All Forum Posts by: Savannah Yingling

Hello,

I am interested in commercial real estate with a focus on land leases, NNN, and hosting utility-scale renewable energy projects. Open to connect and learn!

I’m currently working on a flip in central/western PA in a rural area. We converted an existing extra room into a brand new looking laundry room with washer and dryer hookups. The laundry was previously in the unfinished basement. Should I include cabinets/shelving or just leave the room bare with just the hookups so whoever buys it can design it how they want?

I’m getting tight on budget and want to make sure it would be worth while to add cabinets/shelving before I do so. 

To give more background info, this house is a 3-4 bedroom house with 2.5 baths, 2700 sq ft in a nice rural neighborhood with fenced in yard. Bought for $95k, putting 120-130k into rehab with labor/materials. Comps are going for around $300k (but I think ours has a littler nicer finishes so may go higher). 

And I would appreciate it if anyone has any other tips when tight on budget to get the most bang for your buck. 

Thanks!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $280,000

Contributors:
Khine H.

This home was purchased, thoughtfully renovated, and beautifully furnished for use as a mid-term rental in Richmond, VA. It is approximately a 5 minute drive to a Level I Trauma Center. It is listed on AirBnB and Furnished Finder - https://www.furnishedfinder.com/property/584674_1

What made you interested in investing in this type of deal?

Khine, if you'd like to elaborate or your interest in this type of deal please feel free to add to this post!!

How did you find this deal and how did you negotiate it?

It was listed on the MLS for $289,750 in July, which was very busy in the area. I watched the showings and checked in with the agent frequently, they weren't getting serious interest in the first few days it was on the market. I ran comps and the price was fair, however I knew we had room to negotiate. We ended up getting the price down to $280,000 ($9,750 less than asking) and further negotiated for the seller to install a brand new HVAC system.

How did you add value to the deal?

I was the real estate agent in this deal. This investor was from out of town, so I provided information about the area and performed multiple virtual showings making sure to point out the good, bad and ugly of each home. I ran comparative market analysis to aid my client in making the best offer possible. Met with the home inspector, contractors, and shared my expertise and resources for the renovations. Although, the design and renovations were hugely my clients vision and execution.

What was the outcome?

It looks great and has been successfully rented for several months! It is listed on AirBNB, Furnished Finder, etc. (See here - https://www.airbnb.com/rooms/1002452282077304088)

My business partner and I bought our first investment property (4-Plex) last year. We used the same agent that helped us purchase the property to find tenants. For each tenant we paid him a fee. Total payments amounted to $900 for last year. Do we need to file a 1099?

Thank-you for the help!!

Am I allowed to ask for a tenants vehicle information to add to their file?

 He did pay the application fee and his credit is 791 with no late payments on record and no criminal background which is good. And his bank has more like 11 months worth of rent which is also a good sign. I'll be calling his references later today!

I just purchased my first rental property and my first home as well witch means I am hoes hacking a duplex any ways its been 2 weeks since my agents company has been advertising the unit and we haven't gotten any serious inquiry's . What can I do to help them or how can I advertise it my self any advise I can get to get someone in the other unit would be great 

Me and my two buddies just jumped into real estate investment and are thinking of trying out a house hacking strategy. We all have regular W2 jobs, and we'd love some tips on how to make the most of it. Any advice would be appreciated. Thanks!

I was renting a house for 1 year and ended up moving out after my lease was up. Before my lease started the management company offered me a $0 security deposit due to my credit score but I had to go through 3rd party company who offered it and pay them like $50 to opt out which I did. Fast forward a few weeks after I move out I receive a security claim letter along with an estimate from some random rental maintenance company that says "unit turnover". In my mind unit turnover is different then tenant damages. Estimate is excess 1.5K for claiming half the walls and ceiling in the home need to be repainted, every door in the house needs to be cleaned, and other random items.

Firstly I worked in property management in the past so I know the consequences of not returning the property in good condition. This home was brand new construction so of course there will be general wear and tear on certain items, and I have photos of items they claim are damaged or missing within the 1st month of me moving in along with a walk though video I took on my last day there after I spent a few days cleaning everything. I've replied to the email and have sent out a dispute letter through certified mail. Other then that does anyone have other suggestions? Of course I don't want to be taken to collections which is why I'm disputing this. I don't even have a security deposit and the card they have on file is not even active anymore so I assume all the 3rd party company could do is take me to collections which I would fight since these charges seem extreme to me.

To those who self-manage luxury rentals and are not licensed real estate professionals, are you concerned about your listing (listed by owner) attracting scammers?

I listed a very niche lux rental about 7 days ago; I am doing someone I love a favor because she needs the money. Thus far, I encountered two scammers. One was just trying to pull some arbitrage scam. No biggie. The other is far more sophisticated, like could be the subject of a future Dateline episode sophisticated.

I am not comfortable sharing more details in a public post. If you are willing to comment on the listing, please pm me. I am a little stunned; I’ve never dealt with fraud at this level in my world of managing C- apartment buildings. Thank you for your feedback.