All Forum Posts by: Kevin Aumack

@Nathan GesnerThat makes sense, thank you. I will consider what may be worth upgrading versus just keeping as is. 

@Evan Polaski That is also part of my thought process beyond just the numbers on the P&L (more intangible aspects). I do suspect that if I upgrade it would eliminate the worry of maintenance since it has been so long since anything has been taken care of and I feel as if I left it as it as now, the tenants would neglect the property more so then not.

@Andy Grizzell I agree. I was leaning towards renting towards families even if it meant receiving less income because I felt they may take better care of the property. I may then have to lean towards more amenities in that scenario.

@E.S. Burrell I like that idea. Instead of putting everything out all up front I could do it incrementally to make sure the property is bringing in the returns I suspected it would. I think I will finish with the outside (I have already started this) and maybe update the kitchen and do the rest from there.

Thanks everyone!

@Kevin Sobilo Yes, I put much thought to the situation and I do want to rent the property out. My only other options would have been to sell it which I did not want to do or let a family member stay there since I will not be occupying the property. I will not be self managing the property as I will be hiring a property management company to do most of the legwork. This will be my first rental property so I am trying to learn how to approach it.

Hello,

I have recently inherited a house that is near a college. It is around 2,500 sq ft with 4 bedrooms and 2.5 baths. I just replaced the roof on the property but I am now wondering if I should make any further updates to the property or if I should just rent it as is.

My dad built the house in the 90's and pretty much has not been updated/maintained very much. It is a tough decision for me on whether to update it or not because the property means a lot to me personally.

I believe I can currently get around $2.5-3k in rent but I am not sure if any upgrades would add value. I do not plan to rent to college kids but I am not against it if it becomes my only option at certain times. 

Thank you.

Great, thank you. I will take a look at the asphalt architectural shingles that you mentioned as a starting point. I will also compare the costs between the 20 vs 30 year shingles, etc to see what is most cost effective but good quality.

Hello,

What type of shingle or other material is best when redoing a roof on a rental property? I am trying to get some ideas as I am new to this. Thank you.

Thank you for your reply and condolences Joaquin.

I will go through and figure out the monthly expenses. Do tenants typically pay the utilities and such or would it just depend on what I specified in the lease agreement?

Yes, the other option would be to sell. If I did sell, my initial thoughts are to use some of the funds to purchase/build my own home when I move. Then, I would take the rest and put in it stocks until the rental market cooled down and then I would purchase a rental property in the future.

I am not totally sure of my numbers yet but it seems as that it would be more profitable to sell since it may take many years to get that same amount of money through income each month.

I appreciate your advice here, thank you!

Hello Everybody,

This is my first post here. I am interested in getting started with renting out quadruplexes or larger rental properties. However, my father recently passed away and I inherited his single family home. 

The real estate taxes are currently around 8k per year but I expect them to be reassessed to around 10k per year. 

The house sits on about an acre of land which I know will cost quite a bit to maintain the property each month. 

The house is worth somewhere in the ballpark of $300k.

I am not sure exactly would I could fetch in rent per month, but may be somewhere between $2k-2.5k. 

The house was built in 1990 but it not modernized to say the least; the interior still looks like you are in the 1990s when you walk inside. 

Otherwise I believe it is in good shape; my dad built the house from ground up. I do see a potential problem with the foundation but I think it should be able to be corrected (when looking at the house from the front, there is some cracking along the cement portion of the porch but nothing else is visible to me at this time).

My question to the community is: would this property be worth renting? It is hard for me to make this decision just based on the potential numbers because I have an emotional attachment to it but I am looking for an objective view from someone who has a different perspective then I do at the moment. Thank you!