All Forum Posts by: Shain Ismailovski

You can use a lease or rental agreement, just double check with your local laws and regulations if special wording is required. You would just draft it to be room specific instead of unit specific. 

First, narrow down that you really want to do. Whether it be a fix and flip or a buy and hold and just focus on one strategy for now. It's easy to overwhelm yourself by focusing/trying to learn about multiple things when you are just starting out. From there focus on a location or market you are interested in. These two things will help maximize your focus. As for podcasts, the BiggerPockets Podcast is great as well as the Millennial Real Estate Investor podcast. You can learn a lot from both. There's a lot of books, webinars, blogs etc on this site that are also very helpful. If you can find someone to shadow or work with a flip with that could also be a great way to learn the ropes. Good luck!

Congrats! May every day go as smoothly :)

Kitchen and bathrooms are areas that people pay the most attention to in general. Swapping out appliances, or switching out fixtures could help. Take a look at similar places on the market near you that rent higher. See what they have and try and do same that is also easier than guessing. 

It can be. You can draft up a month to month lease that can expire when the sale closes. Take a security deposit and treat it like a normal rental.Ensure wording is included that would include clear stipulations on what will happen when things close or if for whatever reason the deal falls through. Consult with your agent and/or attorney for assistance with that. 

You'd be surprised. While yes, background checks in general will deter some, others will still apply and take their chances. I've had some pretty poor applicants apply, low credit, history of defaults etc etc. That's why background checks at all rent levels are essential.

There will never be a "good" time to invest. People will tell you the market is too slow, too hot, about to crash, or too saturated. It just depends on who ask. Do your own due diligence and come to your own conclusions. Look into the market you are interested in and go from there. 

Was your offer accepted by the seller? If so, I would consult with your own real estate agent if you have one about next steps they can guide you through the process. 

Has the property passed any local review process? There are sometimes obligations that must be fulfilled before it can be listed as under contract inspections, attorney review etc etc. Each local real estate board and MLS has their own individual rules and code of conduct. This may be normal for your area, but it all depends. Technically until the sale is finalized the sellers can still consider other offers. Has a closing date been established?

If you do end up calling wait until the afternoon, people generally don't appreciate early calls especially on weekends and it could interrupt religious obligations.