All Forum Posts by: Bill O'Donnell

@Amanda Sontag

That isn't a bad idea, thanks

@Jillian R. Wiedenmayer

Cozy offers to handle rent payments, but i haven't used that service yet.

My credit union has a system for processing payments.

@Amanda Sontag

I use cozy.

I don't ask for the ss numbers, but I have a minimum credit score, and can't seem to get any credit information on some people.

Ironically, many of them are my preferred choices. I just want to gather whatever info I can to eliminate any problem tenants

I am trying to rent out a house in newburgh ny.

I generally know how to screen, but I am getting a bunch of illegal aliens, without social security numbers..

Any tips on screening them?

@Ankit A.

Im in NY,so it may be different for you.. But another consideration is any potential property tax increase...

Expand if you need the space, but understand that it will cost more annually long after the work is done...

@Jermell Shavers

I think I would minimize color pallet as much as possible. Perhaps a second wall color strategically, but as neutral as possible because you don't know their color scheme.

Whites, beige, or greys...

Best of luck

@Jermell Shavers

I paint all my units the same. White ceilings, semi gloss white trim, and a very pale grey on walls.

It simplifies repainting, and purchasing paint.

If a long term, over 2 years, tenant requests a color change i typically allow it, but return to my colors upon vacancy.

Of course if you're going high end, or air bnb you may need to be more flexible.

For mid to low range renters, keep it clean, neutral, and inexpensive.

@Dana Moore II

Reduce all other debt,preferably to zero.

Sock away money consistently .

Live below your means.

Keep using credit cards, but pay them in one or possibly two billing cycles.

The best way to appesr to be managing your money well is to be managing it.

Keep your earnings up. Steady earnings growth is best, but do your best to avoid year over year decrease.

They want to see that you can and will pay the loan back. That's much more important than assets chosen.

While I am both a real estate investor and a stock investor, be sure that you have money that isn't heavily exposed to short term market risk. The stock market is investing for 10 years out...

You need some dry powder for the purchase and for emergencies. Think down payment, closing costs, and a couple of months fixed expenses. Beyond that invest however you are comfortable.

Im not an advisor, that is just what helped me...

@Nicholas Groover

Im late to this ,

But I have an idea for you to consider.

Look at other sources of passive income that don't require big money.

Do a commercial, collect royalties.

Create a YouTube channel.

Sell a subscription to content you create.

Invest in a REIT, collect dividends

Reseller on Amazon..

Side hustle.

Gigs

Repair/repurpose/resell anything that you can

I tried a million ways to bring in streams of income, or one time boosts when I was younger.

Most were small, but combined they helped...

@Brandon Wulff

No worries.

One more suggestion is laundry facilities either in the unit or in a common area...