All Forum Posts by: Karen Jackson

@Shawn Legree

Hey there, I actually live in NY and purchased my first rental property in CT. Bridgeport to be exact. New Haven and Fairfield are also a good area’s if you’re looking into multi family properties. But Ct isn’t a bad idea it’s an easy drive and considering you’re planning on fixing it up. You’ll have easy access to get to the property to keep an eye on the contractors (if you’re going that route). The rent roll and the cash flow is pretty good. I actually purchased a turn key property

Hey BP!

I have a question. How soon is too soon to refinance. I have a rental property that I've had for 3 Years. I Which I'm currently paying $2700 per month on. Which includes food insurance, home insurance, and PMI. I recently got offered a chance to refinance out of this FHA into a conventional and to get rid of the PMI Insuance which can save me at least $300 per month. My current interest rate is 3.5. I was quoted at 3,8. Does It make sense to do this refi right now? Just curious because I was talking with a relative that I'm RE and she mentioned that it's way too early to start refinancing.

Any thoughts? Thanks!!

@Shane Elias-Calles No prob you got this! I bought my first triplex at 25 years old with little to no guidance, and I was not aware of BP at that time. I just did my homework lol and the rest was history. I know you mentioned this guy helping you building up your portfolio faster but you only have access to him for 6 months. Consider how you can leverage, get creative and remember Rome wasn’t built in a day. :)

@Shane Elias-Calles based on what you just said it seems like you’re on the right track. Don’t second guess or doubt yourself. You don’t need him to align any deals for you. Everything is so readily available online and you also have BP as a great resource. Do your homework and Connect with someone on here that can assist. And if you’re working with a good realtor they should be able to assist you with structuring your deals and finding you great deals too. You can also get down and dirty and do drip mailers, door knocking, bandit signs etc to find deals too.

Personally, a lot of what these people are offering in these master classes is very common sense. They are just selling their skill and you already got it in you! If you really want to do it see if he offers another package that cost less and see if it’s actually worth the guidance.

@Robert Hernandez Well with this time of year there’s many things to take into consideration. People are preparing their children for back to school if school hasn’t begun already. It’s also the end of the month so it may pick up around this weekend into next week. Don’t be so quick to drop your price to get it rented. If showings are not picking up by the week of Sept. 9th I would then consider a slight price drop so you can at least get it rented by the 15th. Unless you don’t mind having it vacant for a month. Sometimes you have to loose a little in the beginning to gain in the end. And make sure the numbers makes sense for you and dropping it doesn’t drastically cut into your cash flow etc.

In addition if there were 36 emails, have the PM follow up with those potential leads. Cause that’s a lot of inquiries you should at least have more apps and showings in unless they didn’t meet your criteria.

Hey there, I’m a landlord and also a realtor. The property manager should be refreshing those ads daily so it’s at the top when people are searching. Not sure what you’re renting it at but you can consider a price drop, and how is the condition of the unit?  However (now I’m speaking as a landlord) DO NOT decrease your security deposit. This is what covers you in an Instance there’s property damage when a tenant moves. You don’t want to sell yourself short cause chances are you might still have to come out of pocket when a tenant moves out. So don’t lower your deposit amount. As far as vacancy that’s all depending on your market look at comparables see what the rents are going for and look at how long those units have been on the market, and that should inform your decision. 

All the best! 

If it's a SFR the tenants should be handling that. And I would hire a landscaper to come monthly or bi weekly, but if you have a PM he should be facilitating that. I'm not sure how close you live to the property but in my opinion if this is your first and only property. You can cut cost by self managing it yourself in the beginning. You'll save a lot!

I’m not sure how much of a rush you’re in to rent this apartment. But I would explore other applications. I personally wouldn’t take that chance. It’s a little to risqué..protect your investment. Like my father (a seasoned investor) always tells me you can’t feel sorry for any tenant. At the end of the day this is your business! I’m not sure how they do it in Philly but I’m NY you would usually have to make 30-40x the rent to qualify. maybe keep that in mind when analyzing their income.

In addition, is she receiving any child support? Or any supplemental income. And if so how much?

If she has not already renewed the lease. I would strongly encourage  and highly recommend getting those people out before you get to closing. The owner is not obligated just because she texted them that. But If they get tied into a lease; Technically you do have to honor it. And It can possibly be a challenge getting them out after the closing 

@Nathan Ku

@Nathan Ku

Hey Nathan, I’m currently using Arlo wireless but I’m considering switching to a hardwire. Only because the batteries dies out relatively fast.

I would use the same lease or something similar and add your own simulations to make it more bulletproof.

Good luck and congrats!