All Forum Posts by: Eddie Werner

A stable job is key. I would wait until 30 days have gone by and reevaluate. Are you at market rent? Have you advertised on postlets?

I would stick to your initial screening guidelines....how long has it been up for rent?

The South Side is where you want to be in the city.

Hi Michael,

Welcome to BP! Are you looking to fix and flip in McKeesport? I just started focusing there on buy and hold rentals.

You need to be very knowledgeable about wholesaling and talk about solving other people problems. If you are trying to get contracts on homes find out their issue with the property and be open about what you can do and why.....trust and solving problems are critical.

Give him at least 5-10k.....30k net is not bad for 4 weeks work.

What are the expenses not paid by the tenant? If tenant pays all expenses then put 10% of gross rent into a capital improvement fund to cover future repairs and expenses. That should be enough to cover surprises but many investors say 15% is more realistic.

Make sure you account for all expenses when analyzing your cash flow (insurance, any utilities you pay, property management, vacancy (10%), mortgage, taxes, etc.)

If this is a long term venture then create a LLC. If you are just going to do a couple houses and call it quits keep it under your name personally with an umbrella insurance policy.

I would say no to the radon test but yes to the inspection and pest test. If you don't have financing in place and the seller has not accepted an offer from you then do not do anything yet. Once you have the financing and an accepted offer (pending inspection) move forward with the inspection.

Just explain to the tenants you need to update the move in move out list as none were provieed to you. If they are honest great, if not you will need to eat repairs.