All Forum Posts by: Andrew Fredrickson

Hell BP community, Where do you list your rentals online when they come time to lease up? I want to make sure I am getting all my bases covered and am not missing a popular place. Currently I'm using a variety of Craigslist ads as well as Zillow, Trulia, and Hot Pads. Where have you found success in Listing? Please share, thanks! I haven't done it yet, but was thinking of searching for some local groups on Facebook to share links as well.

Thank you, everyone, for all the suggestions and I may end up trying Behr at some point, but the closest Home Depot (or any other Behr dealer) is 40 minutes away. Thank you @Mark Gallagher  for the input on asking for the cheap stuff from Sherwin Williams. I ended up chatting with the guys at Sherwin Williams and got setup with a contractor account, they also suggested their Property Solution product, which depending on finish (I went with eg-shel stain), comes out to $20-23/gallon. I'll let everyone here know how it ends up performing next week. Thanks again!

Hello BP community, I am inquiring about what others have found to be quality, interior paint products that don't break the bank. I've done a fair share of painting myself and am at a loss to find a product I'm completely satisfied with. I've had bad luck with bargain bin Wal-Mart paint, and while I've liked the outcome of some Sherwin Williams paint, I ended up spending almost $50/gallon on it. I'm looking for some advice and suggestions on what products you use and recommend with someone on a budget in mind. I recently acquired a new rental and I'm going to do a full interior paint job next week. Please let me know what you've been happy with and where you purchase it at. Thanks!

Hi Brent,

Run your deal through the Rental Property Calculator (up top on this site, Tools - Rental Property Calculator). Make sure to take account for extras like vacancy and repairs. Purchase price of 68K and rents for $1200 /mo sounds like a solid deal to me. Having someone nearby to check on the place, collect rent, review repair needs etc is a very good plus on the deal as well. 

I feel it's best for maintaining cash-flow to rehab near the end of the lease term. This way you can keep your tenants for the last two months and while the rehab takes place you'll still get your $1600/mo, then when the leases are up you can also increase the rent for each unit when they're done with the rehab. 

What will the rent be when the property is fully rehabbed? I don't know your area, but paying $40,000 for a property that currently rents for $1600 seems like a good deal to me.

Hi Joe, I'm really shocked it's been sitting so long. I don't think you have overpriced it, I've seen many 3BR townhomes that look almost identical that rent for $1500 in Morgantown/Suncrest area. How close to the stadium and campus are you? 

One thing that might be hurting your listing is the photography, those images looked pretty poor. Are there more photos that you didn't show? Can you post a link to your listing? You really should consider using a wide-angle lens to show more of what the property has to offer. 

Did you ever have trouble renting it out as a 2BR, what was the price before you did the addition? 

I know there's been a lot of new apartment complexes and student housing in Morgantown, and I get the feeling that they're driving the rent down a little, but I couldn't imagine being vacant for 8 months. 

Hi Taylor,

Welcome to BP. I'm in Morgantown myself and am interested in partnering on some deals.... Send me a message!

Here's the info from the IRS https://www.irs.gov/uac/First-Time-Homebuyer-Credit-Questions-and-Answers:-Homes-Purchased-in-2009-or-2010

Make that 2009 or 2010. The rebate no longer exists.

Yes, my sister received this in 2008 I believe. It's no longer.