All Forum Posts by: Brian K.

Welcome to BP @Lavin Haberling You will learn a lot about REI here, do some networking here lots of great knowledge. Congratulations on your first rental property as well!

See what else you can find out about their relationship with the current landlord. How long have they been in the unit and the condition? I would give them notice per your states laws if you intend to try and keep them, and do the increase of rent. Because of their relationship with the landlord figure on them more than likely moving out, so be ready to look for new tenants and that might not be a bad thing.

I agree with @Kathy Boyd and @Amy Beth.  Also, for it to take two months for those repairs seems a bit long for a experienced PM. Even if they are busy they should always have backups, but than again I don't know what sq footage were talking about. Its always better to have the unit completed before placing tenant. I would think it might be advantageous to have one unit done than focus on the other.

Is the rent at market or below? Are they following up with calls? I had a issue with this a few times. I ran a CL ad myself sent them to PM, and said here add these to your list of candidates to checkout. So between tenants just know you might have to step up your game, managing the PM. Focus on the issues not the PM, and if they get offended then maybe their not the PM for you.

Great job using your handyman to get an idea of whats going on over there.

Might consider doing a month to month or shorter lease to get you through the winter. Screen, screen, screen your tenants.

Great question. Lots of great and interesting advice for you to consider. I think it depends on your goals and the unknown.  I think it would be best to keep your 401K , especially that your employer is doing a match, and its another stream of income. Peoples life circumstances change having something is better than nothing.

Do you have any trustworthy family or friends living there? Might be able to pay them to show property. Realtor or PM should be able to help.

I'm not fimilar with Trulia's site. Everybody's defention of a bad neighborhood is different. Drive around these areas at different times to see what's going on. If your managing yourself it, is this a place you feel safe, not to mention bringing family and friends. Some areas it's spotty and a block away things are better. Do your research of the neighbourhood for crime stats, rentals versus owner-occupants, sometimes cities provide this information or other data sites. My first rental was in a questionable area, and it was quite a learning experience. It was a combo of area, bad PM, and me being a rookie. I kept it when most others would probably of run. First situation wasn't good for the tenant and a friend of his. PM threw up there hands after putting a questionable tenant in, city started coming down on us. After that we had a few evictions with drama, spent more money fixing damaged things that shouldn't of had to, belongings left behind, break ins, loss of rent etc etc. It definitely stopped me from buying other properties, because this one was a suck of time and money, that I believe was a mistake. On the other hand I still have it today, stable tenants now, and area is seeing some redevelopment. Thanks to great handyman and new PM that have helped me along the way through these troubled spots. Not only screen your tenants but also your contractors, don't get sucked in by their drama. Have money set aside for when things go awry. Good tenants do go bad and it doesn't always matter to the neighborhood, be a active landlord. Network on BP!

Is this property in a rural setting? Is it a mound style system? How would a pet destroy a septic system? Other than probably digging or dragging the mud in the house not sure. Definitely do not want large vehicles or heavy equipment going across it.

Find out who the players are in your. Be respectful not everybody's going to want to talk or have anything to do with you especially if it's taking up their time. Network on BP and in your local groups as you can, its a people business. There's a lot of investors on BP right here that have tons of knowledge, plus a ton of great information to go over.

Congrats on getting your first investment property!

Welcome @Jared McNeel to BP. I would encourage you to do some searching around on the site, tons of great info here. Yes, network as much as you can. Having your dad as a general contractor could be a big help as well on properties.