All Forum Posts by: Alexander Zurn

@Adam Porter I agree with @Zachary C. .. I am on the verge of doing this (a few weeks until closing) and I feel it is the best way to learn the ropes of property management, land lording, and general maintenance and repairs of a house. On top of that you will have income coming in right away from other tenants (or as soon as you can get units rented) and then once you have saved up and are ready to move out, you then generate more income by renting the unit you were living in. 

BRRRR strategy is great too, I think it takes a little more experience but I am a firm believer that if you start out the BRRRR you will only get better and learn from mistakes.

My thoughts on a turn key, especially starting out, are not good. With turn keys it is very important to do you're own math and specifically your due diligence on the house, neighborhood, city, and state. Despite a good track record from a Turn Key Business, you have to fully understand the numbers and location involved with the transaction. You also won't get the valuable experience you would from a BRRRR or House Hack.

Once you've read, educated yourself, and learned as much as you think you can.. that's when it's time to buy. So make sure also you feel comfortable reading articles, blogs, forums, and books about most concepts and most importantly about the strategy you'll be pursuing.

Good luck!

@Deanna McCormick another good point and plays into @Michael Totman's in waiting a little to raise rent. Spring and early summer (as @Rob Lehmann) pointed out are great times to get a premium and the warm weather is much better conditions to move in if necessary. This is great stuff. I will review this forum this weekend and really research and think about the best way to do this. I'll also be sure to update here when I have gone through with it, in due time for you @Account Closed

@Michael Totman that is a great point. I think you're right, in that giving some time for the change to sink in will be best. I can fix up my spot and as you said do some of the repairs the inspector pointed out, which I'm excited to do. In all honesty, I am not raising rents to get these tenants out, it is as simple as they are well below market rents. As I mentioned, happy to have them stay with the increased rent I just don't know if they will. Thanks for the input, I really will consider this thoroughly.

@Robert Wodogaza couldn't agree more. I am surprised that I didn't catch the over 62 in the RI Tenant Landlord Act Law. I recently read, I thought pretty thoroughly, but I plan to re-read again anyway. Now I'll just make it sooner rather than later.

@Joe Splitrock I agree. I plan to give fair and equal treatment to both units in terms of rent raises. Also, I am a little worried about the possibility of them receiving to leave, leading to eviction and that exact scenario in court.. but I won't lost sleep on speculation. I just have to make sure everything I do is legally correct. Thanks for the insight

@Anthony Thompson that's a good idea too. I'll have to see where it takes me. I can see that being a great sort of middle man in transitioning to being a full on landlord. Step by step

@Anthony Thompson great points to consider. I did not know that 60 day notice was required for tenants above 62. Surely then I will give 90 days. I want to do the right thing, help them as much as I can, but also stick true to the business end of it, as you said, making sure to manage the investment. Unfortunately, I have told them I would be the new owner... another lesson learned! But hey I'll keep them coming as I won't forget them!

@Gail K. they are currently month to month. I figure by giving 60 days it is a good faith attempt to allow them to look for quite some time and if they come back saying they will pay it, great, we both win. As @Clayton Plank said, I want my ducks to be in a row come increasing rent notice time.

@Darren Budahn sure don't. They were on year leases until November and the owner put all the tenants on Month to Month while selling. Thanks for your help

@John Dunham you are in a unique situation to have discovered the great world of Real Estate Investing in college! If I learned about this in college, I would READ READ READ. It'll take you about 2 months of consistently reading (depending on college workload - maybe 3 or 4 months) to feel really good about how to do things and what sort of stuff you want to get into (wholesaling, flipping, rentals, etc.). Once you have a clearer picture of what to do and how to do it, you can start looking around perhaps for a house near your college that you could buy and house hack (owner occupy and rent the other rooms out to pay for mortgage). And of course during all of this time you are saving from your job, your Christmas money, and any birthday money you receive... Putting it all towards the downpayment on a house.

I am currently reading @Brandon Turner's "The Book on Rental Property Investing". I would recommend that as your first book. I literally look forward to reading it every single day. Best of luck!