Real Estate Investor · Fort Wayne, IN · Member since 2016 · 7 posts · 1 vote
I've been Researching Real Estate since i was a junior in High school and i recently closed on my first duplex. I'm so excited to rent out the other side.
Investor · Palm Desert, CA · Member since 2016 · 51 posts · 11 votes
9y
@Quintin Surfus This place is like a heaven for real estate investors. You can ask anything, find anyone, learn everything in the forums, podcasts, webinars etc. And also don't forget to post your experience and numbers about the duplex.
Lockport , NY · Member since 2014 · 265 posts · 124 votes
9y
love the FW market. i had 17 units back in early 2000s before joining the military. mine were all SFH and duplexes that cash flowes well. with all the colleges there, you may want to consider student rentals, where you rent out bedroom space. good luck.
Real Estate Investor · Fort Wayne, IN · Member since 2016 · 7 posts · 1 vote
9y
Sure will. I am actually renting a spare room out to a friend right now on my side. But I have a question. How much responsibility can I or should I put on the tenant in a lease/rental agreement?
Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
9y
Congrats Quintin Surfus are you looking to only do rentals or flips as well? How aggressive are you trying to build a portfolio? Let me know if I can help. I come across a ton of deals in Indiana. Although Fort Wayne is 4 hours from chicago I typically come across deals in Merriville, Hammond, Hobart, Gary, and scherville as well.
Real Estate Investor · Fort Wayne, IN · Member since 2016 · 7 posts · 1 vote
9y
Ok Mr. Many I'm kinda new so what exactly numbers would you like to know?
Mr. Dockery I'm currently fixing up the other side to rent out then I'll be taking a break to propose and hopefully get married but thenot I'll jump right back into realestate. So I don't really know how aggressive you would consider that. AND someday I would love to do a flip but I don't think I'm ready to at all.
Sure will. I am actually renting a spare room out to a friend right now on my side. But I have a question. How much responsibility can I or should I put on the tenant in a lease/rental agreement?
not exactly sure what you mean by "responsibility" on the tenant. it is a 50-50% partnership between you and the tenant. he agrees to live up to the terms of the lease, pay rent on time and not trash the place. you agree to provide a safe, clean and comfortable place for him to live. your lease should be very thorough. spell out everything and don't leave things up to question. (search around here for suggestions on what to add to you lease). don't ever waver from the lease. if it's in the lease, you make references like, "Gee, I'd sure like to allow you to paint the rooms purple, but our lease clearing states..." or something like that. put all the responsibility back on the tenant to follow the lease. you should also have your friend sign a lease, although it may be a little more lax since you have to live with the guy. and don't be afraid to "lose the friend" when things go south!
Investor · Honolulu, HI · Member since 2016 · 362 posts · 93 votes
9y
Congrats to you and for being so young, thats a huge accomplishment. Your future self will thank you. Keep it up and you will 1031 into a larger apartment complex in no time.