All Forum Posts by: Kristina Kendall

That is super helpful info. Thank you soooo much for sharing! ;-)

Well, it's 70 degrees here (CA) 300 days/year. The rest of the year is plus/minus 20 degrees. It's hard to consider moving for any amount of money. But yes, I'm putting this $100k out into the ether and either it'll grow for me...or I'll lose it. But I think we all have that risk with every investment, right? I've put more money into less tangible things. And I'm buying under an LLC so hoping that offers enough personal protection...

 LOL. A comparable "tear down" near me would be $500k+. This is $62k. Waaayyyy out of state is really my only option to get into multifamily places.

@Bruce Woodruff, I wish you were in Mansfield, Ohio! 

@Brad Taylor, What did you decide on?

I'm in contract on a duplex in Ohio that will be an LTR and I need to do some rehab before it's rented again...but the current tenants are still there and planning to leave at the very last minute, even though the existing PM told me they were already gone. So, squatting at this point. Since I'm out of state, I'm concerned about them coming back after closing so I need to change all the locks...but the doors are old and gross. Lol. I need to replace all the doors but I probably won't get to that for a few weeks/month. So, in the short term, should I just have a locksmith put in cheap locks all the way around and then I'll swap them out when I put in the new doors? I'd like to use electronic locks so I can unlock/lock out from another state...but I'm concerned about people sharing their codes with friends and then not having personal security in their home. It's not a great neighborhood so break-ins might be common. Is there a lock/app system that easily resets codes for tenants/guests so they can change their code after having guests over for their own safety? Maybe I'm overthinking it...but I don't want their door hacked and to be responsible for their personal property/safety because I didn't provide a proper 'lock-and-key'.

In the short term, you might need to take a day trip out there to sign off on the inspections if no one else can. (I'm in contract on an out-of-state property and expect I'll have to travel out there annually to deal with random stuff that comes up...but I don't actually know. Hoping to find a great PM and contractors that will handle everything that comes up, but that might be naive). Good luck!

Or stupid. Lol. But I've been wanting to do this for a while. Last offer was on a house that was $15k so you can imagine what kind of rehab that needed! I'm glad that didn't work out. This is at least habitable...sorta. And I know I'll regret it if I don't give it a shot. So, fingers crossed this is the beginning of a profitable side hustle for me...and not the failed endeavor that puts me in the poor house! ;-)

It's in Mansfield, Ohio. W 5th St and Penn Ave. It's not a scary neighborhood...just older. At least, that's what I gather. I am getting conflicting info about the rent. The listing said each side was getting $780 but I find that hard to believe considering the floors were mostly plywood or disgusting carpet...and pipes were clogged. But then I talked to a PM today and she said $500 is probably realistic per unit (3/2). Then my agent pulled up a report that said $715 is the average rent in the area...so I have no idea who to believe. But until I get it fixed up, I won't know what it will go for... 

I had a sewer cleaner out there today. He was able to take a look and clear the clogged toilet and he thinks the full repairs will be in the $1k range...maybe $2k if I include a new water heater and a few sinks/toilets. So, that isn't so bad.

I think the biggest expense will be the foundation work, so if that is 10k on the high end, I think that's okay. Hopefully we can get the work done for half that, but I'll plan on it being the biggest budget item.

My realtor told me this morning that the tenants had already vacated. When the sewer guy arrived, there were people still living there (with no gas) who said they'd be there for two more weeks. So, I think they told the sellers/selling agent they would move out and then never did. I will tell the seller that I'm not going to sign/close until it's fully vacated because I don't want to deal with an eviction/squatters, especially since I live 8 states away.

As for the area/tenants...it's a low income neighborhood. The tenants don't seem like high quality renters so I have no idea if they were making payments on time or not. Which is why I want to renovate and make it nicer for higher quality tenants...but it's definitely not a "nice" neighborhood. Which is fine. I want to get into lower-cost properties that I can rehab and hold rather than going into more expensive areas.

I think I'm gonna do it. Eep!