All Forum Posts by: Suzie B.

There are certainly lots of problems that can creep up when a property hasn't had utilities for that long, but I think a lot depends on where the property is.

I don't know the environment in Texas well enough to help you with your climate (in my area the first concern is winterization so plumbing doesn't freeze).

I think in any climate you can have concerns with it being sealed up due to changing temperatures inside and out causing condensation, mold, etc.

You will likely want to be there when the power is turned on in case any rodents happened into any wiring.

Others will likely know more than I for your area

I think 2% deals are possible, just difficult to find.

Michael.. I agree that garages converted to apartments, even efficiency's are a great way to get to 2% however we have learned the hard way that sometimes you have to jump through hoops to get the proper permits. We bought a house with a large 2 story garage on an extra lot. We had to re-zone the parcel to pout the two units in it we wanted. It has its own electric and we paid to have water& sewage put in. A neighbor fought us all the way because she didn't like rentals because she had one of her own right next door to her house and had a bad experience. Took a couple of months to drag through it but we got what we wanted. Still a work in progress, but hope to turn it into a good $maker son

I think 2.95% is pretty standard for credit card fees. We have looked into it because we have someone who would like to use a credit card for rent in order to earn credit card rewards from the monthly payment. Turns out the fees aren`t worth the convenience or the rewards.

I might have to look into the WilliamPaid site. Our property management software offers the direct deposit service ... Also with a fee. It is nice that it streamlines the process and enters the rent paid in the software when it is received, but not sure the fees are worth it right now. I also rather like to hand enter the rent each month so I know who has paid and when.

I don`t get the 2% rule either. It sounds great, don't get me wrong. I just don't see it as a practical figure for most areas.

I will say I live in an area that has a low cost of living, but can`t see the equation as working out much differently elsewhere. As the prices of properties may be higher in other areas, their rent likely goes up in a similar ratio.

Unless we find a really great buy that no one else jumped on too and drove up the price, it most likely would have to be a major rehab, multi-family, or low income housing area to have a chance at the 2% rule.

Not long ago before the housing bubble burst, I believe small real estate investors were simply hoping their rentals would pay for themselves over the course of time and have a nest egg to cash out at retirement. Now seeing people looking for that kind of cash flow every month.. Very different approach. I like to think those that have a decent cash flow and whose properties are covering better than their own expenses will do very well long term so long as the market doesn't stretch much further downward.

Unexpected subfloor saturated with cat urine .. Gross!

I think listing it sooner is better than later, saves on carrying costs for one thing. If you are in real estate for the long haul you will have plenty of time to list your own properties down the road. Hubby and I, neither one, have our license yet although I hope to get mine when things slow down a bit.

With our first flip, our local realtor who has been in the area for years had us a buyer before it even made the mls. We didn't stage the property either ... More $$ we got to keep.. But staging I think depends on your location and the pricing level of your property.

I would have to agree that the angle and lighting of a picture is as important as anything. I don't think you have to spend big bucks to take great photos.

I use a Sony Cybershot as well... my personal camera (underwater model) that gets used for business photos from time to time.

I think you could tell her that you are concerned that she isn't showing you what you'd like to see as far as real estate purchases go and that you are considering asking another agent to find homes for you to look at.

I would let the ball land in her court and tell her that she is more than welcome to search for and show you homes that fit your criteria if she is prompt about them and lets you know about them before another agent does.

I certainly wouldn't want to lose her help in finding good tenants as that is a good resource for you.

I certainly understand some of your ideas. I think everyone is so different. I would have loved to have started investing in the rental and house flipping business just out of high school... or even college for that matter, but we simply didn't have the $$, the life experience, or the home repair/remodel under our belts either. The housing market was too high back then too to make real estate a good entry for us at that time.

Besides that, after college I was more interested in gardening and free time than in investing... unfortunately!

I think in America they need to do a better job at educating students about investing in their futures. I vaguely remember a home economics class in high school (I'm 36) where we were shown a check book. That's about all I remember about anything home finance related... and that's sad! If I had known how much money I would have today if I had put a tiny bit away when I first started working ... I would hope to say I would have done it, but I simply wasn't educated about it.