All Forum Posts by: Jake Thompson

Looking forward to giving it a listen! 

I had a similar question recently and ultimately went with a 5 year old Kia Rio, which I bought for $5k. It was clean and well kept, and gets about 35 mpg. I wanted to get a Prius as they're very reliable and get great mileage, but the cleaner ones with low miles tend to be around $10k which pretty much negates any fuel savings. I'd say just get a reliable fuel efficient car, and keep it really really clean.

Congrats, @Guillaume D.! I hope to be there soon as well! I've got a little under 4 years until 30 myself.

Personally I went with Allure, but I didn't do a ton of research and was pretty new at the time myself. I don't know much about the other brands.

I don't have experience with college rentals, but I would say get first and last month's rent in addition to the deposit up front. We only require first month's rent and a deposit, but we usually vary the deposit, so tenants know it isn't to be used for the last month's rent. So if rent is $1,800/mo our deposit may be set at $2,000. But other than increasing the amount you collect up front and having parents co-sign I don't really see any other option besides court.

We use the California Realtor Association forms for our agreements. They have a specific form for listing and not managing the property. Maybe your state has something similar?

Have the tenants voiced concern over not being able to pay rent online, or are they behind now? I would offer to help them set it up on auto pay. That way they don't have to worry about it.

Not sure on state specific laws, but make sure to document everything, including communications with tenant, invoices from the trash hauler and cleaning company, and take photos. Good luck.

This is exactly what I was thinking reading your post. We are looking to build long term wealth, so let's do what makes sense in the long run. I think that would be option 2. It might be worth looking into a couple other quotes and possibly cheaper flooring (still recommend sticking with vinyl planks though). Since the property is vacant though you don't want to waste too much time gathering quotes and shopping around for 2 weeks, because that's just 2 weeks more of lost rent. 

Same with price, it's better to go a little lower and get someone in quick, that will stay for a long time, than wait 2 months to get the highest possible amount. If they're paying at the top of the market you can bet they are looking around at all the cheaper places they could move to as soon as their lease is up. That's what we advise our clients to do, because that's what will get them more money in the long run.

It depends on how bad the area is really. Sometimes there are areas that may be low income but doesn't have high crime. Some areas are "in the path of progress" but not quite there. In that case, it may be a little more risky, but have the potential to pay off down the road as the area becomes completely turned and you bought when prices were still low. "C" class areas tend to be better areas for cash flow. I would avoid the war zones though.