All Forum Posts by: Yolanda Smith

You might want to consider using www.rehabvaluator.com to do property analysis to present to your investors. It is a great system I use and the cost is low for someone just starting out. It does not handle your marketing but it is a great addition to your marketing plan to help seal the deals.

I have a lakefront luxury rental in a gated golf course community. The rent on it is 4800 and the tenants have been there 3 years now. I have had no problems. The community where the home is located has over 20 luxury rentals and the rents go over 5k per month. The community is comprised of mainly owner occupied homes however, there is always a waiting list for rentals. Some of the tenants are even on 5yr terms with the owners.

I would not suggest renting it furnished unless you are doing rentals for relocation companies where the terms are much shorter. Those types of lease agreements are good because the rents are guaranteed from the company.

I had a previous luxury rental awhile ago and the experience was not that great. The tenants rented at 5k/month,then they ran into some serious money problems and were late every month. They stayed two years but at that point I was fed up with the property and sold it.

I would advise you try it, make sure your applicants have strong financials to support the lease.

THANK YOU FOR YOUR SERVICE AND HELP PROTECTING OUR COUNTRY!

I am sorry to hear of the misfortunes that you have encountered over the years. It says a lot to me and I am sure others, that you are so open of where you have been and where life has led you to now. You mention that code says "Hello World", and I would like to say " Hello to Jeremy's NEW LIFE....WELCOME". Having your "aha" moment and realizing that this is the time to start afresh can truly be a life changer if you take the steps. Now that you have to crossed back over into this wonderful, wild, tumultuous, exciting, and lucrative world, you have a new success tool BP.

Good luck on getting out of your cubicle ! I wish you the best.

Thanks for the example. Best of luck to you !

I am glad to have stumbled across this post. I have been looking at Bmore properties for the past few months because of the low prices I find. However, I have heard some horror stories from 2 investors there. Everyone's experience will be different and if you follow good advice from people like @Amanda Felton you will be just fine.

@John Wilcox welcome to the DMV !!! I have been investing in this area for over 10yrs so I might have some good referrals for you when you need them. I would suggest that you start with SFH in this area first. I know a great agent who works with investors in DC and MD, she does not work in VA. GOOD LUCK !!!

I have investor in residential property in different parts of the country however, never Michigan. I was presented with some deals that I think I shouldn't pass up. There are over 20 properties being offered all for less than 10k each. They are located in Detroit but I am not sure the layout of that area and what I should stay away from. I was considering buying them and doing basic renovations and renting them. Any advice on the Michigan market?

@Brian Woline , thanks so much for share this information with me. I really appreciate it.

@Alex Baev , I appreciate your input however I must disagree. I have used a PL in the past who I did not know. The loan was based on the property and the very high ROI that was present. I was given a referral and called, spoke on my experience, the ROI, sold my deal. I was able to borrower $450k for 3 months in D.C. I then referred that gentlemen out to 4 or 5 other experienced investors I knew. All of the business relationships worked out great.

I am new to the site and have enjoyed my experience thus far. I have learned quite a bit in just two days however, it will take me a lot of time to have 10k+ post and I am pretty certain that it will not take that much to get referrals of different types. I am open and always willing to pass on resources or connections that I have.

@David Turner . This is fantastic ! Thanks for sharing the details of your experience.