All Forum Posts by: Gretchen P.

I agree about the gutters, I think while it could be in the lease, we check our gutters on our properties, because we want to make sure they are cleaned out properly. 

I agree with Dan, as far as the "how". If a tenant is unable or doesn't care to mow and trim bushes they are free to hire a neighborhood kid or lawn service. 

If the tenant isn't interested in mowing and watering, they need to find a rental with Xeriscaping in place or in a condo type building, or with a landlord who includes lawn care as part of the rent. 

I use erentpayments.com. There is a $3 dollar fee per payment. I can turn on (or off) a feature that forces them to pay late fees before they can pay rent. I don't have to be the bad guy trying to collect late fees, and don't have to deposit checks, hear that the "check is in the mail, or worry about checks bouncing. So far it has worked well. 

Where to get the numbers is the difficulty in a smaller area, I got them from some existing rentals being offered online, and on the website of an apartment building that is full but has rents listed, both in the same area of town. Where else can I look? Are local property managers my best source? 

Is there a formula for properties in rural areas? I doubled what I would normally calculate (10%/yr repairs vs. 5%, same with CAPEX).

I have a lead on two duplexes in a rural area, $60K total for both duplexes.  Rent in the area for 2/1 units is between $600-800/mo.  I am assuming $30K in repairs total. All in will be $90K, with conservative rental potential of $2400/mo (4 units x $600). I am assuming 15% vacancy, and will have the property managed. Taxes for both duplexes together are $640. 

The town is very small, 2500, with a junior college (enrollment 750), hospital and mining/quarry/oil/gas industry. Median household income is 72K, and the population has grown 15% since 2000, unemployment is around 5%. 

If you have invested in rural properties, what due diligence should I do besides the normal inspections, etc? 

Aren't the mini-splits a few thousand dollars? 

Already purchased vinyl flooring, would rather not do radiant. 

By flat wall units do you mean this type of thing?

We are remodeling an 850' house that will be kept as a buy and hold. The house currently has old/broken electric baseboard heaters. There is no gas or ductwork. As you can see the bedrooms are very small, making placement of beds in a room difficult with baseboard heaters.  What are the options that won't break the bank. We will likely have whatever we get professionally installed. 

I have wanted to invest in RE for years and am ready to take the leap in 2014. Any meet ups planned in Denver for 2014?