All Forum Posts by: Alayne Galley

I second mysmartmove.com. Does all the work for you and the potential tenant can pay via the website. I typically narrow down my applicant pool before this step, though. I hate to waste people's time and money.

So on day 91 the property can be sold? Are there any stipulations about it being listed? How quickly do properties typically settle in your area? In my area, 60 days is pretty average. So in an ideal world, you could buy it, flip it in 30, have it under contract on day 31, and settle 60 days later on day 91.  

I have yet to get my feet wet on a flip, but $14,000 doesn't sound like much of a profit margin. Unless you've safely over budgeted for all of your repairs.

Hi there.  I'm by no means an accountant (and highly advise you seek the advice of an accountant), but yes, rental income should be claimed as income.  The tax rate depends on what your tax bracket is, because federally, we have incremental income taxes.  A big benefit of owning a rental property, is the tax deductions that come with it.  You can take deductions on repairs and expense for your rental property. So be sure to track these expenses and keep receipts. 

Hi Kyle.  It's super important to get hooked up with a great lender and realtor.  You and your partner should discuss how much cash you want to sink into your investment and your ideal return on investment.  Your realtor can help to determine whether it's realistic or not and lead you in the right direction. 

Hi Dale.  I think it depends on your market.  15% cash on cash return is high for my market.  I'd be happy with anything over 10.  Have you considered buying a MF that needs some work?  You could purchase, do the work, then do a cash-out refi.  That would definitely help your return.

I personally don't charge a monthly fee, although I'm probably missing out on some extra profit, but as a pet person, it just doesn't seem right.  I do charge an extra security deposit, typically $500.  

I second partnering up with someone.  Also, keep working on that credit!  

I would recommend offering a rent credit until you can get the dishwasher replaced.  I would probably offer $25 a month.  Keeping good tenants happy is much cheaper than finding new, and potentially crappy, tenants.

Thanks for the warm welcome! :-)

Hi all! My name is Alayne. I've been a realtor with a top team in Berks County for 3 years, serving both Berks and Lancaster counties. I bought my first house in West Reading, PA back in 2009 at the age of 23. I dabbled as a landlord, renting rooms out to various people, even renting out my own room. In May of 2014 I became a legit landlord, moving to Lititz, Pa and renting out my home. In May of 2015 I bought by second rental with a business partner (hi, Mom). 

My goals for 2016 are to do my first flip (if I can get past this analysis paralysis) and acquire another rental. The end goal is to have enough of a portfolio that I can retire and live comfortably off of the cash flow by the age of 55. 

I stumbled upon the BP podcast (it's become an obsession), which brought me here. I'm hoping to absorb as much info as I can and to make some local connections.