All Forum Posts by: James Mcsweeney

Hive on property line isn't kosher in some jurisdictions, but that is far from universal. You'll have to check your local ordinances. Some have pretty specific rules about beekeeping but many don't have anything at all. For any legal recourse you will have to find out the specific laws for your local jurisdiction.

Investing out of state can be difficult when first starting out, if you want the good deals. You can do turn key properties by going with a turnkey provider, just make sure to do your research. Theyll do everything for you, it's really easy. The downside is you wont learn as much. I highly recommend investing locally first, the learning process is priceless. I personally manage locally and invest out of state, so the experience is valuable.

All else being equal (cash flow, ROI, etc) I prefer a 3/2 over a 3/1. More flexibility in my opinion. Single guy or gal looking to eventually grown into the home, small family needing a place to settle down, young person looking to take on a roommate, etc. I think there's a larger variety of potential buyers or sellers with a 3/2 over a 3/1.But again, that's "all else being equal". In realty, I like the best deal, regardless of the type of property it is.

I think you get your market rent. If you are at market, then the tenant is not going to move to the same or similar type property to get the same rent. If you want to be nice, give the tenant the option of signing a long term lease with a moderate rent increase. If the tenant refuses the long term lease, you have to move it up to market.

I agree with furnished, but keep in mind some may want to bring their own furniture in which case you may need a place to store your furniture. Any time you have people moving in and out, you risk more damage to walls and doors.

I supply appliances to my tenants. The ones that are the most tenant proof are flat top electric stoves. I also install oven liners in them to minimize the clean up when the tenants leave.

Major issues should be pretty obvious if you get on the roof. Assuming it's composition shingles; look for rippling, nail pops and any work done around vents or valleys that could lead to leaking in the future.

3 softwares you can look into : Lodgix, Landlord Studio and Hemlane. 
My rental property friends are on Hemlane and they have one of the most robust and innovative property management platforms. Since you only have 5 rental units, you may want to check it out because they work with rental owners with 1 to 50 units primarily.

I take them a big tin with different flavors of popcorn and a box of chocolates. Both can be purchased at Wal mart or dollar store. I do give my mgmt and handyman significantly more. They are the key to bottom line, imo.

@Theresa Harris That’s a good data point thank you. Actually, that’s probably the right answer.