All Forum Posts by: Alecia Loveless

@Nicole Perry I know you mentioned Jackson but the Littleton, Bethlehem, Franconia,Sugar Hill area is hopping too and close to Bretton Woods, Cannon Mountain, and several golf courses and hiking in the summer great restaurants, and no regulations on rentals.

@Amber Titus That is definitely mold. I’m under contract on a property now and my inspector told me a white substance I had in one area was mold but the specialist I had in today told me mine was actually a mushroom and the only way to get rid of it was lime.

If you’re concerned about the cost and the scope of work on your house please find another property. I know it’s hard waiting for another deal to show up but sometimes it’s just for the best.

I’m going to back out of my deal because by the time my contractor and the specialist were done today they told me to ask for $100,000 off the asking price and to have two things repaired. I’ll speak with the realtor but I don’t think it’s worth the effort.

The mold remediation is usually fairly easy but foundation work can get expensive very quickly.

@Keith A. In my area there’s not much added value in rent increase above and beyond a 3BR. You’d likely only generate $30-40 more for a 4thBR.

I’m in a little bit of a similar boat I’ve got a 3rd room that you can only access by walking through the second bedroom and it has an outside entrance in one of my units so I call it a bonus room. I believe my current tenant grows plants in it.

If you self manage maybe try contacting a management company if you’re not that familiar with the pricing differences and see if a bedroom or a bonus room is a better value.

@Nathan G. I live in an area that consists of many small towns. There are no registrations and no inspections. We do have our share of run down properties and slum lords. Thdd ex bad neighborhoods make my properties more desirable.

@Annie R. I’m not exactly a DIYer nor am I just a passive investor. I guess I’m somewhat in the middle. Yes, I do own my own rental investment property but I have a team in place that does the repairs for me. They get the property ready and I build these costs into my numbers. I might not get those grand slam results but I do get good solid returns.

Currently I am doing the tenant placement and the management of my buildings once they’re rent ready. With my returns I could place them with a property manager and be more hands off and still get decent returns if I wanted to.

My tenants not only have my telephone number but also have the telephone number of my handyman in case they need repairs. This makes for quick turnaround times if something goes wrong.

My W-2 job allows me some income to qualify for financing with. My goal is to continue to lower my D/I ratio so I can keep qualifying for more properties. I have a fairly low paying job so a big key for me is to make sure the income in the properties I buy more than covers the loan so it doesn’t create headaches for me with my bank.

@Nathan G. I do cap mine according to state requirements. I am a very small landlord in terms of number of units so I also tend to try to find a good fit in terms of tenants. I would not put 5 children and 1 adult next to a single tenant. I’m still under the threshold number of units to be able to do this.

Thanks @Dave Foster I appreciate you clarification on the matter. 

@Wayne Brooks The original intention was a long term rental until my realtor and I both came to the same conclusion within 12 hours of each other that I would never make anywhere near as much money on a rental as I would reselling the property in our current market.

Thank you for your information on my dilemma.

@JASON VERLEY Thank you for your help Jason!

@Sean Ross Yes the new property is going to be an investment but it is a much less expensive property which is why I didn’t believe the 1031 would be useful. I intend on offering under $50,000 for it.

Thank you for your insight.