All Forum Posts by: Casey Caton

@Kaylee Walterbach I would have to say buying an empty 7 bedroom assisted living facility and turning it into my primary residence, furnishing it, and renting two bedrooms month to month, and AirBnB'ing the remaining four bedrooms while working a full time job. I was pleasantly shocked by our numbers for October, $6,500! Our mortgage is only 2.3K, and we manage it ourselves. It has far exceeded my expectations, and I am excited to do some more!

@Jonathan St.Leger My money is Orlando - Love me some FLORIDA!

@Joe S. Depends on the state of the current ones. If they can be cleaned and made new via Clorox, I'll do that. Otherwise, they are cheap, and it just adds a touch of cleanliness to the unit to set the standard for how you expect it to be kept. I've never had a tenant request to have shower liner replaced. Might be because I do my best to get awesome tenants who treat the units as if they were the owners. @Brandon Turner 's book on managing rental properties is full of awesome advice that has saved me so much trouble. I still ended up with a toilet story, but I could have had many more if I hadn't read that book! 

@William Costello investing in syndications is really a great option for most folks that includes lower risks than investing all by yourself, but with risks comes rewards. The deals that I've found and worked myself have given me much better returns than offered by most syndications - especially when I have very little of my own money down (the returns can be infinite with no money down). Also, I am able to use the tax benefits of owning real estate - especially depreciation - to make my dollars go further. There are plenty of risks, but a lot of those risks can be minimized through education (learning from others' mistakes) and partnering with more experienced investors. Cheers!

@Kevin Jennings If you're able to spot a small multifamily or a house with a casita or space to build a casita that might be the best way to househack with a family - having someone else pay that mortgage is a huge benefit and might be worth the sacrifice of some privacy for the long term financial gains. Much less privacy would be lost if you're able to find those options I mentioned. Good Luck!

@Daniel Overby a lot of companies that offer those services will be able to set you up with the right unit depending on the area that needs cleaned. I actually found an ozone air cleaner at goodwill, and I use it for a few hours in a bedroom after an airbnb guest leave and it leaves the room having that extra clean smell. Good luck!

@Greg Todrank Everyone's situation is a little different - For me and my current risk tolerance, I would treat the whole situation as a foreclosure and try to gather as much info about the property as possible to hedge against the risk of the unknowns. A lot of big ticket items could be viewed from the street such as the roof and HVAC system. Checking out the permits would also be handy. If this was my first deal. I likely wouldn't take the risk, but if you have plenty in reserves and have done as much due diligence as possible - I would say go for it! And it appears you have, so I wish you the best!

@Rashee D. Have you been enforcing the late fees? That's usually the best way from the beginning to keep everything under control. If that's not been the case, you've got to keep it all going according to the lease. The lease is your best friend if it was well-written. Every time I get a chance - I blame the lease to get stuff done. It helps everyone not blame the landlord because your just following the rules.

@Kevin Jennings It's still possible to find those 1% deals, but generally off-market. You've got to hit the streets, go to local meet-ups, reach out to everyone you meet and let them know what you're looking for. I've been using an amazing realtor who has helped me find some 1% type deals. Also, househacking is an amazing way to get started and live for "free." I would start by househacking if you're not already doing that. I've been doing it for the past three years and have saved over 27K to use for other deals. Wish you the best!

@Daniel Overby Ozone treatment for sure. That will take out 99% of the stink. There are a number of companies that offer this service - of it you think it'll be an ongoing issue - I would just buy the device. Make sure you are doing regular inspections in line with your local laws and the leases to check on the properties. Make sure they understand the fixing the stink will come right out of their security deposit. That's what I've been doing and it is working well.