All Forum Posts by: Justin V.

@Jason Graves

I think this is a really cool thing to do and a great education. You

Are sound like a veteran, so I’m sure your daughter will in no way be in a position to fail.

How does your wife not like real estate? I’m guessing it’s impact on your family’s lives to be hugely beneficial. My wife was initially anti real estate. Over the last 5 years and some successful investments, she now sees the benefits and is pro although it’s not her passion still.

What would your wife rather see her doing? Real

Estate investing is pretty low stress low effort once renovations are wrapped and now that we’ve been in it a bit. I know a bunch of people that get nervous about buying a first house or

first rental, so good to rip off that bandage early.

I started framing summers with my father at age 12. He taught me many things. It would have been good to learn the business, but I’m happy to have gotten my degree and w2 instead of taking

It over.

@Anthony Wick

Sounds like some good steps.

I typically turn the night of. July move in is good work (unit is 2 years since Reno). I was once able to do a 20 day turn around for a pair renovated units listed to move in, but was pricing it ~ 6% ($100) below value to get it filled before winter (hard market time). Little loss, but less than what could be come winter. It would be a good time to revamp a unit in need.

I self manage but try to minimize vacancy when I can.

I have a w2. I’m 20% less hours and pay, but glad for the option to work remotely and have the toddler at home. I’m pro social distancing and mask ups.

I’m trying for 1 showing, but can feel the annoyance through the “get to know you emails”. My tenants are understanding, so fortunately I’m just talking in hypotheticals unlike others. Hopefully all works out and we can do a 1 showing= 1 lease or better yet signed based off pictures alone (makes me think craigslist scam, so doubtful.

-Justin

To your success!

@Anthony Wick

Figured I’d give proper notice and use my key. Mostly standard practice with extra steps for unusual times (virus).

How many units are you currently leasing or have vacant right now? What has worked for you to get the units leased if you are doing so? Have you had luck with 3D leasing?

I feel like I’m being slightly safer than the other essential box stores and am open to being more safe. Please suggest other precautions apart from letting units sit vacant.

-thank you for your insight

Justin

@Brandon Coleman

House hack the biggest most cash flowing quadplex you can buy with the lowest percent down you can. Try to get your investment back from cashflow quickly, move nearby and do it again!

@Stephen Spearman

Am I the only 1 who thinks it’s unreasonable not to show? Did she virtual tour her new place and call it good? Has anyone signed off a 3D viewing alone? I did a Zillow 3D with an iphone and it’s a bit rough. Is the 360 camera worth the upgrade?

I listed a property for August 1st yesterday. Everyone (10 requests) is asking “when can I tour? How about today?”. I did 3D view via iPhone, added a video I’ve been emailing, and did about 44 photos instead of the usual 20. I’m verifying tenants meet our requirements upfront and the move in date aligns, sending the lease for review/additional questions, asking they are 80% certain this is the place for them. I’ll require masks and gloves at showings and bring wipes (good call! Forgot about the wipes)

If after my precautions. I was asked not to show I’d be asking for the tenant to put their money where their mouth is and provide me some rent $ for my vacancy since I always fill 2 months in advance. B+ tenants (I think).

Feel free to rip me apart if needed. I can take it. I was shocked not to see a similar stance already.

-Justin

@Victor S.

Second this. Don’t shrink the flow to the next room or enclose the kitchen further. Open it up when you can, but never close it in.

@Edgar Verdin

I have had 6 of them. One I’m renovating now is filling its 8th dumpster. Pay close attention for bad plumbing, failing plaster, cobbled electrical, and roofs that promote valley rot. Gut Reno’s with structure repairs are pretty terrible and terribly expensive.

If you see bad shape or bad workmanship on the surface... plan for so much more once lath and plaster is removed if it needs to be.

@Sean Wilson

How big is the house? How big will the third and fourth bedrooms end up? 1100 sqft is about my cutoff where I’d say good for a 4th that makes sense.

If it ends up being a layout that makes sense, I wouldn’t hesitate and go for more rent.

@Josiah Patrick Zebarth

I get out of bed for my family’s future.

I want to retire on rental income by 2030 or at least go part time in my field.

I also love houses and solving problems, so that really helps. Dad was a carpenter. I’ve brrr’ed several homes now and see it as an enjoyable/ expensive (but profitable) hobby.

Solving tenants problems is enjoyable for me as well. I’m not sure if it is a customer service mentality, I like knowing how to fix things, helping people out, and teaching them along the way if they want to entertain it.

Hopefully sandy beaches and lots of Disney world some day for me and my family.

-Justin

@Katelin Eberhard

I second Jill f.

Take the money you can get now and keep her paying without a lease. Verbal month to leases are a thing in my area at least, but look into it in your state laws.

Prepare to unload and change to stricter mentality if things aren’t worked out once things are back in motion and eviction courts are caught back up.