All Forum Posts by: Tyler Kress

Thanks again, Shaye! It was definitely a learning experience last night, I wouldn't have expected to hear that the QC does not have a reliable property management company. After hearing yours and others take on it, I think we will take a shot at it to start and see where things go. I think my biggest concern is making sure we are legal and we don't make any missteps in that department. 

I didn't ask it at the meetup, but do you have any good references for lawyers I should consult with before purchasing our first property and preparing for leases?

Hey everyone, 

In my quest to learn everything before buying my first property I am staring up at this large topic of being a landlord and all of the responsibilities that come with it. My wife and I are currently working full time jobs, and eventually after a few good investments she may be able to quit hers to do this full time instead. One thing that I thought when weighing the pros and cons of hiring vs self managing is that if we do hire we can learn from a professional company how they are structured, what a lease agreement looks like, responsibility scope, etc. Last night, just asking for quotes, I was given a long list of "services included" from one of the companies that basically was a great outline of everything involved. 

For those experienced, what are your thoughts? Is it just a lot of work on paper and not that bad for managing one 2-4plex? Or should we hire a company for our first investment? 

Bonus: if you are in the QC area, let me know which companies you prefer and which ones to stay away from! 

Thanks!

Thanks everyone again for the replies and educating me, good to know Andrew also about ordering my own appraisal - I was getting this mixed up with the assessor. 

Thanks for the reply, Michael, it does seem like that or some other repairs are due would be the one of the few logical explanations. One thing I am also trying to learn with the BRRRR method is if you usually get that cash out refinance based on the tax assessed value, appraised value, or "market value" of the home

Newbie here - I see a big house on Zillow listed 25k below assessed value and wonder "what am I missing?" it is on the edge of rougher neighborhood but it seems like a steep discount. If someone bought this home could they basically claim an instant 25k equity for a HELOC/cash out loan like in the BRRRR method?

I haven't toured the property yet so I guess there could be some repairs in order, but assuming there weren't any extensive repairs is it as simple as that? 

1505 Grand Ave, Davenport, IA 52803