All Forum Posts by: Cory Mickler

as a general rule I never rent to friends, familk or Co workers as it Can complicate the landlord renter relationship and strains the work relationship. Be careful, your Co worker may spread rumor about you at work being a slum lord to get out of paying rent And your gonna look like the bad guy if you evict your Co worker but it may have to be done Regardless. 

The key to building a cost effective bathroom is to build by the existing plumbing fixtures. I am assuming its a 2 story building since its 3 bedroom so if the bathroom is in on the first floor you can try to build a second bathroom in the upstairs directly over the existing one or vice versa if the bathroom is on the second floor. This way you don't have to rip out too much stuff to add plumbing fixtures.

If you have a basement you are in luck because you can build the second bathroom directly where the plumbing fixtures are. all you have to do is get a cement saw to cut out a hole for the toilet to reach the sewer line. Its not a big job if you know what to do and hopefully your dad can help you. I have done this myself. I paid 500 to have some one add the sewer pipe and then it was just the costs of framing, drywall, paint flooring, shower, toilet, and sink. I paid just under 2k total but did most of he work myself.

If your space is limited try going for a half bath with a toilet and sink.

Also you mentioned a large yard. Perhaps you could add a second bathroom by building outside next to the existing bathroom. You will have to pay more for costs for siding and roofing but if you can do it yourself the costs would easily stay under what the costs would be to add plumbing fixtures.

It really depends on your client base. Most families with children will not want cement in their house as they may view it as a safety hazard to their child.

If you are marketing to college kids, then cement is the way to go because it is easy to clean vomit and spilled beer after parties and cement doesn't stain as easily as wood or carpet.

Personally I go for what I like. I wouldn't rent out a house that I personally would not want to live in and I personally would not want cement flooring in my living room or bedroom or kitchen so I would put down wood flooring.

I can see a law like this coming into place but the lawmakers are not considering every aspect of how the law will effect the community if they apply it to every one.

If a 25% flipping tax applies in every situation then dilapidated houses are going to stay that way with no one that is motivated to renovate them. Either the profit is to marginal for big time flippers or small time flippers won't be able to make a profit.

I think a tax would only be applicable if the flip generates over $100,000 in revenue.

This gives the city their piece of the pie while allowing small independent flippers to continue their own ventures.

My personal opinion is I would ask the tenant if they would be happy to settle if I allowed them to leave the contract. This allows the tenant to relocate for another job and it gets you out of having to pay for legal fees. then you can keep the down payment to pay for repairs. problem solved!

If this route of approach fails then consider giving back the down payment or calling a lawyer and insurance company.

I say go for it! You can easily add a second bathroom to your building and 2 bathrooms is much more attractive then 1 bathroom. I have seen lots of houses turned into dorm style buildings with additional rooms such as dining rooms and living rooms being turned into spacious bedrooms for rent so you may even be able to expand your 3 BR 1 BA into a 4 BR 2 BA to optimize profits.

30 minutes to campus isn't bad at all and students can study on the bus on the way to class. Make sure that parking is available on the property or the street so students can drive if they want/have to.

Also make sure the the bus transports frequently enough that the students can get to classes in reasonable time.

Good Luck!

Wecome Devin!

Real Estate can be tricky but quite rewarding once you have established yourself.

I know Markwest is a big oil company in PA and they have alot of work done in PA. I recomend you buy some duplexes or fourplexes and rent them to local frackers and oil workers who are working there out of town.

Keep in mind that alot of properties in that area are inflated and will probably decrease in value after the temporary work is completed but alot of permenant jobs are being created so the housing market overall is looking good.

Good luck! Hope you accomplish your goals and using Bigger Pockets can definitely help you get to where you want to be.

At 1050 per unit that is already 75% occupied, you are looking at a great potential property.

If your looking to ask LOTS of question here are a few questions I would would ask.

-Ask if you can speak to the current residents and ask them how long they plan to stay, if they are happy with the rental property, etc.

-Ask if the building is up to code and ask if there are any repairs that will need to be done immediately or in the near future. Buildings that are older then 20 years will usually require some maintenance such as plumbing, AC replacements, etc but the rent should easily cover those expenses.

-One of the biggest things you should ask is if the tenants pay 1050 a month and utilities or will you be responsible for payment of the utilities? Some tenants will keep lights on 24/7 and leave AC's running on high 24/7 resulting in high electric bills as well as frequent AC repairs so keep that in mind as that can hamper your income. tenents that pay their own utilities are usually more frugal with utilities and don't leave AC's on for long periods of time.

Good Luck! hope everything goes well!

I would also like to know if there is another way I can verify how much rent I can demand in this location. I noticed a few places pay the water but the utilities are largely left up to the tenants in nearly every ad I have seen so I am assuming I can charge rent and utilities. I think I just answered my own questions here...

I am looking to buy out of town property. I am familiar with the area and travel their frequently. I looked into the average rental price and I found that it was around 600 month plus utilities at the minimum.

I cannot locate any rentals in the immediate area on craigslist but rent-o-meter reports that the properties will rent for 850-900 a month.

I am nervous because I haven't rented any properties in this location before but It seems reasonable that I could fetch 850 a month plus utilities except water and I could easily make a tidy profit even renting as low a 550 a month.

Is the property worth investing in or should i stay away from it?