All Forum Posts by: Jennie Jones

Hi Everyone,

Its been a while. My husband and I live in NY and are considering selling our income property in NY and purchasing one in Tennessee so have as a vacation home and airbnb. 

We literally don't know the first thing about purchasing out of state, but want to learn. Where is a good place to start with resources to learn. How do we find and vent management companies (someone to check on the place, fix problems if **** hits the fan etc)?

Any info is greatly appreciate!

Thank you so much!

Jennie

We are seeing quite the opposite in our area, prices are up, population is solid and the city is growing with big developers putting their money here. Cashflow is great in my area of upstate. appreciation, meh.  m2m leases have became popular with these law changes in my area. 

Dylan thank you for the post! What are you doing to adapt to these laws?

Hi Everyone,

NYS tenant and landlord law have recently changed. Wondering what landlords outside of New York City are doing to account for the changes. They seem drastic and tenant biased but I’m remaining optimistic and realizing that as time goes on changes are going to happen and I will have to adapt.

I have a photo of a briefing but not sure how to post it.

Thanks in advance for your responses!

Jennie

I am so appreciative of all of these responses. Thank you so much for taking the time. I found them all helpful in their own ways and they validated our decision to evict. 

We own a nice/decent rental in a working class neighborhood. We entered the apartment to make an agreed upon repair to find loads of drug paraphernalia all over the living room. Our lease strictly prohibits drugs/smoking etc so needless to say we started the eviction process. We are learning a lot as this is our first eviction. Frustrating but I’m grateful that I am learning this now and that this tenant was only in the apartment for 2 months.

Wondering how you all don’t lose faith in humanity when something like this happens and what keeps you going?

Also, I have had some other landlords say to me “who care if he’s doing drugs as long as he’s paying rent.”

Do others feel this way or would you have also evicted.

New to this land-lording thing and want to make a go of it so would love any helpful tips, inspiration, words of wisdom.

Thanks!

 Thank you for your reply!

We are open to single or multi family. It just seems like when we run those percentages the monthly costs of the operating expenses eat up all the profits. At first glance they look like good deals and then they all of  sudden are not. We are so new to this its hard for us to tell if we are budgeting too much for these expenses or not. We don't want to fudge the numbers and end up in hot water because we didn't budget enough but we are unsure how to make an educated decision on how much to budget despite all we have learned thus far. Are we over complicating it?

 Thanks so much for your reply!

What do you mean exactly by "neutral" cash flow?

My husband and I want to purchase a 2nd rental property. We have been listening to the podcast and reading the books. It seems like the advice when running the calculators is to budget $100 per unit each for cap ex, management fees, and maintenance and 5% for vacancy. Is this what others are doing?

We have run between 10-15 properties and have yet to find one that flows when using these percentages. Have we just not run numbers on enough properties yet?

Is it dangerous to lower the percentages for these operating expenses?

Hi Everyone,

New member and new landlord here from NYS. Well we have had 1 property for about 2 years but we are now looking to get more serious. Looking forward to learning from everyone!

Jennie

Hi Everyone,

New landlord here. Looking to automate most of my land lording tasks. Would love any suggestions for systems that others love and the pros and cons. Looking to start with automating rent payment. Have heard good things about Cozy but want to be able to compare other options. 

Thanks!

Jennie