All Forum Posts by: Amie D.

Kind of a funny question - but I am a landlord, and will be looking to rent a house or apartment soon. I haven't rented since before my rental income was a major part of my earnings. How do you all look at a landlord's rental income when screening a new tenant's income? I have property managers that screen tenants for me but even still, all my tenants have had mostly income from W2's. 

Also what counts - the actual income I get from rent, or the rent minus property management and other maintenance fees? Also what documentation is best to show? 

Also inconveniently, tenants are moving out at the end of this month, so one of my houses will go vacant (for the first time in five years). Is there any way I could show the steady rents during the gap until I get new tenants? The current tenants are refusing to allow new potential tenants to view before they move out, citing it is "too stressful" (in violation of their lease), as well as now citing unreported repairs, so it looks like there might be an extended vacancy time due to this as well. 

Thanks! 

Thank you! I think for me, I would feel better if I took some classes on finance at least. I took some accounting and marketing classes a while ago, but do not remember much from them. I don't feel confident going out and looking at 3- or 4-plexes, if that's the best next step, and buying one without knowing more of what I am doing. 

Ok,  I have a Bachelor's in Computer Engineering and a Master's in Journalism.  I took some business courses but a long time ago. Just looking at what's the best route. I read posts but maybe some books would be a good place to start? 

Thank you!

Hi all, 

To become a decent sized player in the real estate market, what is the best background to have? An MBA, some other type of formal eduction/business courses, self-education and experience, or ??? I realize people come from all backgrounds, but I am talking about if one wants to eventually make say, $1 million+/year, for example, strictly from real estate. I'm not expecting to be there overnight, but I am researching how to best prepare myself ahead of time.

I started with real estate many years ago when I bought my first house, renovated it, and rented out rooms, which I continued to do with my next house, until I fully rented out that house, then another, and then another.

I'm considering doing real estate more seriously and want to move into commercial properties, probably starting with 3- to 4-plexes and then going bigger. I'd like to one day own full apartment complexes and perhaps retail. 

Thank you!

I ended up speaking with him and said I was going to go with someone else specifically  due to x, y and z, and he apologized and asked for one more chance. He has done better and found another set of qualified tenants now on a 2-year lease.  So he's still overall on "probation" but things have improved. I also make it a point to visit my properties at least once a year since then and have reconnected with the neighbors to ensure things are being maintained. Previously I trusted the property mgrs to do that but I longer.

Wow. This post is like a year old LOL.

I am not usually nearby my rental properties but I was with this one. If I recall correctly, I just retouched the places that needed it.

@Gerald K.

Anyway, it will be fixed one way or another so we'll see! Wish I were local still I could just go look at it myself!

@David Lee I've asked my property manager to send the handyman to go check it out. He said it usually means a burnt out pump and he was trying to save on the cost of sending him over. If I end up paying an additional $25 to check it out, will be worth it over the $400 cost of installing a new one. He said the install would be $85 plus parts if they need any.

Is it expensive to have a repairman come out and look at it? I've looked at/repaired things like this in the past myself, but I'm not close now.