All Forum Posts by: Christopher Leon

Sounds like it can be done. My goal is to be one hour away at max. I mean what’s another 30mins? Leave a little early or stay a little late. Take a look at the net in comparison to what you can get closer to you and the 30 minute extra tacked on. Sounds like your doing the deal to me

Bedbugs are typically brought in by individuals. Perhaps she brought them in and didn’t even know it? Either way, you don’t want to keep someone who doesn’t want to be there. Right thing probably to do is let them out and reup the unit.

So I’d be curious to know exactly why you want to build such a thing? Are you a property manager and trying to show this to clients? Is this solely for you? What do you expect to do with all the leads you gather long term? When I first got in the business I thought of a doing something like this as I’m also a real estate agent and this is how we nurture future buyers and sellers. HOWEVER, I soon learned that prospective tenants are a dime a dozen. It would be a part time job to take the time and write down each lead, source, details of Convo, etc. I found that if I could pre-qual tenants over the phone when they emailed or called, in less then 4 minutes on the phone I could determine if this was a prospect or a suspect. If a suspect, I let them go back in the pond. If a prospect, I’m setting up an appointment and meeting them to get an app and rent the joint. I’ve successfully done this for years, and never have I ever had to follow up on 98% of the people that called me. Some you follow up on because you recognize the quality and you want the opportunity to meet and make a pitch otherwise, if they don’t meet my Req’s on the phone - why even bother inputting their data and following up long term? If they don’t fit my needs for this or that unit, they aren’t the right tenant so following up is a waste. We input our listings on all the normal avenues, people either call or inquire through each respective site. The goal: get them to call me or I call them. Speak to each individual and determine if they are viable candidate for whichever rental you are moving - it’s that dumb and simple. Hope this helps in some way.

This looks OK of a deal based on the numbers. If I’m spending almost $150k I’d expect a better Cash on Cash return, at least where I’m at! Maybe 7% is the norm for your area? If this is your first deal, I’d implore you to consider acquiring the “right” unit. To me, that means a unit is in a good location, renters find the area desirable, and I am able to manage and maintain the product cost-effectively. Ultimately, I want to attract the highest quality tenants - IMO, your focus should be on that. When your paying cash, the numbers always work - what you aren’t accounting for is the ease/difficult of management. You won’t know that until you been in this business long enough or know exactly what you can expect to capture there. Hey, good luck!

Not sure why you would want to specifically buy where active investors are buying. Instead of competing, go dominate an area where no one else is. How's about identifying who the tenants you want to manage are (create a profile of who they would be; income, credit, etc) and then find those people out in public or in different meet ups or whatever, and ask them where they would want to live. Real simple stuff.

Dan Ward what's your opinion on a ceramic flat paint? We started using it and I like what I see, as it's better than reg flat, but haven't seen it after turnover yet. Mostly concerned with bathrooms as moisture cracked the flat paint pretty gnarly, hoping this one will not do it (at least less noticeably).

I didn't even read your whole post as it was too long for my short attention span, but the first thing I thought was if I finish the basement, I'm just encouraging more people to live or occupy this space which increase wear and tear, and sure you'll get a few bucks more, question then becomes is it worth dealing with the headaches afterward. I like finished basements when retailing, but when it comes to rentals - it just depends on the property, location, profile of tenants you attract, etc. bottom line: depending on your business, it's more than just a financial question. Good luck

Since you asked for a recommendation, I'd say Don't dip your toes, jump in the pool and see if you can swim.

Best thing you could do as a realtor, speaking from experience, join an office where there is someone doing what you want to do. Then do everything in your power to partner with this person in the fashion of working as co-operating agents. Example, say they got a rental - get out and rent it for them. Say they got a listing, move that product. This will cause more interaction and more FaceTime. Plus, you'll see what kind of properties the person owns and buys and why. By renting their product, you'll also understand how they run their business, manage, etc. by the way, this agent should also be a real estate investor and Own units.

would it be wise to have a general umbrella policy, if your self insuring your portfolio? Does the umbrella, cover you in the event there is an incident and you do not have any insurance on the property itself? Thanks!