All Forum Posts by: Derek B.

This is awesome.  Just tried it out on android and love it.  I actually prefer the website and use it more on the ipad than I do the app.  This is a big improvement.  Thanks for keeping the improvements coming!

@Maciej Michalak Max, as was mentioned, college can open up doors for you. The connections can be very valuable to your business.  Depending on what you study and what your investment path is, the education can be beneficial.  Remember that you don't have to go to school full time or move away and live In a dorm. Go to a state univ where you can live at home or with a relative. Go part time and work for a rehabber or another investor to learn the business before launching on your own.   As for what to study, pick something that interests you that will benefit your business- finance, accounting, marketing, architecture, construction technology, construction management, project management, any of the engineering fields, to name a few. Best of luck to you.

A colleague of mine rented a beach house with his extended family this past summer - 23 consecutive years in the same house.  And I agree with you, particularly as it relates to our beaches here.  Everything is rented and commands top $ mid June - mid August.  For the month before, month after and holidays, vacationers can be more selective and would naturally go for those homes that have the nicer amenities/finishes. 

@Brandon Proctor I do not have answers to your wholesaling questions, but wanted to say thank you for your service and best of luck in your RE endeavors.

 Jay, this is fascinating and it begs a question:  was redevelopment going on around your build?  What did you see that gave you some comfort level that the neighborhood could support this price point?  Knowing the area, I would not have expected to see this.  I suppose the redevelopment is spreading through that area as well?  Awesome build, btw.

@Eric Bergey there is some good advice given here, especially watching out for financially unhealthy HOAs and the resulting assessments.  I have one that is well managed. They hve never (knock on wood) had a special assessment and the dues have funded parking lots, roofs and other capex. Not surprising, dues go up every year and are up 40% from when I bought 7 yrs ago.  Aside from the dues and assessments, you answer to a board who tells you what you can and cant do with your property.  My experience: they are quick to send you a letter and threaten a fine because your tenant did not clean up after their dog.  People on power trips.  Mine has gone well, but i would never buy another.

@Keith K. I have never included utilities of any type.  I have also rented both apartments and SFRs and have always had to pay my own utilities.  As for pushing those costs back on the tenant:  it depends.  If the rental rate is at or near market rent (without utilities) then you should be able to push those back on the tenant.  If every other property like yours includes utilities, then you will either have to include them or likely lower your rent (I still would not include them).

You will get pushback and you may have turnover.  It really just depends on what the market will support.

@Andre Steward right here on bp!  

http://www.biggerpockets.com/rei/real-estate-abbre...

@Anna Watkins For emergency call backs, the calls need to go to the tenant.  If there is a false alarm, they need to be the one to answer when the alarm company calls.  Even if the calls come concurrently to you and the tenant, if you answer it first, you will not be able to tell the alarm company if it's a false alarm or an emergency.  

You should stay on the account for billing purposes, but that's it.

IMO, you should re-think providing the monitoring.  If the tenant wants it, they should pay.  If you are going to provide it, make sure your lease stipulates that the tenant is responsible for any false alarm fees imposed by the local police department.  In one city where I lived, the first false alarm in a 6 month period was free, then next was $150.  That will be assessed to you since you own the property and the alarm contract.

@Damon Armstrong  I did not read everyone's responses so my .02 may have already been said.

You are young and have a great opportunity in front of you.  You should strongly consider going to college, but study something that interests you and will benefit your RE endeavors - finance, accounting, marketing, management, architecture, project management, any of the engineering fields, construction technology, construction management and yes, you can find some real estate degrees out there. 

You can learn the business further by working for brokers, rehabbers, etc while you are in school.

Best of luck to you.