All Forum Posts by: James D Malone

@Amy A. Honestly I really never reject anyone. Usually when someone is interested enough to send me a message, I respond with  a link to my online application and request they fill it out. I then just wait until I get an application that meets my standards. For the people who call me daily to ask if I'm going to let them rent the place, I just tell them that I am still accepting applications and everyone will be given full consideration. Most people never continue to inquire after the application.

If someone ever explicitly asked why they were denied, I'm prepared with reasons. Thus far I haven't seen the need to let applicants know they've been denied. 

I've had excellent luck on Facebook, posting an ad in a local "Sale" page. Typically net 100+ comments in the first day, usually about 25-30 messages, 6-8 applications and a couple solid choices. 

Of course this is a bit more transparent approach, and likely works better in smaller communities. Nonetheless it works for me.

My last deal was financed with 20% down 5/1 ARM @ 5% for 20 years

I highly doubt if anyone here is going to recommend you spend $27,000 on a seminar to teach you information which is easily attainable here. 

When I was bigger into stock trading, I once was told that I could do all the reading and talking that I want, but the best way to learn about day trading stocks is to deposit $5,000 into an account and start trading, knowing that you're going to lose it all. 

Personally, I think that is the best approach. Of course spend time learning the basics of what is going on and make sure you have a decent grasp so that you don't make horrific mistakes day 1. Once you know the basics, take that $27,000 and put it toward a property that you have analyzed and feel is a smart move.  You will learn so much more in the first few months, far more than you will from a weekend seminar. 

Having rented a "student" apartment, the basic appliances (fridge, stove, microwave, washer/dryer) have always been expected even in the "non-furnished" units. My last two years of college, a new place was built that offered furnished units for an additional $50 per person/per month. This included 2 couches with end tables, coffee table, 4 chairs for the island bar in the living room/kitchen. As well as a bed/mattress, dresser & nightstand in the bedrooms. All was fairly decent stuff from Ashley Home Store. 

For reference, my rent on a 2 bedroom 1600 sq. ft. apartment basically on campus at WKU, was $710 per month. That included $20 for parking and $20 dollars for being on the 3rd floor (charged $10 per floor above ground level). All utilities included (water, electric, internet, tv & trash) as well as extra student oriented amenities (pool, gym, study rooms, etc.)

For myself, I wouldn't even consider hauling my own furniture to school, up the steps, etc. etc. $50 per month was well worth it. 

They also for obvious reasons required the entire unit to be furnished. So the 2 bedrooms generated an extra $100/mo, 3 bedrooms $150/mo, etc. 

Roughly 10% increase. 

Jeff, what part of Louisville is this building located? 

@Mario DeGrazia He is saying that you can have 0% vacancy, and keep the $1,230 for yourself if you are in a decent market and manage properly. Always good to account for it though. I'd rather finish the year with more money than expected rather than less!

I just recently got a loan on 3 properties through a small locally owned bank. I am finishing up my last semester of college, thus my last two years of income was mostly summer internships and such. I applied for the loan in the beginning of August, and simply provided them with my 2015/2016 tax returns, and my last months worth of pay stubs at my summer internship. I told them that I would be returning to school and the internship was over, however they did not seem concerned. Happily loaned me the money and closed in less than 3 weeks. 

Moral of the story, check with the smaller local banks in your area. You may just have better luck!

Being in a similar position myself, I agree with @Ronald Rohde and @Drew Shirley.

Have her responsible for groceries and maybe one or two of your basic utilities at most. Otherwise you may find yourself buying your own groceries and enjoying dinner by yourself. Lol

@Lee L. the property has been occupied up until very recently. According to the listing agent, the last tenants moved out last month. Agent claims that current owner is older and simply looking to sell out, thus has not entertained filling the units. Agent also stated that he has a full inspection that was done 2 months ago. States the report shows a handful of minor issues but nothing of major concern.