All Forum Posts by: Kyle Spearin

@Keegan Darby when you sell, what's your goal with the proceeds? I ask that because that would help inform the strategy.

1. How old is the property and the major systems? Without knowing this, I'd probably recommend driving by every once and a while or talk to neighbors to get the scoop. In terms of actually going into the property, I did a check-in at 6 months on my properties, but not sure whether that's too much or too little.

2. I do everything via email. Tenants can't text/call me unless it's an emergency.

3. Quickbooks.

4. Apartments.com is awesome for this.

5. Seems like BP offers good ones and you can always customize them to your liking. Alternatively, you could work with an attorney or real estate agent to help and pay them a flat fee.

6. Personally, I think that could get messy and confusing. I like things cut and dry so there's no opportunity for misinterpretation of who is covering what. You could try setting up a zillow listing and paying like $35 to boost it to get more visibility, post in FB groups, etc. to get it rented faster. And lowering the rent (which no one likes to hear and it sucks) also works if you're worried about vacancy.

@Jonathan Timm there's nothing wrong with slow and steady! 

In regards to starting a property management company, I think it's a great idea if you enjoy it--- but first, I would make sure all of your systems are on point and you learn everything you can about this avenue. I see that your location is Hawaii, I'm guessing the short term rental market is awesome there, so perhaps you could be an in person, boots on the ground for investors on that front. Another thing I'd highly recommend is talking to property managers on BP to get some feedback-- it's probably very rewarding and can produce income without many starting costs, but it does come with headaches.

By thinking about your next steps, you're already on the right track. Keep it up!

@Sanket Patke this is a dilemma that many high cost of living area investors are facing and you ask some really thought provoking questions.

Touching on appreciation. I know that Burlington is a great area and it may have appreciated 25% in that time span, but that factors in the HUGE bumps that the covid market gave every area. I would not count on appreciation being anywhere near there because the economic factors have changed--namely higher interest rates. With that said, if you believe in the area long term and think that your losses in the short term will be offset by growth in the future, just know you're rolling the dice by making this play.

Cashflow thoughts. Any house can cashflow if you put enough money down--would you be open to putting more down to ensure cashflow in the short term and ride out the appreciation play?

Alternatively, there are areas where you can get more bang for your buck and cashflow such as Lowell, Manchester NH, Worcester, New Bedford, and I'm sure plenty more. These are multi family hubs that can produce good cashflow, but might not appreciate the same way as Burlington. 

@Brian Jasinski I would pull comps and show them what market rents are as a talking point. Given that it's almost a 50% increase from the existing rent price, you might want to set a timeline of 2 or 3 months before it taking effect so they can find alternative housing if they plan on vacating instead of staying at that price point.

Another option could be to ask for the rent increase, but offer something in return. For example, I upper the rent on a tenant and offered storage space so they saw added value for the increase.

@Richard Pennington I'm speaking to a closing attorney in the RDU area next week about this and will report back.

@Kaustubh Vongole, nice job on narrowing down your potential markets! All of the BiggerPockets podcasts are amazing, so check those out. I'd also recommend the Betterlife podcast and Real Estate Disruptors.

@Chris Furry congrats!

@Daniel Tanasa nice work!

@Tarek Lasheen where are you investing?