All Forum Posts by: Caden Wakim

I second @Tim Miller... If you did all these correctly, you could also have just gotten unlucky... it happens. 

You can never do too much due diligence, always dig deep and verify what they tell you...

Best of luck!

Of course, I also forgot to mention the responsiveness side of things, being able to answer the phone and respond to texts in a timely manner is HUGE! This goes a long long way, for me at least!

Best of luck Ariff!

Screen the tenant like you would any other, background checks, credit checks, criminal background, referrals, call previous landlords etc.

be sure that their voucher amount covers your PITI

a lot of times the tenant will only be responsible for a small bit of the rent

I only rent to section 8, I haven't had any major issues as of yet... knock on wood.

Hey, Congrats on getting started!

To give the best answer, we would need more info about the property itself, but what I would recommend doing is checking out some of the sold comps that have already been renovated and sold for a price you would be willing to take. Take a look at color schemes, materials used, bathroom styles, etc. And sort of copy that... 

A nice kitchen will improve ARV, nice bathrooms, new flooring, id stay away from carpet, that's just my opinion. I also prefer a brighter look, so lighter paint shades etc...

Best of luck!

I agree with @Joshua Townsley. 

I think you should list it with a date it will be available. I just recently did this with one of my properties as I was renovating it, I had a ton of inquires and a select few of legit applicants. I dont think listing it does any harm!

good luck

I second @Jordan Alexander all the way!!!

Hey Harrison!

Congrats on starting to grow your portfolio out of state! I think this is awesome, it forces you to really be an investor instead of landlord. 

I would start with honing in on a few select markets and doing your research on them. Learn the different neighborhoods, fair market rents, areas to stay away from, etc. Then you can start connecting with local realtors and property managers. You must build a really good connection and find a property manager and agent you can TRUST. This is crucial because these guys will be your boots on the ground. Most great agents will find you deals, go see them, FaceTime you or send you vids etc. Once you have the agent and proper people to find you and close on the deals, this is when a great property manager comes into place. Someone who knows the market well, and can get your unit occupied at a good rent and in a timely matter. The property manager will handle everything from collecting rents, to doing repairs, to disbursing money to you every month. In my markets they charge anywhere from 8-10% of gross rent. 

I think by finding a great team of people who you can trust, will help you minimize risk...

Best of luck

Seller Financing is pretty much the seller acting as the bank. Instead of going and getting a loan through the bank with say 20% down at whatever interest rate, you will now leave the bank out and you will put a negotiated amount down with the seller, and at whatever negotiated interest rate over a set amount of time. A lot goes into it, but that's the main idea.

Hey! 

We are neighbors, im located in Plainfield IL.

If you want to wholesale in IL, it's very tough, you are allowed 1 assignment of contract per year, anything above this you must be licensed as an agent in IL. Even once you are licensed, there are many restrictions. You will have much better success wholesaling out of state, build a buyers list in a few markets and begin marketing. Analyzing deals is probably the best tool you can have in your toolbox. If you want to invest in IL, I recommend Joliet, I flip homes in this market but im buying rentals out of state. The IL property taxes are tough and they dig into a lot of your cashflow. Also its not a very landlord friendly state...

Best of luck

@Kyle Clover section 8 is great. You can probably pull a bit more rent on section 8. Although, just because that is their FMR, it doesn't mean you will get that. I'm a fan of section 8, be sure you screen the tenants and make sure their voucher amount covers your mortgage. A lot of times the government will pay majority of the rents, the government doesn't miss payments :)