All Forum Posts by: AK Fowler

Nice work! Getting going is he most important part. You can't teach experience you can obtain it by going through the process. Banks are really tough. Everything is by the book and they are really risk adverse. Finding private funding or working with a small local bank or credit union is your best bet. Time to find the next deal.

Don't renew the lease. You as the landlord can do that. Find another tenant and to the lease like you have before. "No window air units"

I wouldn't let that be a major concern. You can always have the tenant pay the water bill instead of you. Meaning you pay the bill but then you send an invoice to the tenant therefore making them ultimately responsible for the water that they use. You can also include water up to certain amount and then anything over they have to pay. Just include that amount in your monthly lease payments. So if it's $90 per quarter, include $30 per month in lease payment. Then they pay whatever amount over the $90 bill quarterly and you invoice them for water used. Both options ensures that the water bill is being paid by you so no liens are assessed and the tenant is responsible for their own water use.

In my opinion, Minor repairs are like carpet,paint,tighten some door screws or hand rails. Major would be replacing roof, gutting a kitchen and bathrooms or doing anything structural such as foundations, new electrical, plumbing. It's a subjective question as those that have been through some deals, they will feel differently.

I would say save up more money. $20-$40k is enough to get started. Maybe you partner with someone and purchase a property together. Just be creative and think outside the box. That's the best part about real estate, it allows you to be creative.

Honestly, I believe bigger pockets and books can teach you everything you need to know. Education is a major key to success but more importantly taking action on what you learn is even more important. So in my opinion, between bigger pockets and about $100-$150 in books you can be educated enough to begin investing. Learn though mistakes and don't be afraid of mistakes as it will only make you stronger, wiser, and confident.

Maybe you can sell your current house and find a duplex and live in one and rent the other. Therefore practically living mortgage free or paying very little in mortgage. As a landlord you are next to your property so it's easier to maintain. I'm not sure of your family situation so it could add complexity but at least you will collect rental income and are into real estate. Then after a year or so, purchase another property and live in it and rent your side of duplex out.

@Cesar Tamayo  We will be at the rehab walk-thru this weekend. I also caught up with @April Crossley about a contractor and I believe she will be at that rehab too. Hopefully I'll see you both there. Thanks Kevin and Amy

April Crossley just signed up for the Berks Meetup and registered to attend the rehab walk thru. Looking forward to networking with the Berks County folks.

Since you are the new sheriff in town, I would just create an addendum to the lease that states there is no smoking in the unit. If they can't follow the policy then don't renew the lease. Put the $5-$10k into it as this is a long term investment. It will pay off down the road with new tenants that don't smoke. It's very hard to clean up a unit with smoke damage. It sticks to everything including windows and floors. Which are expensive to replace.