All Forum Posts by: Josh Young

@Marcus Auerbach did everything on the report change or just the top line number?

@Michele Velazquez there is no such thing as too low, at some point you will be low enough on the rent to attract a quality applicant. You are better off shooting a little low on pricing at the beginning and raising rent on the renewal or turnover when you have more time to find a tenant so your vacancy isn't affected. Maximizing the rental rate in year one shouldn't be your goal, your goal should be quickly filling the vacancy with a quality applicant, real estate investing is a long game.

@Lara Thatcher if you do accept them as a tenant it would be smart to add a clause to your lease requiring them to have and provide proof of renters insurance and make them name you as additional insured on the policy.  This is generally a good practice anyway, but I would highly recommend it if your insurance policy is not going to cover you.

I see you just posted it on Zillow too, that's smart, but your PM should be doing that, that's what you pay them for. They should also tell you that based on the comps on Zillow it should rent for $1900 per month, maybe $2000, but I would list at $1900 to make sure you get it filled quickly, every month of vacancy is equal to an 8% reduction in annual revenue. A lot of tenants have small pets too, so I would consider small dogs and cats for an extra $25 per month. Your pics and description look okay, they could be better and you could spell out your terms a little more, but I think price is the biggest factor for why you haven't had any applicants yet.

@Sandy Sandy what is the address? if you post a link to the listing we can give you feedback. But I will say if you are not getting any applications it's usually priced too high, has bad photos, a bad description (terms), or it's not listed in the right places like the MLS or Zillow. Also, bigger more expensive properties take longer to rent in some markets.

 Talk to a lender and learn the basic rules of qualifying for a loan. Borrowing money is one of the most important parts of real estate investing. This will probably require maximizing your income, minimizing your debts and may require that you start in a single family and then work your way up to multi-family. Here is a post I did on how I became an investor, I hope this helps: https://www.biggerpockets.com/forums/61/topics/1096979-how-i...

You nailed it, that's the best way to acquire rental properties, you have to move every time, but well worth it. Here is a link to a post I did on this: https://www.biggerpockets.com/forums/61/topics/1096979-how-i...

The amount of equity you have has nothing to do with it, you could rent it out on airbnb as part of your house hacking while it's your primary residence if you wanted too (airbnb part of the home all the time or even airbnb the entire home while you are out of town on vacation), just make sure it is actually your primary residence if you say it is.

@Debbie Palmer I assume you are working with an experienced Qualified Intermediary for your 1031 exchange, it's very important that you follow the specific steps and timeline that the IRS has for the exchange.  

I have heard that Payson is not the best place for STR because you don't get many out of state visitors as most people out of state have never heard of Payson, so you get mostly just people from the Phoenix MSA, but I'm sure you can still be successful if you are a great operator with a great property. Looking on the MLS there are several furnished MTR rentals available, but hardly any LTR, so I would think that LTR could be a good opportunity.

@Mike M. I use Geico for my auto and all of my properties, they don't actually carry homeowners insurance, but they broker to several different companies, so I actually have different companies for different properties, but I still get the bundle auto discount, best available rates, and it's easy to keep everything straight even though there are several different carriers. Also, it's easy to shop for a cheaper rate every time a policy is up for renewal without having to switch anything except that specific policy.

That's a great question, here is a podcast episode with Maricopa County Assessor Eddie Cook that explains the FCV, it's basically a discounted market value, but you have to understand that there are literally millions of properties in Maricopa County, so it may be off a little, similar to how a Zillow Zestimate can be close, but not exact. At first glance if you can buy a property for less than the FCV then it could be a good deal, but will require more research to know for sure.

www.youtube.com/watch?v=sMzHYG2vZ-4