All Forum Posts by: David Jay

I include sewer and trash in rentals which are SFR. I also include landscape maintenance as I believe more tenants will not do a satisfactory job with this then will. It is my understanding that where I live if the tenant does not pay them the owner gets stuck with the bill. I make sure to include in my ad "no hidden charges, sewer, trash and landscape maintenance are included in the rent."

I own seven 2br houses. They rent great. In my market a 2br can easily be $300k and up. Where are you buying a 2br at $48k. Is it solid or does it need some serious reno. 

If you want to use that profit to grow your RE investments the only thing to consider is a 1031 exchange. You might find that just like your house has appreciated your prospective investments are richly priced too.  Unless you see a deal that’s appreciably better then what you got, I’d stand pat. Selling, without an identified replacement deal will land you a tax bill which diminishes your wealth creation. 

Yes. Zillow seems to be the go to place right now. I’ve not used their tenant screening. Generally, I do the initial screening myself and verify with transunion smart move. I believe with Zillow the perspective tenants can fill out one app and apply to multiple properties. I still have a few I self manage but as they turn over I’ve let my PM manage. They use Zillow too, but also prefer their own application over the Zillow application. Good luck. 

Sounds like you bought well to be under $400k in Reno. Hard to tell you the rent just from the description. Looks like you are in the 89503 zip. I’d look at Zillow and you can see what similar houses are asking and what kind of responses they get. Are you going to allow pets. It definitely expands the list of available tenants. I often allow them but do not in my student rentals. Also, I make sure if I’m marketing as a student rental that I have parents co sign. Are you planning to manage yourself or use a PM?  Bottom line, the rents can be a little fluid, so you just need to look at supply and demand when you’re ready to rent. Fall and winter can be slower. I suspect you’ll end up somewhere between $1800 and $2100. 

If you are going to be living there may want to manage yourself. Even if you have a property manager the tenants will probably come to you first, unless you go incognito. 

I’d simply avoid a rental with a pool. Too much liability and maintenance. 

You are dealing with a roof. You just need to find a competent roofer. My guess is that 90% of licensed roofing contractors will do good work at market rate prices. That’s why they stay in business. So if you hire a licensed contractor that’s been around a while the odds are with you. If you hire a handyman that does some roofing probably 50:50 you’ll be happy in the end. 

You are dealing with a roof. You just need to find a competent roofer. My guess is that 90% of licensed roofing contractors will do good work at market rate prices. That’s why they stay in business. So if you hire a licensed contractor that’s been around a while the odds are with you. If you hire a handyman that does some roofing probably 50:50 you’ll be happy in the end. 

I don't believe "just do it" and conquer your fear is the mantra you should follow.  Rather the key to conquering any fear is to understand the risks involved.  How much capital do you have to work with?  Is your current job stable and providing a decent income.  Can you truly analyze a deal before you invest?  Do you have reserves, both personal and for the property?  I have found that residential properties do not sit vacant for long if they are decent and priced fairly.  That is part of the analysis.  If you don't have a stable income and reserves, then maybe your fear is rational after all.