All Forum Posts by: Steve Kachniewicz

Looks great and congrats! Everything in that house both inside and out looks cosmetic to get it rented until you can really rehab it. So roll up your sleaves and get it done and get it rented. Let the cash build up and when the tenants move out, rehab it and collect bigger rent. I do it all the time with condo's. Work great!

I have not experienced these types of properties however I know people who do very well and they tell me all of the horror stories. I just spoke with one of them who had a low income condo and the tenants stole every appliance and all the the cabinets and fixtures in the condo along with doors and even the toilets. He did get to keep the security deposit but it did not come close to the replacement value. He promptly sold the unit as is and cut his loses. It's a gamble I suppose however these types of tenants can be big problems. It seems like more investors go for these types of properties because they are affordable and can accumulate more properties for their portfolio. Not saying it can't work but I myself couldn't deal with it. 

Really have no idea why anyone would want to own properties like this. Your level of renters will be so low and its nothing but a problem. Endless calls for B.S. repairs and goodluck trying to collect rent. Not worth it. Find properties in good areas with excellent schools. Get premium rent and good tenants. When you live near big cities like i do Condo's are by far the best investment. They are virtually hassle free and can make you money if you can get them for the right price. These homes will cost you money and keep you up at night. You can do all the analysis you want but in the long run the problems won't be worth it. Just my opinion.

Really to be honest, Finding solid buy/hold propeties and building a portfolio is probably the best strategy you can have. I mean there are alot of fancy ways to finance and crazy marketing and creative methods but the bottom line and the safest way is to do what you are doing. Find good properties with even better prices and buy them, fix them up and rent them. Its not a complicated formula. You can make it complicated if you want but wouldn't you rather sleep at night??

She probably has no idea that you can even here her. I would just say something and if she gets embarrased well thats just life. You own the place so don't be afraid of speaking up. Its not an unreasonable request to not be woken up in the middle of the night to the sound of that.

I always advise my tenants to get renters insurance but I build into the lease that if they do not get the insurance, they are liable for the damage to their belongings and I have them sign that they understand these terms. Other than that I really don't care if they get it or not. I have my insurance so that's all that matters to me.

I have a 2003 Nissan exterra supercharged. Been payed off for many years. I have hauled 4 rehab jobs with it and carried more stuff than I ever imagined! It's been a perfect work truck and I will drive it till the wheels fall off. My wife has a 2007 civic. Gets you where you have to go cheaply.

I use zillow and trulia and Redfin ect for listing my rentals and they work great! I had one of my properties listed on all three last month and within a day I had plenty of qualified renters calling me. Rented the unit in 2 days. I would say that is awesome!

Thanks Chris K! Great advise and i will use it next time for sure.

I just came to an agreement with a tenant and she is going to move in at the end of February. I told her if i am going to hold the unit for you I will need the security deposit paid in full by the 5th of Feb. $1000.00. If you sign the lease and pay the deposit and then dont end up going through with the lease you  loose  $500.00. Its all spelled out in the lease agreement. You have to protect yourself, thats the bottom line.