All Forum Posts by: Jason Martinez

Thank you for your response @Jeff Kao 

I am probably talking about cents and dollars during this mont of vacancy. I just don't want those bills to be stupidly expensive due to the markup while repairs are being made. 

Thank you!

Haha I hear ya. They would, hopefully, only be paying for 1 month while some small repairs get made. My worry is if the PM or contractors leaves unnecessary utilities on during this time that will ream me during this vacancy month. 

Indianapolis 

Hi BP family, 

I just acquired my first rental property and the utilities need to be under my name or the PM company. However, the PM company charges at 10% markup fee while paying these utilities during vacancy. I will have this switched when the property becomes occupied. 

Question:

Do I take the small 10% hit considering the bills will be very little considering the property is vacant or just put it under my name? 

Any advice is welcome! 

Thank You 

Welcome Mckenzi, 

I would suggest listening to the BiggerPockets Podcasts, there are over 300+ episodes. I listen to them on my 30 minute commute to work.  

"Rich Dad, Poor Dad" by Robert Kiyosaki is always a gem to read. 

You said you wanted to start with multi-family rentals, is this out of state? In your current market? 

Focus on setting your strategy, criteria, and market. 

What type of MFR? More specific, duplex, triplex, quadplex?

Are you looking for cash flow, long term appreciation, or a flip? 

In what area? A,B,C class etc. 

There are so many options in real estate it's unreal. 

Goodluck! 

Welcome DC, 

As posted above AirBnb is a solid and very profitable platform if you have the time needed to run your "Mini Hotel". The location is key in this point and/or how you market it. I know someone who has made $13k a month in a not so great location, but marketed it as "15minutes from Disneyland". 

If AirBnb isn't an option having a long term tenant is better than nothing. It will still produce some sort of income whether it be paying down your mortgage or enough for you to cash flow. 

Goodluck! 

Hi everyone, 

I tried using the Bigger Pocket's "Search Contractors" tab, but it doesn't work properly. 

I am looking for a Painter to paint the kitchen, laundry room, 2 bedrooms and one bedroom for my rental property. If you are one or have a recommendation please message me or post here. 

Thank You! 

All very good advice listed above. @Colton Roan I have no idea what the market is like in Elmira, NY considering I live in Southern California. 

I work a minimum wage job there is/was no way to get approved here in California even for a 2bed 2bath $205k condo that I planned to house hack with a FHA loan. I do, however, know how to save money. I am 26 years old purchasing my first buy and hold in Indianapolis... Long story short if the market in your hometown doesn't make sense to you look elsewhere that does make sense to you. To do this and invest in general take in all the FREE education you can: Listen to podcasts, network, and read books, for example "Long Distance Real Estate Investing...." by David Green is actually free on Audible through Amazon, if you have prime.

I am not a seasoned investor, but I am a millennial as yourself looking to do just that. Feel free to contact me and I will answer as many questions as I can. Good luck! 

Hi Kyle, 

Look into the books that were previously mentioned above. Listen to the Bigger Pockets Podcast you will gain a ton of free knowledge. On top of that go on Amazon and Download “Audible” a free app to listen to David Green’s book “Long Distance Real Estate Investing.” Which is also free unless you want the paperback.

While you are gaining this knowledge go to your local REI meetups and network!

Good luck! 

@Jaron Walling Thank you for your input. In the "Disclosures" the seller did check mark that the plumbing is "Not Defective" even though the toilet and bathtub did have some issues. Maybe I can negotiate here. I will contact contractors to place bids to run more numbers.

@Tyler Gibson Thank you as well. I will be definitely contacting contractors to get bids and truly see the repair costs. Looks like I am just getting too "emotional" for my first purchase and didn't expect as many needed repairs. Wow that's quite the HVAC expense... 

Hello Bigger Pockets Family. 

I am currently in contract on my very first OOS SFR deal. I am super anxious and excited. The house is being sold AS-IS. I understand AS-IS meaning the seller will not make any repairs.

I just received the Home Inspection Report and I am not a contractor or expert, but I am a little concerned about it. In my eyes the house needs quite a bit of work, mainly cosmetic, but with a few concerns regarding electrical, plumbing, and fuel tank. 

Here is the house: 

https://www.realtor.com/reales...

From the interior pictures I KNOW it will need paint. I was weighing the options financially to fly out there with my dad and paint it or have a contractor do it, however, now it needs much more work to be rent ready. 

Concerns: 

1. Bathtub: Very slow draining 

2. Bathroom: Hole in drywall under sink (not leaking) and hole next to bathtub 

3. Master Toilet: Did not flush properly 

4. Doors: 4-5 Doors did not open/close properly, they look fairly old. 

5. Kitchen Sink: Faucet leaking at base

6. Garbage Disposal Removed: Wires under sink are exposed 

7. Electrical System: Meter Base is undersized compared with electrical panel 

8. A/C & Water Heater: Functioning, but past designed service life. 

9: Buried Fuel Tank: Signs of possible buried fuel tank.....? 

Here is the Home Inspection Report

Scroll down to page 42 for Summary Report 

Am I in over my head on this one? I estimated at least $5000 in repairs, but now it seems much more.