All Forum Posts by: Shain Ismailovski

The answer to your question really is, "it depends." What is the core issue being faced? Is the rental completely uninhabitable and you are still charging rent? You'll typically lose that one. Did you violate housing/rent control laws and regulations. You'll typically lose that one too. Did you not fix a leaky sink? You're probably safe. This all varies on local rules and regulations and as a landlord it is your duty to be on top knowing those rules. If not you, then at least hire a property manager who is. An LLC is a nice thing to have and can help mitigate risk. An umbrella insurance policy is another alternative, but neither of those are bulletproof. The real goal is to never end up in that situation. Do your due diligence, screen tenants properly and fairly, and make sure they are also treated that way.

Hi Amy,

Thank for sharing your story! Great advice to always vet your tenants . Even if you are not a professional there are many sites out there that are landlord friendly for rental applicant background checks. Just make sure they are in compliance with all housing laws. Although, having a license yourself also helps :)

Mark as the saying goes "A bird in hand is worth two in the bush." If the other couple is truly undecided it may be unlikely they make up their minds in time. 

Hi Jennifer,

There are many fields, both related and unrelated to real estate where you can gain a practical knowledge on the subject. Many real estate offices have administrative positions that would give you some exposure to the field without requiring you to get a license . Unfortunately, a lot of the these areas may require you to get certain licenses or accreditations to compensate for not having a prior background. Some of the best knowledge comes from being on sites like this, attending meet up evens, or listening to podcasts so don't think you have to work in a real estate field to learn about real estate!

Hi Alex,

Do you have a property manager who is able to be there in your stead? If not, you will have to do your homework on local contractors  in the area. You shouldn't need to be there for the estimate or the actual process as everything can be done remotely, but it may be a good idea for you to take a trip out there to ensure things are progressing as they should regardless. 

It's not easy, but showing them you are serious and have a plan is a step in the right direction. I wouldn't phrase it as, "Hey I need money" but more along the lines of " I have a plan, I need X amount to get it started, the expected return is Y amount. I know this because..." And show them your due diligence and research. If what you are saying makes sense and you have the evidence to support it your age shouldn't matter. That being said, even all the research in the world may not convince others to loan you money at which point I would suggest looking into other methods of funds such as other investors or loans.

@Mark Anderson

Like a lot of the others have said it largely depends on the market you are in. However, as a rule of thumb it can be safe to assume the only real optional appliances would be a washer & dryer as well as a refrigerator. A lot of tenants expect these to be optional, or less common, but don't often assume they have to buy a new stove. You will wind up alienating some potential tenants or scaring away good ones.  See what is common in your market and adjust accordingly. Like @Theresa Harris said I would be terrified to see what sorts of trouble a tenant can get up to once they move out and the stove MUST come with.

In terms of stainless steel vs. black, again see what is popular in your market. I usually use black as you can't see scuffs,  or marks as easily and it matches fairly well with most wood cabinets. If it makes sense in terms of space, and budget I would install a dishwasher as it can save you loads on the water bill if you are stuck paying for it. Tenants hand washing uses up far more water.

Hi Robert,

Welcome! I am also from Northern NJ and have some multi-family and SFR investments in the area. Wishing you best of luck in your continued real estate journey!

Hi Mattie,

Welcome and best of luck on your real estate journey!

The land is located in Palm Cost Florida which is more Central Florida and about 45 min away from Daytona Beach