All Forum Posts by: Kelsey Maren

I would contact your renters insurance since that should be something they cover. If they don’t cover it all then I do think the property owners insurance should get involved. Owner should be happy it was caught right away. 

Have you thought about doing a rent by the room type model?  You may make more money and if you're already collecting 5 different payments, the only extra work would be having to draft five leases for each of them to sign rather than just one. 

I use apartments.com to manage my one LTR.  Posting it for rent on facebook marketplace has worked best for me.  This is my system:

-If they send a message that they're intersted I send them a link to a google survey that I've made.  The google survey asks them questions to see if they meet minimum qualifications.

-If they take the survey and meet minimum qualifications I call them and verify requirements, etc and answer questions they have.  I'll send them a video of the place if they want.

-If they're still interested, I send them a link to the apartments.com application

-Once they fill out the application and I screen their employer and previous/current landlord, I will then show them the place.  

My LTR is rent by the room so maybe this works better in this situation but I never show the place until their application is submitted and they pass all minimum qualifications.

Hope that helps let me know if you have any questions!

I’ve found with my rent by the room in Raleigh that university students and young professionals are the folks who reach out. Traveling nurses generally want their own space. 
I use apartments.com and call each bedroom a “unit” then in the description emphasize that it’s one bedroom of four with shared living spaces. 
Although I get a lot of interest from apartments.com leads, all of my places tenants have come from Facebook. 
I do not show them the apartment until after they do the background check. That way I know they are serious. If you had remote locks on all doors and alerted current tenants you could potentially get on a video call with them when they arrive and show it to them remotely, unlocking the doors for them. I also have a video I made that I can send them if they want to at least see that before doing the apartments.com credit/background check. 

It’s worked for me! I’ve had a couple tenants that even rent it without seeing it in person first because they’re moving from out of state. Possibly having a seller rating on Facebook helps with credibility.  I’ve also had potential tenants ask to speak with current tenants which I’ve facilitated. 

Females are understandably more cautious about a shared space so all of my renters have been male.  

@John Warren thanks for reaching out! I would very much appreciate being added to the reminder emails - thank you!

Thanks @Jonathan Klemm, will message you now

Are there still West Suburbs of Chicago meetups happening?  I'm new to the area from Raleigh, NC.

Hi Robert,

Great job just getting started crunching numbers and reaching out to fellow BP'ers.  My two cents while you're practicing analysis:

-Double and triple check your rent numbers as that has a big bearing on your cash flow

-In addition to vacancy and prop mgmt, always include capex and maintenance (at least 5%)

-Up your down payment to 20% if you live in Raleigh and are buying an investment property in the area

Once you get a feel for the analysis part and are comfortable with the market you're looking in:

-Get a realtor

-Get pre approved 

-Start looking at deals!  

Keep in mind the cash needed up front to get the property rent ready.  Not only big ticket items to consider for down the road (or immediatley if needed, like new HVAC), but all the smaller things that might be needed to get the right tenant (ie, fresh paint, small updates).

I'm in Raleigh as well.  Let me know if I can help with anything!

@Rik Hunter thanks for your insight.  It's exactly my concern, that the greater amount of work won't yield a return that makes it worthwhile.  I have used Airbnb and furnished finder for some prelim market research so might have an idea of rate but having a hard time reaching any conclusions about the occupancy I can expect.  I may try it with one of the bed/baths in the unit and see how it goes.

@Bob Evans Hi, where did you do your market/data analysis for the mid term rental?

Thinking about switching over to that from LTR in Raleigh but unsure of demand and determining the monthly.