All Forum Posts by: Karl Denton

As far as the sheet given by the webinars, I believe it was attached to the original posting. You may be able to search it in the education tab. 

Bulletproof kitchen reno that I was told and has worked for me is, Granite countertops and subway tile backsplash. Go with a Luxury vinyl plank floor as well, they hold up well and clean easily for both you and the tenant. I also created a master key for my rental so that I don't have a million keys for the place. Streamlining is the goal with all the units. 

If the utilities are able to be separated that's absolutely the goal. However if its not there's a couple 3rd party sites where you can get devices that meter the usage for the individual apartments. Personally id slowly work on separating the utilities. However to my knowledge your not aloud to split costs evenly if its under one bill. At that point id compensate that into your rent cost. 

I would look into just renting it out yourself, I'm not sure if there's many I would trust to partner in this deal going in blind. Personally it sounds like your almost there with this plan, you just need someone to have space for you to put it on. 

I would rent the space for sure, you can furnish or find a long term tenant. Plenty of people to choose from in this market. You also have a great low interest locked in so I would absolutely try to keep the property and have it pay for itself. 

Keep up the great work! You got it, sweat equity pays in the beginning for sure. Allows you to appreciate it and in the future be determined to have a more hands off approach, I enjoy some good sweat equity myself. 

This defiantly poses a difficult situation, I rent 1Bed/1Bath apartments to travel nurses. With renting a room I would disclose that there are shared spaces. I haven't had a travel nurse yet be an issue, they typically are very good about being clean and being respectful.  That being said, yes you can set house rules being its your place. You can also try to link them up so they can meet prior to arriving. Post in travel nurse groups and maybe you can even get a couple that have the same contract in the area. Hope this helps. 

Your going to want to see if the space is considered a finished space. Start by pulling up the property card and see what the town is assessing the property as.

Sounds like a great first deal with some sweat equity. Now you have the understanding how time consuming this can be and can build in rehab costs next time to hire out to a good local contractor that you can work with. Amazing work, now build those systems in place!

Is there property on the land now? Any electrical or sewer hookups? Seems like a lot tied up in the land to just hold onto it, what's your exit strategy?