All Forum Posts by: Elise Hazzard

@Alex Ferraro 

FYI- BP IL lease docs under 'tools' for pro's  do not include any type of leasing form for house hacking.

likey, that would be a widely beneficial ask.

@Salvator Lorick   you've had some good replies, and since we hold most of what we buy (not sure if that is your plan), I still look for stabliity. By that I mean not been many large businesses leaving an area or housing values dropping.  Even if things are declining slowly, that can accelerate and it would be terrible to hold a depreciating asset that could not be rented or even sold at a loss. Yes, I like current cash flow that makes sense, but I also want strong history for indication of persisting performance.

Hi @ Lamar Wint,  Congrats!

They say it's an insult to tell someone something they already know and I certianly don't want to be in that lot, but, wondered if you could identify a property manager while in MD, then leverage their network and get some loyalty to the project/ your business?

We have a property in another state and the agent who sold us has become the property mgr and usually can find reasonable local trades for what we need.

Keep 6 feet!

Élise

Hi @ Gerardo Gonzales,

While I'm not the expert of this topic, I'll share the small bit of insight I have to this topic.

If you are skilled with tools and rehab, foreclosure may be an interest to you.  Many properties have been neglected and are unavailable for viewing so you are buying a property sight unseen.  The staff at auction.com has been helpful and responsive in my past experience.

I have purchased at foreclosure auction before and did not get hurt, but I am in a competitive market, as do many, so maybe not a great deal, but a deal can be ok since I look for B/B+ for long term hold.

Also, regarding the due diligence, a place to start might be PropertyOnion.com where you can order a title search for low cost (?50.); reportedly completed in 2-3days. The site does not require subscription to order the title search.   

Hope that helps. Good luck.

Hi @ Alex Ferraro; wish I had a lease to share with you... I don't think the leases available to PRO members on this site includes that- will check

A topic that has come up many times here is the idea of occupancy limit. Each city ordinance may address that topic, but even if it doesn't, you should. For example, prior HOA had limit of 2 adults / BR ...with all the ESA's , you should probably include the number of animals /BR also.

So important to plan ahead to manage the potential issues before they escalate.

Glad you asked the question; I'll stay tuned for reply from other members.

Stay well/safe, EFH

@ Charles S.,  our raditors were only removed long enough to refinish wood floors in LR and the one in DR was already removed and pipes permanantly capped when I bought one unit. Most I can say is they are VERY heavy and I'm not sure the floor can be flush after w/o major surgery.  

Even if there is union labor cost involved, it may be worth it to get a nice finish to the project. 

Climate control is a wonderful thing- good luck.

@ Jim K, this is a great read. Thanks for posting-wonderful among the mundane !

Cheers :)

Hi  @ Simon Obas, 

Agreed- we collect rents via Cozy but do not rely on any one source of metrics.  It won't take long before you are the expert in your market.You will soon be able to compress all the data: valuation the location, size, property features and market demand as well as other local comparisons pretty quickly with each new tenancy.  

hi @ Chelsea Barton

some good advice here.   If you have not tuned in yet, the BP rental rookie podcast may have value for you. Hosts are not rookies but they focus on offering listeners data from other new(er) investors- sometimes very sage advice from very new investors. Also, to get practiced and feeling fluid at the task, try to evaluate at least one deal a day to get the mental process down. Are you looking in your desired market daily?  Give a shout if you need any specific information. Best of luck.

Hi @ Grant Kelly,

Just curious, are you following G. Stephan.

as an investor and agent, with analyst skills; you may be on a parallel a similar path.

Have fun on the journey :)