All Forum Posts by: Bill O'Donnell

@Mike Sullivan

I see that you are in NYC. I know how expensive it is there.

But there are decent opportunities in orange and dutchess counties.

Look at newburgh, poughkeepsie, wappinger falls...

@Robert Chaiton

They typically don't have the history to be screened. In that case, i would require a cosigner. Usually a parent.

You could check with the school, a few offer a guarantee. Most don't.

There are also insurance companies that can guarantee rent, but be sure that the premiums are paid.

@Junior Shay

Time to examine/explore alternative financing. Sellers financing in particular

@Jeff Adams

Plenty of good advice here. But, in your situation I would do one of two things. Either house hack my existing home in some way, or obtain a new home that allowed me to generate an income. A two,three, or four family home, or another property that allowed for one or more income streams.

@Nathan G.

Its way too late to push them out. Perhaps if you had a slob that you discovered in yeat one..

He likely paid for your house. Keep him forever. If he ever leaves, get what you can in damages, fix and hope for another long term tenant.

@Isaac Pyle

Tons of great advice here.

I'd simply add this. Look for summer work in construction and learn all you can while earning decent cash...

@Alan Bosca

Do not rent to them.

Do get a fresh set of eyes you can trust to evaluate the property. An agent, a local investor, whomever. Consider improvements/repairs that that person suggests if any.

@Anthony Gayden

Next to be addressed is that pesky criminal background check when you go to buy a firearm. Doesn't that discriminate against felons. I'm sure they'd want that repealed.

@Josh Lyons

There are sensors that can turn the water off at the source.

Avoid wood or laminate flooring. Try vinyl plank, linoleum, tile...

Under sinks use scrap linoleum or flashing to direct water onto the floor in the event of a leak. Less likely to go unnoticed.

Pex beats copper.

Pvc beats cast

Keep water away from exterior walls as much as possible.

Use frost free spigots for hose hookup.

Add to lease that temperature is never to go below 50 degrees.

Use snow and ice shield under roof.

Maintain gutters and leaders, aiming discharge away from the house

Landscape to keep water running away or around the house.

Put in floor drain wherever there is a water source if possible.

Wherever possible, have tenants pay for water, leaks get reported so much faster.

Best of luck.

Water damage is common and expensive. And can lead to mold...

You are right to be concerned, but soldier on..

@Jay Hutchinson

Marketing can be a way into the real estate world, if its it's fully legal where you are. New York state for example makes it very onerous to be legal.

I came to real estate from construction. It was a great way for me. Good paying jobs that enabled me to save capital.

Some come as agents, financial people etc.

Anything that you can learn from and save from can work.