All Forum Posts by: Anthony McEvoy

@Tabitha Gier - Network with people in the local area you want to invest... find an investor friendly realtor that has inside knowledge and/or knows other investors.  Ask property managers in the area if they have clients looking to sell (and it helps if you keep the property with them so they don't lose the business!)  Just some ideas...  Best of luck and let me know how else you may need help.

@Tabitha Gier - Find the property first.  If it is that great of a opportunity, you will find the money.  I see it time and time again within the forums here... people offering up money to jump in and they are only average properties.

Have you spoke to any of the hard money lenders in the network section of biggerpockets?

@Galen Hanson - When you bought it... what was your first choice exit strategy?  Plan the work... work the plan.

For what it's worth... To a certain extent, the appraisal does not matter. The price someone will pay ultimately matters.

You're going to get a lot of opinions with this question and all that really matters is what you and your brother-in-law want to achieve.

@Stephen Brown @Nick Delfin... Even bigger than vacancy... A bad tenant. A bad tenant will cost you more than a vacant unit. Make your rental attract the best tenants so you have the best to choose from in the application pool. Also have a good application process.

@Dave Kansagor in addition to what everyone else has stated... I personally wouldn't focus on "the most units" as much as the best ROI for the dollar amount. I hear it often and people often assume more units means better investment. I would rather 50 all star tenants with a great return than 100 units of headaches with little return.

@Michael Lettieri You still have their security deposit, right? As long as they cooperate with you so you can get it rented as quick as possible, I would let them out early. Plus, assuming this recently happened, they are getting out during high moving months.

Fast forward many years... Every time someone moves out in the summer months, the renewal keeps getting pushed later into the year (unless it is a college area). For example, some moves out in June, next renter doesn't move until mid-July or August... Signs 12 month lease, etc. It always nice when someone helps you out like this and you don't have to ask for an odd lease... Like 10 months... To get it on peak period turnover time cycle.

@Penny Sprang - It is going to keep leaking until the water pressure drops and there is no water left near the break.  Why did it bust... frozen?  If so, then it typically continues to leak until melted and the water behind the ice gets out.

@Gayle Eisner - You can request rental insurance with a new long term lease.  If they are not interested in complying, then issue a termination/eviction notice per the last lease agreement.

@Tyler Villaroman - Every area is different because things like taxes and local regulations will fluctuate the expenses.  Start with adding up all of the annual expenses.  Things to consider are property taxes, registration fees, maintenance (typically around 6, 8, or 10% of the rent depending on the condition of the home), insurance, and vacancy rate.  Compare that number against the rental income you could receive.  You will start to notice a trend of where the final purchase price needs to be (don't forget about closing costs!).  From there, you could determine what you need to purchase a house for based on the work it will need.

@Dan Sargis welcome to BiggerPockets!