All Forum Posts by: Devin M.

As a long time property manager, I have had great tenants who are Section 8 approved.  The good thing is that the majority of the rent gets paid by Section 8.  The rule of thumb that I always use, is to be sure to get a new application from all of the existing tenants once the property changes hands so that you have a good knowledge of their history, contact information and past rental experiences.  

Way to go! It's great to see a young person with such vision.  I started in real estate just out of college too, in New Mexico.  I got licensed and started out doing some rentals and property management which led to selling real estate.  My husband and I did some house hacking (he's a contractor by trade) and purchased a few condos (1 long term rental and 2 short term Airbnb) in the resort town (Ruidoso NM) where we lived.  We moved to New England just a year and 1/2 ago, I got my licenses in MA and NH and got connected with the Candor Realty Group and bought a 3 Family. (Buying a multi-family is a great way to start)  The market is crazy here but it's been fun getting into the investment and sales game here.

If you love it, I recommend getting connected with a group of investors who are like minded.  You should check out our monthly Pints and Properties Meet up! We meet once a month in person in Nashua and also virtually.  It's fun and informative, I think you will love it!  It would be great to see you there. @Andy Osei

@Jonathan Bombaci Thanks for last week's meet up, Dan really did have a ton of useful financing information.  Looking forward to this week!

@Shawn Ackerman That's good advise. I am a licensed real estate broker for over 35 years and have property managed for over 20 years. Having that set of criteria is critical. I would add checking out their employment history as well. Many times if a tenant is in and out of jobs, they also end up being in and out of rentals. It's important to try to get at lease 2 years worth of rental history and job history if possible. I ask for names and phone numbers of current and past landlords, as well as, bosses. I also ask for 3 personal references. The other really important thing is getting a credit and background check on each applicant. Over the past few years, I've found that people are often not what they seem... I have had prospective tenants give me fraudulent landlord info (I found out one who gave me a name of a friend who pretended to be the landlord).

The other bit of advise I'd offer, is not ruling out using a trustworthy, recommended property manager to place a qualified tenant for you. We used to do it for a 1/2 of one month's rent one time fee. If the tenant turned out to be a problem within 3 month's of the placement, I would place another tenant for free. Just something to consider. For some reason, property managers who have stayed in the business for the long hall are pretty good at "qualifying/assessing" a tenant's character and are experts at separating the sketchy ones from the great ones

@Todd Wheatley Thank you for your insights! I really enjoyed listening and am inspired to find a 4 family soon!

We have 3 rentals in NM also, in Ruidoso.  2 Airbnb rentals and one long term... We are also blocking off the next month to comply with the mandates.  I am considering and in the process of leasing one of the short term rentals into a 6 month long term or maybe a month to month longer term rental.  This should help with covering costs during the uncertainty.

As soon as this passes, I expect to have bookings as usual.

@Gregory Schwartz I have been a property manager for over 25 years and want to encourage you in this time.  When the market crashed in 2008, I was selling real estate in a small resort town that was primarily funded by oil money from Texas. When the real estate market crashed, I went to my old fall back of property management.  The rental market stayed strong from 2008-the present... people always need a place to live.  In my opinion, sometimes we need to adjust our expectations for a bit to meet the needs of just breaking even and help others out...the market should shift again allowing you to make a profit soon.

My years of experience have taught me that even though this is a scary unpredictable time, things will get better.  Rental investments are pretty safe in my opinion.  Yes, there are federal mandates in place with "no eviction" clauses, however, I believe that many people will still need a place to live.  The scare doesn't change that... If you put a new lease in place with a qualified tenant, using a seasoned property management service to obtain and qualify your prospective tenants, (which is often an option for a one time fee of 1/2 months rent or some similar fee), that lease will stand.  

It was always my practice to receive a deposit that matched the rental amount.  If the tenant skipped or didn't pay, their deposit could help make up the loss in the end.  I have 3 rentals, 2 short term and one long term.  I am in the process of converting one of the short term properties into a long term until things level out.  Don't be paralyzed by fear in these uncertain times.

@Jonathan Bombaci  This is a very interesting question... wouldn't it be nice to be given help?  

I own 2 short term rentals and a long term rental.  I am seriously thinking of converting at least one of my short terms to a long term... As individual owners, we can look for those tenants who are most likely going to still be working through all of this...healthcare workers, and such.  There are no guarantees at a time like this, but it too will pass.  Another thought, is to be honest about what we NEED to make ends meet, breaking even for a bit isn't bad.  Perhaps it is a good time to consider others needs, if it is a financial possibility, instead of wearing blinders as we run to win the financial race...  

Having been a property manager for over 25 years, I have found that kindness and meeting people with a fair and reasonable approach brings greater relational dividends that you could have ever imagined.

Many of our struggling tenants may turn into loyal longer term tenants who refer their friends to us in the future.  These may be the very ones who will give you greater financial stability when things get better...

@Mindy Jensen

Good question!  @Dmitriy Fomichenko thanks for the advise.

@Gert Dervishaj

Thanks for asking!  I will be looking for someone for next years taxes as well.  Thanks @Jonathan Bombaci for the info.