All Forum Posts by: Erin Caldwell

Hi everyone! We have a 2bed/1 bath craftsman home in Tacoma, Wa that we are considering doing short-term rentals in. It’s well maintained, has a beautiful yard, and is walking distance to bars and restaurants and a mile away from a university. We are weighing the pros and cons of air bnb vs long-term rentals. We don’t mind actively being involved in the process, cleaning, emails, etc. What we are more concerned about is: is Tacoma a popular place for air Bnbs? Does anyone else have short term rentals in smaller cities/towns and how much vacancy is there in a place like that?

Hi everyone! My husband and I are looking to invest in real estate out-of-state in the mid-west. We are visiting Chicago this Sunday - Wednesday and will be looking at properties there. Initially we were just planning on using the mls and driving around, but it wouldn’t hurt to meet up with someone who knows more than we do! Does anyone know of any good real estate agents or fellow investors in that area? Thanks!

@Mike Reynolds unfortunately there is not

Hello!

We are remodeling a bathroom in one of our units and as a part of that we are replacing the hardware in the shower.

My question is that I removed the previous shower faucet and thought that the new shower faucet that we purchased would fit on the old faucet. (see pictures) However, it does not fit and am wondering a couple things...

1. Can anyone tell what brand of shower faucet was on here before looking at the currently installed hardware

2. Are there adapters that I could use to attach my new handle to the existing hardware in the shower

3. How extensive would it be to replace the current hardware with a new one that was included with the shower handle (see pictures)

I would love to be able to replace this handle without having to tear up the whole shower wall - even if that means buying a different handle that would fit. As you can see I started to cut out the wall but stopped and thought I might see if anyone has easier solutions.

Any advice would be greatly appreciated! Thanks

We have an awning on one of our rental properties that seems to be trending downward. I first noticed it when we purchased the property 6 months ago and am now finally getting around to fixing it. Trust me it was not the first thing that needed to be fixed!

Over the last 6 month the awning has not sunken any lower but it is still concerning as you can see it starting to separate from the house (see pictures). Structurally it looks as it should have some sort of additional support.

My question is as a semi-experienced rehab and DIYer would this be something you would suggest tackling myself, and if so what suggestions would you have for fixing it? Or is this something I should consult a professional about?

One issue I have found is that if I wanted to put a support beam under it the area I would want to put a support beam would go in the soil of the bush and not on top of concrete

Any advice would be appreciated, especially if you have dealt with something similar. 

-Erin

Hi everyone!

I have a question that I haven't seen specifically answered in the forums.

How does it REALLY work when you use someone else's money for a down payment? I guess this is a good problem to have, but I have a few friends who have approached me about investing in real estate with me. My goal is to obtain financial freedom through buy-and-hold 2+ unit buildings. However, I am concerned about sharing profit with another party for a buy and hold investment. If I have a unit that is providing $300 in cash flow (after all expenses) per month, it seems a little silly for my investor to put down $20-30,000 (if they split the downpayment and I live in an expensive area) to receive $150 in cash flow per month.

I currently have been "house-hacking" a tri-plex for the past year. I saved my own money for that and have done all the work myself so the idea of partnering is new to me.

Have you all had success stories with splitting the profits with someone else? Buy and hold real estate doesn't have massive immediate returns, so am I ruining my ROI by splitting it? Is it better to wait another year until I can afford my own property with my own money? I'm feeling confused as to what the next step should be and I would love some ideas from those who have been there before!

-Erin

@Jody Schnurrenberger 

I guess it's technically "octagon", lol. Here is the link. https://www.homedepot.com/p/Daltile-Matte-White-12...

We have always used the "mosaic" (the sheet) style tile vs. the individual tile because it's so much easier. Subway comes in the sheet, too. Once you have the saw (you can rent it too) it's pretty dang easy. Try it! 

I love all these ideas. Looking back onto our first unit, we did a lot of thinking about the looks of things and not about the daily function of little things. Thanks for the list! 

I agree with everyone, my big one is CLEAN CLEAN CLEAN! 

Another thing we have done to every unit, regardless of the type, is to add a subway/ hexagon tile backsplash. It's inexpensive (compared to the life of it), relatively easy to DIY, and really makes the place feel like "home" to the renter. We don't buy high-end rentals, more like b or c class ( we like to call it "affordable housing") - then to cosmetically inexpensive upgrades that make the tenant feel like its a more comfortable place to live. 

Hi everyone! 

I am super interested in buying homes to rent-per-room (individual leases) in Tacoma, WA. As many know, the Seattle region has a housing shortage, and I think this type of housing would be desirable for people who have steady jobs and good credit but can't afford to pay $1500/month for a 1 bedroom. From what I can calculate, I could make a ton more money than renting the entire house. I know, I know, there will be more management time involved but I think it would be worth the money. 

As far as my not-very-in-depth Google search has shown, I don't see any limitations or legal issues with renting per room on 3-6 month leases in Tacoma. I know there is an air-bnb restriction, but it looks like that's for super short term rentals....and you just need a permit for that. I don't want to jump into anything illegal.

Any insight?

Also, does anyone have experience with this sort of rental? 

@Travis Stafford Great topic of conversation. It's something I've been thinking about lately too! I am currently "house-hacking" a tri-plex that needed cosmetic work. We live in one unit and the tenants in the other units pay for our mortgage, insurance, and taxes. Even though we are living for "free", we of course are doing lots of needed (and some elective) upgrades into the unit we are living in. That also means that we are spending potential investment cash and lots of time (we do everything ourselves) on upgrades that are nicer than we would provide a renter. Additionally, when our fridge breaks or the water heater goes out, we pay for it. I am glad we did it, because its fun to work on our place and get to pick everything out. However, if your main goal right now is to put all your $$ into investments, I think what your doing is a good idea. We have decided that if for whatever reason we move out of "house-hacking", we would probably rent (not buy) a single family home or upscale high-rise. Then we would use our $$ for a down payment on an investment property.