All Forum Posts by: Logan Laperriere

Hi Abigail,

Right now you are losing $30K a year on the property, I would recommend selling. Your property only went up $10K in value over the past 2-3 years, I would not count on it appreciating faster than the $30K a year it is costing you. You could potentially sell the property furnished to someone looking for a vacation home or STR like yourself, that may help recoup some of your costs. Good Luck!

All part of being a landlord. Some weeks we have lots of issues, others none. Thankfully those all sound like minor repairs. I am glad that you are setting money aside for repairs each month. Hopefully you will go for a while without further issues.  

Hi Ben, 

Congrats on starting your REI journey. Check out the events and meet ups section at the top if the page. It's a great way of connecting with local investors.

 Hey Ryan, 

Sellers will potentially tell you on the disclosure statement facts like Age of roof, electrical, HVAC, any history of water leaks in basement, etc. 

However I always recommend getting an inspection done. A typical inspection around here on a single family house is $400-750. Sewer inspections are generally another $100 or so. Depending on the age the home may have Knob and tube wiring, asbestos, lead paint, foundation issues, etc. An inspector will tell you all of those things.

In a house hacking situation I would be upfront and honest. It is better to tell them now and hope that they take better care of the property. It would be an awkward situation if they found out after living there for a while that you were actually the owner. 

I completely agree with @Ned J. You cannot raise the rent until the current lease period ends. If  you do move forward with the property reach out to the current tenants a few months prior to their lease ending. Ask them if they would like to stay, if they would like anything fixed with the unit, and then tell them that the new rent amount will be $900.

The single family for $1100 I would do something similar. I would not raise them up $200 at once. The first year maybe raise it $100. Consider that if they move out you will have costs associated with rehabbing the unit, and have no rental income for 1-2 months. 1-2 months of lost income would be $2600 (at $1300), you only stand to gain $2400 a year by raising their rent by $200 a month. 

Verify that the numbers your agent said are correct. The rent estimator tool does a great job at finding comparable rental units in the area. Make your offer based on the current rental income. If the deal makes since at the current numbers your ROI will be even greater once at market rent rates.

Good Luck!

Hi Andy, 

That is unfortunate that you are having this experience. Have you had a conversation with your current agent about how you feel? Do you currently have an agency agreement signed with her? if so, talk with her and ask for a mutual release. 

When looking for a new agent ask them if they currently invest, and what type of experience they have working with other investors. 

Good Luck! 

Feel free to reach out if you have any questions. 

 Sounds good, I will send you a message. 

Hi Khursten,

Welcome to the Forum! Are you investing locally in the Anchorage area? How is the rental market up there?

Hey Derrick,

Welcome to the Forum!

Congrats on starting your real estate investing journey. I am from the Detroit area as well. What types of properties are you currently looking for? Single/Multi Family, Fix and Flip, Buy and Hold? I have been investing in Metro Detroit since 2014. I would be happy to chat if you ever have any questions.