All Forum Posts by: Troy Ballew

@Steven Barr

Agreed with everyone on this post. I did buy a property where the septic had been disconnected and hooked up to city services. The previous owners didn’t remove the system and we made sure to ask for that to be done, at the Sellers cost, as part of the inspection findings.

Troy

@Brad Hammond

Agreed, I just bought a duplex in Sellwood and am doing exactly that on the water that isn’t separately metered. Great advice to watch any adder on the utilities in the overall rent increase percent.

Troy

@Wendy Jiang

Home Depot, typically. I just ordered a stacked washer/dryer from them for a new duplex I purchased. Back ordered until March 30th.

@Alan Bosca

When my units come up for renewal, I always check out Rentometer.com. I pay the $150 annual member fee and you get great comps to look at in your area going back over specified periods. I am just trying out the BP rent estimator, having recently signed up for Pro, but it seems good too.

I also keep a close eye on Zillow, like others have mentioned.

Between all those, you should have an idea of what the market rate is and try to stay at the level and raise rent accordingly.

Troy

@Andrew Postell

Exactly! Even if the rate goes up 1%, it is all about running the numbers and then making a decision based on your data.

If you can make up that lost cash flow on your first property by reinvesting in more, all the while scaling, it is likely a good move!

Troy

@Ryan Hamaker

My biggest fear was taking on that second mortgage, after my primary mortgage, and not being able to afford it because of a vacancy or something along that line. I was too conservative with my personal finances and a bit nervous.

Now I can’t imagine not owning real estate and I regret not getting started earlier! Better late than never!

Troy

@Giovanni Lisi

Wow, awesome!

@Joe Splitrock

Take a look at some of Dave Meyers charts from BP. He has spoken about this at length on the BP YouTube channel. He has great charts for long term investors to consider showing the impact of rising rates. I generally agree with his thesis.

We may see a near term small dip or slower rise in prices, with higher rates, but there will be a general increase over medium to long term horizons. The government wants it that way to manage money supply.

Troy

@Jay Hurst

Agreed, it isn’t a terrible offer. 4.875% with no points is about right for an investment property right now.

I locked at 4.00% for a 30 year term with Guaranteed Rate on a duplex about 4 weeks ago and paid for almost a point to keep the rate down. I’m planning on holding for a few years, at least.

We’ll probably see 5.5% to 6% late in 2022 for investment properties after the Fed gets going on their rate increase campaign this March.

Troy

@Markis R Kelly

Great idea, Solid PM companies do this too. I spoke with a PM owner recently that said it works great and they’ve never had an issue doing self guided tours. Major labor cost/time savings!!