All Forum Posts by: Account Closed

@James Wise: too funny, I've never shown these photos to anyone!! But here I am, enjoying a little attention for my property disaster, haha. I might just hang out on these forums more often!

Thanks for the nomination @Michael Lee! I feel like I earned it in this case! :-) And yes @Dawn P., pretty shocking behavior for college students. You might expect filth and neglect....but not indoor paintball meets psychedelic porn graffiti! I will tell you, I was seriously disturbed by this at the time. I couldn't believe it, and I thought the parents were going to go ballistic. Instead, the two Dads that I dealt with were basically like "boys will be boys," paid the damages (about $8,000) and just paid for their sons to move into new places. I was thinking that my kid would be back home in my basement, working to pay off the money I paid to correct this and then re-enrolling in college when he/she got a clue!

Alright, but I warned you!! Entire house covered in it...even the mailbox took a hit, hahaha. I can laugh now...Upper class college boys at a Jesuit college (LMU) in SoCal. Wealthy parents (guarantors) paid for all the damage.

I can't personally vouch for them, but if you are hoping for a few good locations, I've been hearing chatter about Indianapolis, Memphis, and Huntsville (AL). And someone already mentioned Jacksonville, FL in this thread, which I would tend to agree with. But I would say that if there is any connection you already have to another area (family, friends, a place you once lived and know) think about that. Or is there an area where you need to travel to occasionally for business? Or that wouldn't be too inconvenient (maybe Vegas-area??). Because while everything can be done remotely, it would be helpful to have a feel for the area before purchase, and then to be able to get to your property every so often. I live in VA, and own places in CA, FL, NC, and VA....it can be done!

Is there a TENANTS FROM HELL pic contest for student rentals? Because I have some pics in that category that are award winning (yet pretty graphic...unless maybe it's considered art???) Haha

Bedbugs and mold - two words I never want to hear! I have never personally dealt with a bedbug issue, but I have a friend who now contracts with a pest company to do bed bug inspections prior to any new tenant moving into a unit. The company certifies to the incoming tenant that the premises is bed bug free. Then, if any bed bugs appear, there are no questions about whether they pre-dated the new tenants. I thought she was being a little extreme (and maybe wasting money), but I'm starting to think it's a smart move, especially considering the expense of the bed bug removal. Good luck.

I agree with DJ. Your condo is your bird in the hand. You know your condo and the local area in Indianapolis where you have been living. Plus, I hear Indianapolis is on the upswing and great area for investment. You have a comfort level with it, you will be experiencing modest cashflow PLUS enjoying the tax benefits and likely appreciation. You will have professional management to deal with your property and you can go about your life getting settled in your new location and starting your new job. Are you really about to become a flipper or jump into lots of active real estate investing right now? It sounds to me like keeping the property you already own is a great first step to becoming an investor and then you can build from there when the time is right. Good luck!

I don't want to be to basic here, but the biggest key for me is always reducing tenant turnover and limiting property improvements when I do have turnover. I try hard to get tenants into longer term leases, and I try hard to keep tenants renewing those leases. When I can't, I try hard not to re-paint, re-carpet, etc....very often. I clean the hell out of the walls and they come out beautifully. I tell people the carpets will be cleaned but not replaced, sorry. Accept pets and say you don't want to redo this or that because of said pets. Collect pet fees if you want. So, of course, some people will say that deferred upgrades will bite me in the butt, but I haven't found that to be true in 17+ years. Best way I know to increase returns.

A totally normal thing to consider and probably a great idea. Depending on your rates and money down, you can probably cover your mortgage expenses and probably your operating costs with your rent received plus your rent savings. You will not have to pay property management because you live at the property and I can tell you are up for it! Then, you may not realize, but even without making any cashflow on the property, you will likely save money on your taxes. You will be able to write off depreciation and your other expenses. Finally each month you are paying down your mortgage and building equity. I say go for it! Many of us got started in situations like you - that can be the best way to get your foot in the door with investing (much harder to go out and find some 1% deal when you are new with limited funds). Good luck!

Don't bother with an agent at this point. Your offer will be more attractive without an additional commission to worry about. Make sure that you use the accepted real estate purchase forms for your state, and Google the hell out of the process. You can do it! Get your escrow agent or title lawyer's attention and talk to them. Dang, they charge plenty, try to make sure that they have reviewed everything and see it you can get it done with out paying extra money. I say go for it, DIY guy!!