All Forum Posts by: Cassandra Brown

Pros and cons of renting to people you know? We have some interest from a few acquaintance/friends about our rental. We’re building a business and this is our first owner occupied duplex. What are some tips to keep things professional? Situations to watch out for?

@Bjorn Ahlblad we had the property appraised, so we know the average for rent in the area and comparable properties. We’re just wondering within about a $50-$100 range. Thanks for the suggestion!

Just starting out on our real estate journey and we have a duplex in a historic district. When determining a price for rent, is it better to start on the high end and lower it if there is no interest? Or is it better to start low and raise the price if there is overwhelming interest? 

Wondering about investors’ experience with contract for deed? What are the greatest pros and cons? Where can these deals be found? Would you suggest this as a first time investor?

@Keith W. Thank you! I will definitely be reaching out to our board here in Sioux Falls this week to get a feel for their guidelines. Any suggestions on important topics to ask them about from a landlord/owner perspective?

@Jason Turgeon We do love all of the charm and history of this property. Unfortunately, the trend now is to paint over everything, including beautiful woodwork and trim. It's good to know how much we may need to prepare for everything we do to be reviewed. On another note, what have you done about lead paint in your home/properties?  We have a 13 month old and are expecting our 2nd next summer. This will be an owner-occupied property for us. Have you had any issues (legal or personal) come up in that field?

My husband and I are under contract for a duplex built in 1915. Obviously, there is lead paint in the home ('unkown' to the sellers), but it has been recently renovated: new flooring, paint, etc. We will be using this as our first owner-occupied property, but my issue is that I am currently pregnant with baby #2 and we have a 13 month old. I'm concerned about lead exposure to myself and our children, so here's my question:

Do we test for lead paint so we can know of any risk factors to our family, but then also risk that if tests come back positive for lead levels, we will have to disclose our knowledge of lead paint in the home to tenants (and open ourselves up to possible law suits in the future)? Or do we not test for lead levels because of the recent paint jobs that will likely have covered up any/all exposed lead paint? Thanks for your thoughts!

We just wend under contract for a duplex in a historic district. How difficult is it to own a property that has to meet historic guidelines, and what are the biggest parameters that must be met when making updates to the property? Do these apply to both indoor and outdoor remodels? Paint color? 

Not looking to change much on this property, as the previous owners did a lot of renovations recently. Just wondering how tricky it is to work with historic districts. Also, any things to watch for on homes 100+ years old? This property was built in 1915: beautiful, but definitely aged. Thanks!

My husband and I are just starting out on our real estate investing journey. We are located in Sioux Falls, SD, and are looking to buy a small multi-family property to use as an owner-occupied first deal. Unfortunately, Sioux Falls is a seller's market and has been for years. All of the properties we have looked at (through our broker/realtor) are priced anywhere from $30,000-$50,000 above what would financially make sense in our current market (we go by the 1% rule in this area). 

We're looking for long term cash flow, as our goal is for my husband to be able to work just part time in the next 5 years in order to have more time to spend with our growing family (#2 is on the way!). Is it ever worth paying more than what makes financial sense just to get into the market?  If not, what are some tactics we could employ in order to search out some great deals? Thanks in advance!