All Forum Posts by: Gavin Welch

Rent by the room typically yields more rent per month then renting the entire home, also college rentals can be lucrative, but you have to keep a close eye on them.  I personally put the parents on the lease as well to guarantee payment and such.  Another issue is that kids are typically home in the summer and they only want a 9 month lease, instead of the traditional 12 month.
Who knows what covid will bring? Some states are shut down while others are completely open.  If I was looking to purchase one right now, I'd stay near several universities so you'll have a bigger pool of students and stay in Republican areas, if you get near a university that shuts down everytime some one sneezes you could troubles.. 

If someone will pay 3 months up front then take the $$$$.  Do a three-month lease then renew it to a year when they get employment.  If they are a professional, then I wouldn't worry too much, if they are moving out to be an actor and follow their dreams of Hollywood, then I'd deny it.  

Carpet in rentals is always an issue.  If it is just the smell of the carpet, then try an ozone treatment on it.  It will get rid of cat urine smell!  Plus you can buy one cheaply on amazon.  Save a portion of the deposit that is beyond wear and tear for the tile upgrade later.  Keep in mind, wear and tear items can't be deducted from the deposit.  We have a No Smoking clause in all our leases, if that is your case then keep as much as you need to treat the carpet, but I think using their deposit to replace the carpet is not being fair to the tenant.. 

Mamadou, "fast" money in real estate is a myth, unless you get lucky.  You can wholesale properties and that is probably the fastest way, but it takes time and considerable effort to get the deals.  Reach out to some of your local investors and see if they have any side work for you.  Calling neighborhoods or something to get your feet wet and some $$$ rolling.    Good Luck

Pick a market..Buyers, sellers, investors.. ect.  Then market to them.  DO NOT SPEND ANY MONEY ON LEADS.  The best way to get started is to cold call for sellers, and find good investment properties on the mls and through wholesalers and sell them to investors, then tell the investor when they are ready to sell the property you will list it for them at a discount, while finding them another great deal... Rince and repeat..

Good Luck

Gavin

Ophelia, if you are wholesaling under a separate llc and it has nothing to do with your real estate license or the brokerage, then the broker should not have any commission.  That being said, in my state you have to disclose to a seller (for a wholesale deal) that you hold a current license.  I'm a broker/owner and I wholesale properties also.  Sounds like you need to find an investor friendly brokerage when you get your license.

Good Luck

@Michael Archard you will know you are in the ballpark if you get a lot of showing requests.. If you get "crickets" .. then you are too high.. 

Michael, I'm not sure of your market, but in mine, the higher the rent typically the more quality the tenant (not always).  You can also always lower the price if you don't get any interest but you can't raise it.  So I would start high and then lower if you don't get anyone.  Alos, check rentometer and zillow and see what the surrounding properties are renting for. 
Good luck
G

Seth, just remember that because you have more square footage doesn't the high price per square foot will convey.  If you have a significantly larger home, use the average price per square foot for the solds and also look at the highest sold price in the neighborhood and try to stay in and around that.. Typically, some of the smaller homes get a higher number per square foot and the larger get less per square foot just beacuse the overall price would greatly exceed the neighborhood..

Good luck

Gavin

I guess you don't need a RE license to manage your own properties.  If you don't know an agent find an investor freindly onw that can put you on an automated daily search for duplexes.  Every morning screen them, if you find one you like, do a driveby first thing and call the agent to make an offer, you will have an inspection period to back out if you dont like the interior.  Here are a couple of things to remember. 

1. the insides usually look like the exterior..

2.  No interior pictures in the listing is usually a red flag

3.  Ask for rent rolls and P&Ls from the listing agent.

4.  Get your handyman to walk through with you.. it's always good to have a second pair of eyes.

5  be patient.. no deal is better than a bad deal.

Good luck..

Gavin