All Forum Posts by: Elisha Keller

@Roy N. -thank you for the compliment. I truly appreciate it. I want to learn as much as possible and (even though I'm new) share the good information that I'm learning.

@ellis San Jose-I'm doing a lot of research in the area to understand what makes properties worth certain amounts in this area. @jean Bolger-cash reserves is a BIG thing that I'm learning! I'm definitely planning to have cash on hand

William Shaffer-definitely good input. I've never thought about tenant mindset, especially in regards to what people are willing to pay based on that mindset. Matthew Paul-I think having rules and sticking to them when people have a sob story is important. What if they've been a model tenant for 6-12 months and it's just a one time issue. What are your thoughts on that?

Hey,
There is something in the works for Novemeber for Philadelphia. I don't have to many details but I'll let you know when I know.

@Mukul Lalchandani

Welcome to BP! I'm a new member myself and am also new to real estate. It sounds like you have a solid plan and I look forward to seeing your growth. Also, the support on BP is awesome. When ever I have a question (no matter how small) people always reach out with answers and support. Good luck!

@Tyler Kimmel

Thanks! I truly appreciate your input. Although I'm not sure if I agree, I see the validity in your ideas and will truly consider them within my strategy.

@Scott W. - we aren't planning on doing any major rehab (we're looking for a move in ready unit, it will also serve as our primary residence for at least 2-5 years). I was unaware of some of the additional cost you mentioned but I will look into them. I was aware of the PMI, which as much as it pains me to basically pay insurance twice, I really want to begin investing and building my portfolio. I will do more in depth research into FHA.

@Elizabeth Colegrove -thanks for the advice. Not being greedy is a big thing! I've seen several people recommend slightly under pricing your unit to get your choice of applicants. Also, being patient! I see a lot of people post who seem to be very antsy to find a tenant. I think finding a place with the key points you mentioned, "good area, good price, and good unit" are all important!

@Brandon Turner

I read the article you posted as well as the counterargument you provided within the piece. I understand both points and I think in time I'll be able to truly understand how I feel about the topic. I understand where @Tyler Kimmel is coming from, protecting yourself is very important.

I can see that using the title "property manager" or buying property under an LLC gives you distance and plausible deniability. I also understand not being in the business to be liked; however, if you have great tenants who one day decide to move out, and they find out you lied to them, that could tarnish your reputation as well as a referral from that tenant. I think, like everything I'm learning about real estate, it's about your goals and personal business model.

Thanks for the good points to consider. I'm always getting more food for thought here!

@Aly W.

Thanks! I'm definitely trying to have the right attitude and realistic expectations. I'm not sure if this is the right mindset but my hope with my first property is to have tenants paying off the mortgage (and hopefully for me to live with little to no cost). If it cash flows on top of that I'd be delighted but to me, living for free is a cash flow. I want to be able to agressivley save for another property and pay off a few school loans. Once I buy another property that's when my focus will be cash flow and building a portfolio. Right now I want to get the experience of being a landlord and really honing in on my process (tenant screening, handling emergencies/repairs, turn over, etc.)

@Tyler Kimmel @Brandon Turner

I know this may sound like a strange question, but is it illegal to lie to your tenants? I understand where you guys are coming from as far as creating a boundary; however, isn't that giving people misinformation? I'm not sure if I would want to set up a relationship where I'm dishonest with my tenants.