All Forum Posts by: Katie Fiola Jones

I agree with the above feedback! There is a lot of risk when having your own tenant manage your units. It could get complicated if they ever felt they deserved more. 

It might be worth testing it our yourself for a few months to a year to see how that goes. If the workload is too much find a PM at that point. But if have good tenants there right now, then I really don't see the need at this point. 

Hey @Adrian Cartis

Welcome to BP! 

I was in your shoes a few months back - I live in Denver, but wanted to invest somewhere else. I was having trouble picking a location and kept bouncing back and fourth from a select few places. 

The best advice I can give you is to narrow it down to 3 cities. Start networking and calling realtors and property managers in those areas, and make your decision based on who you feel can help you achieve your goals the best. I did this for a few weeks - called and talked to a lot of different people. I found an agent I love working with and that's how I decided to invest in Indianapolis. 

All of the markets you mentioned are great places to invest in, but it really comes down to the people you have out there. If you don't love and trust your team, you wont get very far in real estate investing. 

I highly recommend David Greene's book Long Distance Real Estate Investing. I read that book and then the idea of investing out of state didn't seem so scary any more. 

Another piece of advice, once you decide on a location, try to become an "expert" in that place. I am constantly trying to learn new things about Indy so that I understand the market. 

Good luck! And have fun! 

Hey @Travis Dutro 

Welcome to BiggerPockets. You've come to the right place if you're looking to invest in real estate. The podcasts are great and super motivating. 

Have you thought about your criteria for your rental property? Where are you looking to make your first purchase? 

@Daniel Green Hey Daniel, There aren’t many properties here in Colorado that guy your criteria. At most with that price you’re probably looking at condos or some townhouses that need a decent amount of work. Is your budget a cash budget or is that with conventional financing? The market out here moves very quickly and there are a lot of people coming out here with cash for the best investment properties.

@Kim Cooper Hey Kim, I’m not sure about the laws in Michigan, however I would recommend only charging them for the cost of the background/credit check. By charging higher prices you may chase away some people who would have applied if it were not for the high app fee.

@Kevin Starkey Hey Kevin! Congrats on your first purchase! It sounds like you are off to a great start and you’re asking a lot of the right questions. My husband and I are under contract right now for a duplex in Lebanon. It sounds like we have a lot of the same goals as you and I’d love to connect with you. Would it be okay to send you a message and hear a little bit more about your strategy? Also, I am a property manager in Denver. One thing I recommend to people is that if you have great tenants who pay rent on time, and are not a hassle at all - keep them around as long as you can! It will cost you a lot more for him to leave. You will need to do upgrade and repairs, pay for utilities yourself, advertise, and you could miss out on a month (possibly more) of rent. You may want to try raising the rent a bit, but I would suggest only by a small amount. You wouldn’t want to risk losing a great tenant! That’s my thought on it. =] hope this helps! And I hope we can connect soon! Thanks

@Jacob Murphy

That should hopefully do it!! Let us know how how the experiment goes. 

@Jacob Murphy I work for a property management company in Denver. With our properties we have done ozone treatments or KILZ on the floors before putting down new carpet. Once you paint and everything that usually helps a lot too.

@Amie Lieurance knows the market in Anderson. I'd recommend connecting with her! 

Hi @Kevin Grinstead 

Can you clarify what you mean by they can get a second on the home?