All Forum Posts by: Glen Wiley

We have properties in counties around Richmond, Va and they work really well. A few things to watch for:

1. Look carefully at the source of jobs in the area, make sure you understand where the workers are driving. You don't want to rely on a single large employer to the extent that if they close up shop the whole town goes bust.

2. Look at the trends for values in the neighborhoods you are investing in - you need to buy in areas that are trending up, looking better maintained, improving.

3. Get a feel for the local government, are they growth focused or are they restricting construction? If they are restricting construction then you have the potential for extra appreciation over time since supply will be constrained.

Congrats on your first deal! Unlike drugs, the first hit is not free. Like drugs, it is hard to stop once you see how it all works.

Our portfolio was built using retail purchases but I am considering looking at deals via wholesaling. I'd like to hear people's recent experience with it, what are the things to look out for and what are the real advantages?

Yes, I remember when our properties were migrated from cozy to apartments.com - I was really frustrated for a while after that.

We used a partnership, I had my wife listed as 51% owner as a valentines gift :)

We used a local credit union a few years ago to refi many of ours using conforming loans. Credit unions often have very competitive rates.

We choose furniture that will help guests feel at home. Whether they use it or not, a dresser typically enhances the experience.

@Connie Stainbrook not only do we have hangers in all closets - they are actual wood hangers (I hate the plastic ones). They cost a few bucks but I feel really help move the whole experience up a notch for our guests.

A few things worth considering when reading things like this:

1. Apartments and single family homes are not renting to the same market, there is some overlap but they are genuinely different products. Apartment oversupply does not necessarily affect SFH rental rates.

2. Real estate is hyper-local. I am raising rents again about 5% for existing tenants and 15% for turnover this year in the Richmond, Va area.

I have been happy with both apartments.com and zillow, however they both take some time to deposit rents. I don't really care about that delay since they are free and their interfaces work well for me and my tenants.

Quote from @John Morgan:

I'm a fan of SFR. I have 25 of them and do ok. My profits are 17k/month after 9 years of investing and rarely ever have turnovers. Multi family averages turnovers every 17 months. Did you factor that in your calculations? Turnovers crush profits. And houses appreciate better over time. And easier to sell if needed. You can sell to an investor or home owner vs multi family needs to sell to an investor.

Well written! I would add that the level of interaction with long term SFH tenants tends to be very, very low for me. Our multi-year tenants are typically very quiet. MF tenants tend to (not always) be less mature, less able to cope with life which means more rukus for the landlord.