All Forum Posts by: Denise Supplee

Hello Monica, Obviously, you want to make the money work for you. There are countless calculators out there to figure out rental cash flow, IRR and the like. Spark Rental even has one for house hacking. But please take into consideration the time and aggravation factor. For instance, you will be living next to others in addition to being their landlord. Think about how you would handle one of your renters who are being noisy, knowing you will be seeing them frequently. Alot of house-hackers forget about that point. But good luck and I wish you the best in your real estate adventures!

Hello Brian! Welcome - I love hearing stories of investors starting at different ages. I am a believe you are never too young or too old! I have been in real estate for over 35 years. I have been involved in every aspect. Currently I am a Realtor in PA and founder of a coinvesting club. I have been a property manager of my own investments and for others. I can tell you recently, I decided to sell most of my own properties and now invest with the club. I love it because I do not have to deal with the stress of repairs, complaints and the like. It is truly passive. Hope this helps and I wish you the best of luck in all you do!

California has some pretty tough regulations surrounding property left behind by a tenant. First off, they have 18 days to remove their personal property. After 18 days have passed, there is a notice you must send before disposal can happen. I am not an attorney. But I am familiar with some of the tough regs in CA. Good luck and I wish you the best in this!

I would be very careful with compensating tenant's for maintenance items that were repaired quickly. It would be different if they had to relocate. I have compensated tenants for no heat in cold weather so they could stay in a motel while it was being repaired. Once you offer a compensation such as this, it could be expected. I am not an attorney but would love to hear opinions on whether this practice could set a legal precedent for the remaining lease term?

@KeAnna Dakwa, I love hearing of your goals! Kudos to you! I have worked, invested and been involved in just about every aspect of real estate for over 30 + years and for the most part, it has been a great trip! I recently decided I wanted to figure out a way where investing passively, truly passively, is possible  being a non-accredited regular gal! My business partner Brian and I co-founded an investment group. And I love it! We are investing in large apartment communities, trailer parks, vacation communities, land and even a steel manufacturer. It has provided a way for our club members to diversify and spread their investments out. Brian lives in Peru and travels. Me, I wanted my own time to spend with my grandkids. So, no more screaming tenants, backed-up toilets and non-paying tenants, LOL! I so wish you the best of success! Keep those goals in mind and you will do it!!

Hello @Haneef Porter, welcome and excited always when I hear of someone getting ready to invest in real estate. I have been an active investor most of my life and now I enjoy passive investing. I manage a co-investing club where we all get together virtually and vet deals together, choose them and then invest. I love it because each investment can be anything from large apartment communities to even a steel manufacturing plant. I also love it because I do not have to do the hands on tasks any more. And with the minimum to invest as $5K per member, it makes diversifying my portfolio much easier. Anyway, the best of luck and much success to you!

Many banks turn away from lending to an unestablished LLC. Many property investors will use an LLC for protection. I have done this myself. However, banks want to be protected in case of a non-payment issue. It is very difficult to go after an LLC and frankly, there may be no assets except the prperty in question. Therefore, most lenders will require a personal guarantee. And even that arrangement may be hard to come by. Sage Grubbs operates in Alabama. I have worked with him before. He is the principal at Sage Legacy. Look him up :)

Hello @Emily Ryon! Welcome! I have managed properties from small multi's to large communities on and off for over 30 years. I am in Pennsylvania! Wish you much success!

Hello Jacqueline! My husband is a contractor and that made things so much better when assessing properties. Consider yourself ahead of the game! Excited for you and welcome to BP!!

Good morning @Jinglei Shen! I had the same occurence, however I was the Realtor for the seller. In PA, where I am licensed, you must choose whether or not you want to include an appraisal contingency as a buyer. And you must set the pricing in the appraisal contingency. Some will use the mortgage amount, and some will use the sales price. I usually will use the sales price. This means that the appraisal must meet the full sales price. And if it does not, the buyer gets to leave the contract and retain their deposits. Look at your AOS and see what it says. I truly hope this works out for you!