All Forum Posts by: AJ Minaker

One thing I have done in the past is do a little test market. I have put up a listing on Craigslist just to see the amount of interest I get. I reply telling them I am currently scheduling showings. Let the listing stay up for three days and see the amount of interest you get... I know some people don't like doing that because they don't think it's nice putting up a test market ad (fake). I think it's a great tool. I have tested the market in different seasons just to see the difference in May/June renting and Nov/Dec renting. I was very surprised with the number of people Nov/Dec. something I would of never thought. Running the test market provided great information.  Just make sure you're not doing it ever other week. 

Like you stated, lots to look at to know if it's worth it or not. Do you know if it's rented for next year? My student rental is rented out for next year already, as is a lot of student housing in this area. I would as the seller to see past leases. Do it to see that it has been filling in the past... Like you said, students like having a house. If it's been renting solidly in the past, it should continue to rent. Yes bigger apartment complexes can make it a little more of a challenge. If you keep up with listings and build a good repoire with your student tenants and you'd be surprised how the rental seems to fill itself! 

We will use the equity from the properties we have as collateral to open a business loan loc. We use that loc to pay for the property and to fix it up. Once it is fixed we will get it appraised and do a refinance. You should listen to podcast 134. It talks about creative financing. Hope that helps. Any other questions, let me know. 

we are currently using our home equity to open a business line of credit. We plan on buying fixer uppers with our Loc. After the property is fixed up we will do a refinance. Doing the refi will open back up our loc to start the process all over again. 

I think working with someone with no experience can be a great thing if they want to work with you! Most are going to know that working with an investor can be an amazing deal because you will hopefully be buying multiple properties. 

I don't remember what podcast it was on but they talked about working with realtors with no experience with investors and how it can be a great deal. 

You have to think of your time and money involved with keeping the fight going... I can say that if I was in your shoes, I would keep the fight going. Even if it cost me a little in the long run. If you do manage to win get a judgement against them if you can. That should make it a little easier to get your money.

I was given some great advice before we bought our first duplex. When dealing with tenants that are not paying, try making it a win, win for both. If they get behind, try working out a deal that if they leave( you avoiding court cost and the time lost) they will get a set portion or all of the security deposit back. They need to know that it depends on the shape of the property etc. Put something in writing and look over the property with them on their last day. Avoids a ton of headaches for both parties. If they would rather play hard ball, make sure you have everything in order and explain to them how much going through eviction will cost and that it will be almost impossible for them to get a place once they face eviction. Most people will make the smart choice.