All Forum Posts by: Account Closed

Great to see you on BP @Brandon Goldsmith this is a great tool for learning! When I started out, I ate up any experience I could. The most important thing I found was being able to be a credible and reliable source in REI which meant learning the ins-and-outs of the whole process. Things like, learning how to find the deals; managing value-add projects for clients; the rental process; turnover process; etc. Basically, learning how you can add value to an investor will be the best place to start. Everyone wants to be an instant owner or syndicate deal, but it will take some time and experience before someone will trust you with their funds. Building a track record by providing value is the route I took! Go crush it!

@Antea Alexander @Lien Vuong Thanks for the replies! Totally agree. As I said in my original post, I definitely don't want to put my tenants in any compromising position. My units are in A areas in Columbus, OH and @Antea, since posting one of my units 24 hours ago, I have had 7 inquiries--so people are definitely willing to move (even in a pandemic), I'm just looking for creative ways to make everyone happy and keep everyone safe. I have never had to evict any tenant in the 8 years I've been investing, and I certainly don't plan to start that now as that would not be a winning situation for anyone. It's a weird time, but as property owners, we must be creative to try to have as little vacancy as possible. Again, I'm not going to compromise the health of my tenants or put them in any situation that they don't feel comfortable with, but I'm not going to settle for extended vacancy if I don't have to, therefore, I'm looking for creative ideas to close the gap so everyone wins.

These are great responses. Thank you all for taking the time to respond--very helpful!

I have a unit opening on May 1 and we have just listed it for rent. The tenant would not allow us in to take pictures or videos and sent me a message that said she does not want anyone in her unit before she moves out because of fear of contracting the virus. I completely understand her position, but obviously I'd like to rent the unit (and it's pretty difficult to rent without the person seeing it via video or an in-person walk-thru). These are obviously uncharted waters, and I want to be respectful to my tenants (and keep them safe) while also getting my unit rented. 

Anyone run into this problem yet? Any tips or suggestions? Comments like, "screw your tenant, you can enter with 24 hours notice," are not what I'm looking for. Looking to find some middle ground with tenants. Thanks!

Not everyone's situation is the same, but I have several projects going on at once and also have a fair amount of odds and ends work to do at my properties. If one of my tenants were to lose their job, an option could be to offer to hire them on as grunt labor to make a dent in rent owed to me. It could also shed some light on whether or not the person actually has any intention of paying (by seeing if they accept your offer or not), or if they just want to be a victim. If they decline, what's their excuse then?

@Collin Morrow Welcome to BP! This is an awesome forum to learn from. I’m a local broker and investor and am happy to help on your journey however I can. Best of luck and go Jackets!

See @Remington Lyman's suggestions above. 

Just read this article in detailing that, "by the end of this year, more than 10,000 residents are expected to call Downtown Columbus home, according to a new report that documents more than $1 billion in residential development underway Downtown and another $1.7 billion proposed."

Granted this is still behind both Cinci and Cleveland, but I think this is an incredibly positive sign given that Columbus' overall job and growth projections are higher than both other Metro areas. For those investing in these downtown Columbus areas, this should be an encouraging development. 

@Omer Zakai you should talk to @Remington Lyman.

@Josh Chastain I don't believe you undergo annual inspections on rooming houses. I know someone that has a couple of them and has not been inspected. I think the only inspections that are carried out are for government-assisted housing (section 8, VOA, etc.). @Remington Lyman is right on the link above. It should not be a difficult process to get the license. But if you are doing the management, I can tell you from first-hand experience, renting by the room can be a total pain in the ***. If you are having a manager do it, be sure to keep a close eye on the situation and hire someone you trust.