All Forum Posts by: Kiley N.

@Mike Ball

I recently closed a Fannie deal in Huntsville and can share some of the area-specific aspects if you'd like.  As I recall, you have a bunch of units there already right?  

@Brian Morreale

If the plan is to keep your rents where they're at, you might consider doing a half-off first month's move-in special.  Sometimes the costs of moving + SD + 1st month's rent can be a barrier for tenants.  This gives them a break on that while also maintaining your desired rental rates.  As @Andrew Gingerich said, keep your screening standards though.  

Hey @Alex Sabio I have a reference for you.  Will shoot you a DM.

Cell and molecular biology.  

It hasn't helped in a literal sense but I have found it useful to identify biological concepts that are present in situations involving human nature - including business and REI.

Great question @Yonah Weiss , it's been a fun read.

@Zac Boelkow

If you're planning to raise rents, I'd probably prefer to have the seller out of the deal entirely given that he has stated that he does not want any of them raised.  If you must have an agreement to limit rents in order to close this deal I would want to get something in return.   

If the market is at $750/$850 you should have no problem getting these leased up at the low end which would still be a substantial increase over the $625 currently.  It'll be more upfront cost with turnover though so make sure you budget for that.  

If it sounds like too much involved to make this work for you, maybe you leave the seller knowing you'll still be interested in the future at your basic terms and move on.  

@Kenny Schumacher :  Welcome to BP and great to hear that you've already found a good deal in Huntsville!  The magic of BP to inspire action and connection is truly amazing.  My partners and I have been active in Huntsville from OOS for a couple years and it has been great to connect with others who do the same.  

@Kevin Young :  There are many investors from California making investment happen across the US.  See if you can attend a meetup in your area or connect with other investors on BP and ask if you can buy them a cup of coffee.  This would be a next step in the learning process.  Finding BP and engaging with other investors is a good start!

I'm in the LVP camp as well.  Durable, looks great, easier to clean.  I also find that tenants prefer it as @Frank Wong mentioned because they are also aware that carpets in a rental are used by all the tenants before them.  Check out the other listings in your area for rentals at the same or nicer condition than yours and see what they are using.  

@Zac Boelkow

When you say that you have put him in the driver seat on this deal, what did those terms come out to?  And are your numbers still attractive at $150k with 3% and 30 yr amo. if you can't raise the rents from $625 for the next ten years?  

Also, market rents of $750 sounds low for a well-to-do experienced RE investor's residence.  What kind of area is this?  

@Gary Michalske

DMed you.