All Forum Posts by: Galen Bricker

I have three applicants (wanting to live together) for my single family home that are very inexperienced.  They moved away from their parents last year to move to another state and are moving back to this area (home).  They have new jobs at very good employers and make well beyond three times the rent.  They have 500-600 credit scores due to lack of credit as opposed to bad credit.  Their only landlord from when they moved away says they are great and wishes they would move back so he could rent to them again. Says they take very good care of the property.  Here are my questions:

1. Two of them are a couple and have been together for only a year.  How should I handle it if they break up and one leaves.  I know that they are all still responsible for the rent but specifically what do I do?  I've never had a situation like this to handle before.

2. Should the low credit score and lack of previous landlord references concern me?  The one they had made them sound ideal so I don't think it should be an issue but curious of your thoughts. BTW, I used a tip I learned here:  when I called him I said I wanted to speak to him about his rental property on "x" street.  I could tell he was legit!

Thanks for you help!

Thank you for your responses!  Looks like it will be worth looking into further.

I am investigating a foreclosed triple that needs work. There is a room that could be converted into a shared laundry room. It'll cost around $2000 to finish it plus the cost of coin operated machines. Anyone with experience that can give me an idea of how much I can expect to bring in on these? Not sure it'll be worth the costs.

Also, are there rental companies for these instead of purchasing? If so, what names on the east coast.

Home depot has it.

http://www.homedepot.com/p/Home-Decorators-Collection-Strand-Woven-Harvest-3-8-in-Thick-x-4-92-in-Wide-x-36-1-4-in-Length-Solid-Bamboo-Flooring-24-76-sq-ft-case-HL271S/205124730?storeId=10051&langId=-1&catalogId=10053

I installed 3/8" bamboo flooring in a townhouse I renovated from HD for $2/ft.  It is VERY hard and scratch resistant which is great when tenants move furniture around.  I took off the baseboard, installed it and replaced the same baseboard.  Looks great, fairly cheap and long lasting!

Thank you all very much!  Looks like I have a lot of painting to do.  One of the best investments ever was a sprayer!  It makes very quick work of a job that I hate!

I am thinking about purchasing a foreclosed three unit which was remodeled in the 1980's with wood paneling everywhere.  It has been well maintained but just looks very dated in my opinion. The property is in a downtown location where most rentals are very old and in average condition.  Would you recommend painting the paneling  to make it a bit more updated or just keep the old wood look?  I don't know how tenants would feel about it and wanted to know your thoughts and experiences in this area.

Thank you for your responses!  I'll have to look more seriously at multi-family properties.  

Currently, I have three single family rental properties (one I just purchased and rehabbing).  These, like most of the deals that I work on, tend to cash flow only around $100 per month after the mortgage, taxes, insurance and some extra holdings for repairs are held.  Is this normal?  I would need a 20 or 30 rentals just to begin making a living doing this.  Am I missing something?  I've tried to find other properties, even foreclosures, and after running the numbers after repairs, I still only see $100 - $200 maximum profit per month.  

I would love to make a living off the rentals but until they are paid off I don't see how others are doing this.  Any help from more experienced investors would be much appreciated!