All Forum Posts by: Anthony Washington

I'd also consider homes with garage apartments or guest quarters, price point notwithstanding.

@Kizzy Brooks There is a degree of insider networking that often takes place, but there are still deals to be had from the MLS. I've found that time is of the essence; those that can present (and close) a worthwhile offer often come out on top - I've known contracts to be accepted on properties in hours. Likewise, much of it is also a numbers game - the more deals one offers on, the better probability of success. I've offered on countless properties and come up empty - I've also been successful on a few; all it takes is one, metaphorically speaking. Definitely seek to become apprised of deals off-market (develop contacts within the bank) and continually evaluate your offer numbers, but essentially, just keep at it!

In all of my properties, I require tenants to show proof of having placed all utilities in their name before handing over the keys. Specific to your question, at lease renewal time I'd take an average, pay it myself and increase the rent commensurate to. If they are unwilling to accept these terms they could live elsewhere.

I have self-adhesive vinyl tile in the kitchen in one of my rentals. So far, it has performed well - I was attracted to it because of the ease-of-replacement. Although the tiles were "self-adhesive," I still used vinyl tile glue when applying to the subfloor - I'd recommend this.

I second @Trey Watson. I only have buy/holds in my portfolio, though I'd be interested in a flip in certain zip codes. As for wholesaling, there are so few barriers to entry that it casts a wide net. At some point it will sag though, as supply for profitable wholesale deals diminishes and/or return growth becomes marginal.

My latest can be seen at the below link:

https://www.biggerpockets.com/forums/52/topics/281...

Thanks, @Matthew Swisshelm! I'm currently looking for my next project, likely a 4-unit multifamily.

Specifics:

SFH, 2/1, ~1000 sq. ft.

Purchase price: $30k (cash)

Rehab: $22k (includes $3.5k foundation repair)

Length of rehab: 4 weeks

Currently leased at $1k/month, 24 month lease in place

C-class neighborhood

Notables: Property had recent water heater (2014), 30 year roof (2008), automatic garage door (2012), gas range (2005) and HVAC (2004) already in place. This project was completed without a GC; I project-managed the process in its entirety, hiring all trades-persons and purchasing all materials. I ran into no major issues during the rehab process. With the help of my realtor, the property was leased in roughly 5 weeks from the date of availability. I've included a few pictures. Thank you, my BP peers, for knowingly and unknowingly providing consult along the way.

@Jon Behlke

...and maybe give myself a Leap Year bonus.  

Short but sweet...

Prospective tenant: "Do you prorate?"

Me: "Well, when are you looking to move in, if offered tenancy?"

Prospective tenant: "February 1st."

Me: "That's a full months' rent."

Prospective tenant: "Well, yeah...but with February being a shorter month and all..."

Me: "It's a full months' rent."