All Forum Posts by: Padrick C.

@Tonette Whitted Welcome to the Beaver County investing scene!  There is a lot of potential in the area and @Jeremy Taggart is a great resource to investors in our area.  

@Kristina Inglis my agent is fantastic.  He has a background in banking and is an investor himself. Send me a message and I'll send you all his contact info

Hey @Troy B., If you have any interest in the Beaver County market let me know. We can meet up for coffee sometime.

Padrick

Welcome @Wesley Wiliams , Im a buy and hold investor in Beaver County where the Shell cracker plant is being built. Im not sure what part of Pittsburgh you're located. We have a group that meets once a month here as well.

@Account Closed

Has either of you heard of a group like this in Beaver County PA?

Padrick 

@Denny Troncoso are you an investor as well? I ran into someone in Pittsburgh who buys houses near Disney World and rents them on Airbnb

@Jeffrey Gignac Depends on the type of wood floors. The much older type was just sealed with paste wax (test with mineral spirits). Those can just be cleaned/polished with paste wax.  Poly floors can be cleaned and "waxed" with a professional product such as "bridgepoint wood finish".  A company like Stanley Steemer can do this but its not cheap. Personally, I would just scuff and recoat poly floors like @Marian Smith suggested. 

@Chris A. I use Buildium, its fantastic! Does everything you asked

Minimum price went up since I joined.

@Seth Lind  I own more than a handful of C class properties. Just to be clear C class does not necessarily mean war zone! While more work, these properties can be a cash cow.  Total invested $18k (all cash of course) and rents for $700 each month

@Jon Behlke My average turnover is about 24 months. @Kusmayadi Djunaidi my insurance costs are $276 with Foremost. I do agree that it is harder to cash out these properties. I will either have to sell to another investor or offer seller financing. There has not been any appreciation in the 8 years I've owned them (houses worth about $25k). 

I haven't ever had good results with a PM and self-manage everything.  I agree with @Sandra N. it all comes down to management!  

Offer a good product; clean, fresh paint, functional and bulletproof. I do not use carpet. Install FRP behind the stove. 

Be professional; sign leases, offer different payment methods, send statements each month to remind tenants that rent is due. 

Drive by occasionally to check on condition and act quickly to any issues.

Make repairs quickly. Most landlords in these areas do not repair anything.

Respond quickly to late rent. People in financial trouble tell fantastic stories. Just remember that anyone who lives paycheck to paycheck has a hard time catching up once they fall behind.

Treat people fairly and with respect.  People in these areas talk with each other. They will quickly find out if you are a good landlord or not...a pushover or not.  

Once your reputation gets around the quality tenants will find you. My last house rented in January before the last tenant moved out. She was there 2 years.  The only maintenance while she was there included replacing the hot water tank (leak), checking the furnace (gas meter outside froze) and replacing the shower valve cartridge. The house only required cleaning, small repairs and paint touched up before  the new tenant moved in. I will attach a picture used with the online ad. 

While these properties do require more work, I would gladly spend the 2-3 hours per month for that cash flow!

@Raymond B. Gary at Work of Art HVAC (724)846-8122 is decent. He also owns rental properties, used to be a code enforcement officer and fireman. I find it best to text him at that number. He is out of town sometimes and can forget to get back to you.