All Forum Posts by: David Stumpf

What are your minimum qualification standards? You should be asking questions to make sure they are eligible to rent the property.

Some might include basic information such as name, phone number, email. Then ask about income, credit score, how many people are moving, moving date, smokers, bankruptcies, felonies, evictions, pets.  Good Luck.

Both.  Bad locations will attract less desirable tenants and make properties harder to manage.  If there is no cash flow, why purchase the property?

Welcome to Bigger Pockets! You definitely made it to the right place to get started. Everything you could want to know about REI is located somewhere on the site. What type of of investing are you interested in? It will be easier to recommend books if I know whether you are trying to flip, buy and hold/rent, notes, ect. Also checkout the bookstore on BP. They have some of the best information I have found to date.

Someone is always predicting a correction and one day someone will be right.  If your goal is buy and hold then make sure you are buying at a discount and that it is a cash flowing property in a desirable area which will help protect yourself a downturn.  If you wait for a correction it could possibly take quite some time or be next week.  How will you know when the bottom of the market is to buy?  Do you want to wait an indefinite amount of time to buy at the bottom of the market or do you want to buy a cash flowing property tomorrow that might lose value on paper, but will eventually recover?

Asking your contractor is like asking the butcher what to make for dinner.  Your agent will be the nutritionist.  Your contractor will tell you to update everything as every dollar spent will increase value.  Your agent will know the market, if you don't, and know where dollars should be spent in specific rooms that will be the most cost effective value add.

If you want to remove property damage insurance, can sleep fine at night knowing it is not insured, and have the money to replace a unit if need be, then go ahead and remove it.  It is a question of whether your comfortable not having the insurance.

Don't advertise until your property is in rent ready condition and you have GREAT pictures to advertise with.  Most people will not consider or at least be very skeptical of a rental advertisement that has no pictures.  Most tenants are not going to check back in 2 weeks. When it is advertised they expect it to be ready or near so.  In the unlikely scenario that someone does come along and agrees to rent the half painted, carpet pulled out property and it is not ready in the 2 week time frame estimated, you might find yourself in a real pickle.  It is best to wait until you complete the rehab, advertise a completed unit that is rent ready.  Good Luck!

Hey @Armani Emon. Welcome to BP!

Use the BP BRRRR calculator to do this. Its all about the numbers and difficult to explain the entire strategy in one post. If there is any part of it you need help with it my be more helpful to ask specifically what that is.

1. Craigslist

2. Zillow

3. Facebook Marketplace

4. Yard Sign

5. Tell everyone you meet

Good luck!