All Forum Posts by: Jessica Long

We have a SFH that we are considering converting into a duplex (it is a split level with a walk out basement). The numbers absolutely make sense to convert it as far as typical rental for the units for our area.

My main question is how to analyze my area to see if we would be likely to fill the top unit (how do I know families/indiv. would want to rent a home with a basement unit attached). The upstairs is a 4 br, 2 bath, 2 level, open floor plan, large eat in kitchen etc...Not a small space. I have heard from some re agents that families are turned off by units that have an attached unit. Any advice on how to figure this out? I thought about listing it to see the interest level making it clear that it will be the upstairs portion of the home for rent only and that there is a separate basement unit. The basement unit cannot support the whole structure if we want it to cash flow. We need to try to keep both units filled if we can. 

@Russell Brazil Hi Russell. I see this post is a few years old, but I was wondering if you know if basement apartments are still illegal in Prince Georges county. How do you find out zoning laws or whatever to confirm this? I've don't some research but can't seem to find any information. Thanks in advance! 

Hello all! Has anyone tried FYVE Management for property management? I think they're only in about 11 states so far but their prices seem too good to be true. $200/mo management and it covered everything you'd want with no turn over/tenant renewal fee. Seems pretty cheap to me...I can't find a ton of reviews on them but their website looks professional, customer service was helpful answering questions etc...and there's a 30 day guarantee for tenant placement and also to get out if you don't like their services...Any insight? I'm a skeptic by nature so I am hesitant. 

Thank you so much everyone! Re the no work harder thing, I think I could work faster for sure so trying to! But I work nights and also have to stay up during the day to handle family business so not a lot I can do to extend my hours (stay up later etc). Thanks for the advice everyone. I’m gonna get on it and get ‘er done. 

Hello all!

My husband and I are preparing our first rental (it was our first home, was a fixer upper when bought and we have lots of renovating to do, most of which is necessary). My question is, how do we move faster with the renovation? Is it normal to spend months doing a project like this. 

We’ve already cut the fat including thing that are “wants” and not needs and we still have a lot of things that must happen before we can list it including some structural projects and sump pump issues etc…

I’m working two jobs and caring for 3 kids and husband is working 10-12 hour days so obviously time is limited. We have delegated many projects that we could have done ourselves but what other tips do you have (please don’t say work harder lol-though work smarter might be good ;). We’ve now got tow mortgages so wanna get this thing filled asap. Thank you for all tips to speed up thr process!

Do you all hire a project manager or just pour every second in or? We’re down for the hard work but need to move on this. This is a single family, B class home. Thank you for some insight.  

Hello! My husband and I have been given the opportunity to buy his parents home at a deep discount which we will live in as our primary residence. We are trying to use a gift in equity to cover the down payment and closing costs (we need to keep as much cash on hand for renovations and a side venture). 

Since we are guessing on what the house will appraise for, is it possible to change our down payment amount once we find out what it appraises for (we will buy at appraisal value and get the difference as a gift in equity between that amount and the actual desired sales price of the owner). We are very open with our lender and still considering other lenders but he’s been a bit confusing or we don’t know enough and so it’s unclear what the answer to this question is (maybe it differs between loan officers?).

Please advise! Thank you

@Ray Slack I just found your info on this property manager-thanks so much! I called the company immediately and it’s looking like it will be a great fit. Thank you!

@Ben Grubb thanks for responding, Ben. We recognize there is equity so that’s our other quantifying factor if cash flow doesn’t pan out. We will judge it pretty short term and sell as an exit strategy and just reinvest once we find a better property. Based on current estimates I think the additional basement unit will work. Thanks again for taking the time to respond. 

@Russell Brazil we’ve reached out to many property managers and this is the only one who has responded. Do you know any managers in the DMV with lower rates? This seems steep to me:

1 months rent for placing new tenant 

8% of rent/mo. 

$299 renewal for current tenant annually 

@Russell Brazil that’s been a topic of much discussion for us because it is above what the area would rent (and I am concerned it’s too high) but we have a LOT of interest at that price point, actually at $500 above that. It is a risk though-the low price we are buying it for and resell is one of our exit strategies and working on another if this doesn’t go as planned. We have room for expansion to add on a “unit” which is another option for this property. It was designed to have an extra room in the basement and pretty well laid-out for a basement apartment. A prop. manager recommended no more than $2997 so I do think you’re right about the areas rent. The confusing thing is that so many people want to rent it for the high amount. What’s another one to determine if that will play out that way? There’s nothing comparable nearby...