All Forum Posts by: Gary L Wallman

Hi, this is my first post since turning BP Pro a few months ago. I closed on my first rental property, a townhouse in the Canton neighborhood of Baltimore on 6/14. I am using a property manager, and there are listings through MLS and many other sites. I thought it would be rented by now, but there have been only 2 showings in 15 days. I fear that people are trying to request showings but there's some type of disconnect in the process. Does anyone have any advice?

If you want to see the listings, Google 800 S Ellwood Ave rent
 
Oh--and I also need a smart tax attorney, does anyone have a recommendation? 

Thanks!

You have them on BP  Gary in Ohio and Bill down in Vegas to name a few .. plus one of the guys I really admire for his fantastic advice is Steve up in Wenatchee.  

What I think the homeowner safety net is going to be is the fact that I dont know how many millions of mortgages were written sub 3.5% but its a ton.. and for those with where rents are the only way they lose their home is over  JOB  Divorce or health and those things happen in all economy's and to all walks of life..   Playing in the distressed asset field for all these years this is the root cause along with simply being very poor money managers and using too much credit to their detriment.. you know the 250k house with 100k in cars the boat and the RV. LOL

Thank you @Jay Hinrichs

I ONLY take advice from people that have traversed the road I will travel down as I said.  You have not travelled down that road enough for me to take your advice. So, thank you for your thoughts anyway.  

Have a great evening!!

Swanny

It’s crazy to me how many potential tenants have aggressive breed dogs. I would estimate that a good 25% of the people that contact me any given month about a property have a Pitbull or multiple. They are shocked when I tell them that I cannot allow them in my units. It’s crazy to me that a large percentage of the population choosing to rent would have such a liability that would limit their choices on housing. Yet I know very few people who own their own homes that have aggressive breed dogs when they don’t have the limitations holding them back. I have noticed the same about smokers as well.

Hi Marvin,

It looks like a solid class C minus rental with 1 br 1 bath.

I doubt this will bring top of the market rents, but if you can attract 2 long term renters who get along well it looks like easy money.

What I see is it looks dumpy from the street view, but its in a a pretty nice neighborhood of well kept up, MAINLY White painted houses.

Maybe blend it to the neighborhood by painting it white vs. what looks like the teal-ish color so popular in Mexico for homes (although maybe that's you target market and if so leave it).

It's not going to pull top of the market rents though, because for a class C minus there is no dedicated bedroom and the bathrooms in the competition are probably better.

If this were in Austin (with it's high demand right now) it would rent.

The giant patches on the inside walls, the shotgun floor plan, the lack of a dedicated bedroom, the bathrooms seem less than competitive. I think you might have to shoot lower on the price point...(a trial listing of a lower price possibly)...to see what t might bring--but be picky about renters because this place seems to make them hard to find...they need to get along with each other and hopefully be lifetime type renters.

Maybe offer rent concessions...(???)

I did a curb appeal mockup for you (but I think it's more than curb appeal), If you have for instance a proper class C apartment complex competing with you, the layout will be more home-like vs. this house cut into two parts with less than desirable floor plans.

People don't pay Cadillac prices for a Pinto, but a fixed up Pinto will bring more than one with dents in it.

On the plus side, it's clean, the neighborhood looks great, I like the backyard as a feature, I like the garage as a feature, I like the "STORM Cellar" as a feature re Tornadoes which apartments do not have, and it looks like at least one unit is ready for washer and dryer inside the unit, which apartments sometimes do not have.

You may have to do more to the interior to close renters on the place if you can't do it as is (spend $$$).

Here's a curb appeal mockup, I just chose a paint color at random, but white might work better in the neighborhood.

I doubt just curb appeal will make it the most desirable rental in the area though, but it's some food for thought.

I like this house, it has potential.

Right click open in a new tab makes it bigger.

Hi,

I have a duplex property in Middletown Ohio. I spent the last few months fixing the foundation of my property, but now that's been completed and my home is up for rent, but it's been sitting on the market going on about 45+ days now and I have not been successful at getting any renters or even applications for that matter. 

Here is the listing on CL: https://cincinnati.craigslist....

and here: https://cincinnati.craigslist....

Can anyone reading this identify ways I can improve my listing? Both listings have professional photography, video tours, and I offer amenities like internet and parking space. It was my agent who originally suggested $850/$900 for these apartments. Unfortunately, I don't see that much action on it. While my agent says that the pricing is not the issue and that instead it's just the prospective tenants who see the apartment just don't follow through with applying, I just want to do what I can to get a renter in there. Given that I tried my best to make the property as attractive as it could be, what else could I try to generate more volume towards it? Am I right in following my instinct about the price being the issue? Also worth noting that I want to refinance the property and to a BRRRR as soon as possible as it's a race against interest rate hikes in this environment.

Thanks
Marvin

@Rachael Mathes

Thank you Rachael - I was looking into Ohio (in particular Cleveland) pre-pandemic and had done a lot of research in Cleveland - even getting in touch with an agent at the time there. With all of my research, I keep going to back to Ohio. 

I appreciate your help - I would love to connect and set up a call to discuss soon. Thank you. 

Hello BP Family!! I'm undecided on holding our rental property or selling it. We are moving out of state. If we hold onto it, we can cashflow about $450 a month & with the neighborhood doing a lot of changes & improvements. If we sell, we could make about $50k. Just seeing what others think. Thank you in advance. 

ARE you nuts? Cats do 8 things: urinate, defecate, fornicate, and regurgitate. (Get it?) AND NO ONE CAN CONTROL WHERE OR WHEN THEY DO! What is your out of pocket cost for new wall to wall or LVT? Are you thinking the tenants will pay? 

Talk to any professional carpet cleaner about what happens when they try to clean a urine-soaked carpet. Ask them to show you with a special light how damaged the carpet is. They have photos.

Cats are NOT house cats they are escape artists. Just look on FB to see all the whining about lost cats.

Look on the rental sites for how many landlords allow cats.

Call and try to get a viewing after you told them you have a cat. Never happen.