All Forum Posts by: Jaryn Pierson

Hey Erik

Might be able to help you out a bit here. First off, how's your marketing of the property. Is the unit tip top, are your photos professional, is it priced accurately, does your listing have all the proper call outs and are you really 'selling' the property and putting it's best foot forward. It just doesn't sound like you're getting enough leads to me. Beyond that, what I personally do is I won't show an apartment until I have a completed application that passes my standards (which are similar to yours). 

To me it sounds like you've got a lot of the bases covered but may need to update a few things to make it more appetizing. Also make sure your asking rent price isn't right at the top of going rates. I'll take a quality resident a few bucks under top dollar any day of the week.

Happy Investing !
Jaryn

Cam

First off, congratulations on closing on your first 2 family, really big deal. Everything is going to start coming at you pretty fast on this first one but a fresh unit to get rented is a big plus because you will be able to find your own residents. First up, make sure the unit is actually good to go. It's always best to get the unit sorted out while it's empty as (a) it will rent for more and (b) you want to minimize the repairs you'll have to do while there are people living in the unit, just easier for everyone. As far as figuring out what your unit is worth, just check zillow and see what's available for rent in your area. You could also check out a site like Rentometer but you may have to pay. I always push to set your rate a tad below top of the market rate just because you'll get more applications and be able to choose your best option. 

If you can, grab a copy of Managing Rentals from the Bigger Pockets bookstore and read it cover to cover this weekend haha. 

Happy Investing,

Jaryn

Hey Bethany

Great to hear that you're thinking about getting into the game. I'd probably want to have two people with me on this one. Definitely a contractor, that I trusted, to get a feel for what the renovation may look like but also someone with a structural engineering background as well. You're really going to want to make sure the house isn't falling over and believe it or not a contractor may miss that detail.

Beyond that, make sure you've got some strong contingencies in place and lock in a solid building inspection as soon as you get it under contract. Number one rule of thumb here is to not be desperate, if the building is in disrepair you've got the leverage, don't overpay !

Happy investing !

Hey AraBella

I always feel like communication is the most important part here. Ask your current residents questions. Do a walk through of their unit on the first day and make a punch list of all the little items that need fixing, and fix them!  Don't just raise their rent, communicate your vision and business plan for the property. We're going to update some of the landscaping, tidy up some of the lighting in the common spaces, work on some fresh lines in the parking lot, etc / etc / etc. Be excited about it. Sometimes we forget that the people in our buildings take a TON of pride in their living situation and when the landlord is also excited about the building things tend to trend in the right direction. Kind but professional is what I always tell myself before going into these situations.

Happy Investing,

Jaryn

Yea could be tough. If you're taking back over from current management company my first thought would be to try and stabilize as much as possible with the current setup and see where that gets me.

Have you read the 'Managing Rental Properties' book by Heather and Brandon Turner before? If not, highly recommend you cram your way through it in a weekend before you take the keys back.

Keep us posted ! 

Maha

As mentioned above, you could totally do well with traveling nurses or any mid term rental client but you'll want to make sure you're really clear on the product that they are interested in. Get clear on what your numbers will look like for both long term residents vs mid term residents. Remember that for mid term you're going to have to put a good amount more capital in to get the units ready as you'll need to furnish and decorate and more than likely you'll also be responsible for all utilities. 

Oops, doens't look like the video is able to upload. Type in "Brandon Turner 4 Square Method' in youtube, that should pull up a video that goes through a nice easy way to run the numbers on a potential deal.

Hey Brady

BiggerPockets has a bunch of tools on this very website to help you do this. First, watch this video to start to understand how it works . . .

Once you've watched the video below, click on 'Tools' and then there will be a bunch of different options under 'Calculators'.

Happy Investing !

 - Jaryn

Hi Maha

Question for you. Why take it over and go the mid term rental route? Why not take it over and lean into just being the landlord with traditional long term residents ?

 Hey Jennifer

I have some clarifying questions here. What exactly are the systems the house is running.

How many hot water heaters do you have in total and what do they run on ? (Gas or electric)

When you say radiators, what are we talking here. Big steam radiators? Smaller hot water baseboard radiators? And are they all being serviced by one big boiler, or do you have two boilers in the building ? And what is providing 'fuel' to the radiators?