All Forum Posts by: Isaiah Williams

@Shmuel Gertel

What is your vacancy/ occupancy rates? Like @Sergey A. Petrov said if you're full 100% of the time you shouldn't have to do anything. No need to fix something that is not broken. If your occupancy is under 90% then perhaps it might be worth looking into some more neutral paint throughout. Plus like someone else mentioned on here, that is a lot of different colors. Different colors mean more expenses amd harder to obtain materials for whenever you need to do rehabs.

If this was me, provided my occupancy is 91-95%, I would not bother repainting quite yet, but the moment that it is time for touching up maintenance around the house I would knock it out then, and add a bit more cost. If you are at 100% occupancy it is likely you are selling yourself short and are below market value for your property.

@John Thompson definitely sell it. You can easily find something to cash flow a lot better for you in WI. Just make sure that you do ACTUALLY use that money to re invest it! A lot of people I know have fallen into the trap where they have a nice sum of lump sum money after selling their house and although they initially thought they would re-invest it, they are afraid to do so because they like the cushion so much.

Personally I wouldn't sell it until I've found another property to close on out there.

@Jamie Bsales

The best time to do something was yesterday, the next best time Is today. - unknown

Don't wait just do it!

@Jamie Bsales

While there is Never a bad time to get into real estate, I do believe it is important to learn about your market and invest in whatever way aligns with your personal goals and what you are looking for. I would be willing to over pay on houses if the payments are low enough compared to what I can get renting it out (of course there is more into it then just that but you get the picture), but that's because I don't plan on selling Any of my properties until they are paid off 15-30 years from now.

Some people are in it for different reasons, but like @Joe Villeneuve said deals are made not found. If your numbers can make sense on the property then go for it.

@Bruce Woodruff

I will admit I only tried it once. I did that method but I kept accidently chipping away too much in random spots and having to break out more and more to replace, and finally ended up just tearing up the entire floor. Granted I should have probably have hired a professional and will definitely do so in the future! Thanks for that advice!

@Nathan Williams

I'm with @Nathan G. As far as this goes. Definitely more of a renovation then a repair. 2 prong outlets are only in older houses, typically in areas where all the other houses also have 2 prong ungrounded outlets and therefore not worth upgrading throughout the house.

I would however Definitely upgrade them around kitchen and bathroom areas just for protection of asset reasons, but beyond that tenants will adjust accordingly.

@Avani Parikh

Yeah either you need to pay for the next 2 months in order to ensure still having it, or you need to let the landlord know and have to find a new place in January, but keep in mind you are liable to losing whatever your deposit was.

The landlord is taking a loss every day that house is vacant and is dependent on the tenant (i.e. you) moving in and paying rent. Holding an apartment for 2 months means 2 months of mortgage payment, utilities, maintenance, etc. And any other liabilities that would have to come directly out of their pocket. It's Definitely not fair to ask them to do that simply because you are unable to move in on time, even if that is not directly your own fault either.

Definitely try to negotiate with the landlord to try and recuperate some of that deposit and maybe see if they might know of any openings for you come January.

@Jeff Melby

Right now the market is insane and houses are appraising for likely much more than they will be a year from now when the housing bubble crashed (personal opinion I don't have a crystal ball unfortunately 😕). I would follow the others advice on pulling the equity out and using that to getting more properties, but be sure 1.) You are still cashflowing from the original deal 2.) I would definitely adjust those numbers for a likely 5-10% decrease in the valuation of the house you already have and anything you would acquire by this time next year.

Don't sell. Hold onto it. A good positive cash flowing unit is hard to find right now

@John Underwood

7rent.com

https://rlpmg.com/

Both are people whom I have used in the past for property management. That being said, I have moved to self management. Like the others before me have stated, self management is not at all complicated and in my personal opinion (everyone has one, some are different) is the better option so long as you have a good system in place.

When I first started I was also convinced that I needed to have 3rd party property management, and I looked for my first deal accordingly. Definitely gave me a nice monthly cash flow profit when I switched to self management, but it made it extremely difficult to find a deal.

Run your numbers, and stick to them. Trust your judgment and if the numbers make sense, PULL THE TRIGGER! A bad deal you learn from is better than never doing a deal because you never took the chance

@Jonathan Greene

I would love to see this proposal offer as well. Haha