All Forum Posts by: Kamal Tripathi

@Jermell Shavers she has never told me about her illness before lease. I would have thought twice then. Now becoming heartless seems to be the solution if she stops paying. I actually do not have much cashflow from this one property. So I need to be careful

I have a tenant in The house for 2 months.

She just told me that she is suffering from cancer.

She is the only bread earner in the house. I can see potential trouble.

I want to be nice. I am a good soul but also want to run a business.

What are my options to safeguard myself for any potential tenant or rental issues.

@Yusuf Abdi

Our greatest glory is not in never falling, but in rising every time we fall

@Ryan McKelvey

What is the issue that you see with rentometer?

For my areas in NJ it appears to be a good resource to know aprox rent of the neighborhood.

@Alex Dayes

I believe 10k us possible to get into real estate.

One option:

1) find a private investor who can lend you 80%

2) find a property around 40k and needs a fix worth about 30k

3) once property is fixed. Refinance value should be above 100k

You pull your money out at that point and also pay about 15%=in private money for 6months.

Other words this is also BRRRR.

@Haroon Qamar

I personally believe in all markets there are always properties that give you cash flow.

As far as good time to start: my personal opinion is to start ASAP. I do not believe in waiting for a right time as I do not know what that is or when will that be. For me a good time is when I see a property that would fit my criteria in the location I am looking at.

Happy to talk and share more of my failures (a.k.a experiences)....

I am south NJ area. I found a house in Poconos mountain. Thought of buying it and renting. But as it's far from my primary residence (takes 90 minute drive). I thought if trying out Airbnb as weekly vacation rental.

Questions:

1) do I need specific CCO or CO from township to place a house for Airbnb?

2) any formulas or calculation I need to keep in mind for Airbnb rentals?

3) Any specific contract forms?

@Ronnie Hutchinson

I always look at rentometer.com to find comperables.

Most time my property are not renting. Common issues I have seen are either rent is too high or have less bath compared to the beds.

I could not find enough comperables for the address. Try reducing rent by 💯

@Sai T.

:)

@Theresa Harris

I hear you. Probably right. Let's see how it goes. Thanks for a quick response