All Forum Posts by: Shain Ismailovski

Lenders do like to see prior experience but not all lenders. A lot just want to see that the units will cash flow and you’ll be able to pay back your loan. Expect your down payment to be larger the more units you have. How many units you want to start with makes no difference it’s what you're willing to do. If you’re just starting out i’d advise to start smaller and grt used to the process. That being said, I know investors who’s first deal was 50+ unit buildings through JVs and syndication.  Anything above 4 units will be considered commercial.

That would depend. If you are going through an LLC or a business you would only be able to apply for commercial loans that have variable rates. Residential loans typically (but not always) have better terms.

Knock on doors. People may not love it and you may get a few slammed in your face, but if you're able to introduce yourself they can put a face to a name. Get some door hangers and info sheets you can leave with them.  Be persistent with phone calls and mailers even if no one responds the first time around. Obviously don't harass anyone, but check in every few months to make sure you stay relevant in their minds. 

Sorry you are going through this! Eviction is an unpleasant process. A sometimes quicker cheaper alternative is the cash for keys approach. Essentially paying the the tenant to move out without waiting for eviction. It's sometimes cheaper and the tenant will be out of your hair quicker as eviction usually takes longer is more expensive. At least you have deferred to your attorney should you go that route also helpful with the damage you mentioned. Best of luck in this unpleasant process. Don't let one bad apple spoil the bunch!

Those numbers are where the market is currently at in the area as with anything I'm sure that fluctuates. Clearly something is not working for it to be on the market for so long and the numbers are most often the culprit especially in the slow season when landlords try to be more competitive in order to fill vacancies. Some landlords wait until spring market before putting their listing up in order to avoid the slow season and have a better chance at renting quickly and at a higher rent. Depends on how willing you are to take the hit for a few months.

 I see you lowered the rent again that may help, but I’d also consider moving the security to 1.5 months instead. Look at your marketing and see what other sites you have it listed on as well. Facebook is a good resource as more people are using it’s marketplace for home searches. Ultimately, you’ll rent out the place sometimes it just unfortunately takes more time than usual.

Plenty of people do it. You don't need to live in a location to invest in it if you do it correctly. 

Most sites comply with housing laws. So long as no discrimination against protected classes is happening and you screen everyone the same. Most credit bureaus like TransUnion and Experian offer tenant screening on their sites. You can also use the landlord site Cozy. Using a real estate agent who is familiar with your area to handle your rental isn'y a bad idea as they will conduct all screenings on their end 

Welcome to BP!

As an agent I use NTN, but prior to getting my license I used to use Experian as they have a tool for landlords to use, which is nice since you're getting data directly from credit bureau.I don't remember if they did a criminal check though. Cozy also has a background check system landlords can use, that provides you with everything.  

I think the $6300 is a problem on top of the rent you're already scaring people off with the price. Average rents in the area are 3087 with the median being 2800. So your rental sweet spot will be between $2800 to $3087. Try lowering your deposit amount and adjusting your rent price. Make sure your rent is competitive with what has already rented in the area within the past 6 months NOT what is currently on the market. As someone suggested allowing pets will also increase your applicant pool.You may find more people willing to pay the already established prices for allowing pets. Pick one of these strategies and see  if it helps as I don't believe it has anything to do with the property itself, although hard to tell via pictures.