first.

My thought process on this is based on a presentation years ago from an Equal Opportunity presentation to a landlord group that I attended. This was in regards to housing discrimination and potential fines but at that time there was also some discussion on discrimination of folks with children, sinigle mothers, age, along with the more prominent issues on discrimination.

Best of luck and congrats again on having more than one potential tenant to consider.

To answer your question as to whether I agree with your decision would take a little more background information but like I said sounds like you are in a good position either way.

I am revising (re-starting) my marketing plan and will be ready to ramp up my marketing this fall. I am interested in the SEO and could see the value in this as part of a marketing plan.

Jonathan, Your family has the best of intentions in trying to help someone they care about. Your family trying to help could create a headache they never dreamed of. If they do this make sure everything is in writing and through an attorney. Also for what it is worth, some would say that you are not helping these people if they already are having credit issues and have no money to put down.

That being said your questions about rent to own are usually items that are negotiable. The rental amount, the length of the lease, the length of the option can all be whatever is agreed to. The main reason I have used a "rent-to-own" in the past (which is simply a written lease and a separate option agreement) is because it was easier to get the property back if, and oftentimes when, the tenant buyer did not pay. It is faster to evict someone if they do not pay as opposed to a foreclosure-in my state. I am sure others that focus on lease options/rent-to-own can give more details on what is typical for the market for a rent-to-own transaction.

I think many have already given you the answer to your question. Persistance and determination are what I always focus on. That being said. I started out fixing and flipping years ago and got a little greedy by not doing proper analysis and not having a good long term plan I wanted it all and I didn't want to wait for it or work real hard either. Right now I am about to get back in the game but I am in the process of writing my own business plan and creating a long term plan before I start buying again-hopefully by 11/1/11. I would also agree that the get rich quick is a recipe for disaster and I would highly recommend that you take your time and create a plan. This site and the previous comments will keep you going. :D

Flip, I didn't go over your detailed scope of work list. But I would simply call in to the building and safety dept. or permits office and go over your list with them and ask them what permits you need. You should get their name, and note the time and date of phone call along with your notes and place it in your file for that property. That way you will know for future projects which items need permits and which don't. Additionally, if someone were to stop by and ask why you didn't get a permit for something you will have your notes, and the name of the person you spoke as to why you did not get a permit.