All Forum Posts by: Mackenzie Grate

 It's held up surprisingly well. You can seal it. That definitely helps. And if they do cut on it or it takes a beating, you can sand down and refinish them easily. :)

Guesty is also great. But know that most of these online services have subscription costs. Calculate that into your numbers. They will pay for themselves in the end and reduce your headache and hassle. So don't over think having a monthly subscription for an online system that can essentially manage your properties remotely. They are totally worth it in my opinion.

Good luck!

Hi! Congrats on saving so much and finally taking the steps to jump in! You got this!

In terms of your questions about how much you should spend...that is super subjective. You guys have to get together and look at your goals and what type of investments best align to your goals. Once you do that, you narrow down the areas that meet that criteria. Essentially you work backwards. I can't tell you how much, nor can anyone else because that is something you have to figure out based on your own situation.

I will recommend though spending as little money as you possibly can though to start, as long as the properties cover their expenses and cash flow the minimum amount you need. So if you can do that with an FHA loan and 4% down, do it. If not, and you need to put down more earlier on so that the cash flow better meets your needs, do it. There is no one size fits all. So you will have to have some indepth conversations around your goals and what returns you need first and then work backwards from there.

Hope that helps! Congrats again! You got this!

How did you set this up?

I am so glad you are asking this! Most people skimp on thinking about this and that's what ends up hurting them when it comes to renting them out. That's why as a realtor, I also became an interior designer because now-a-days a place has to look good to rent. We are such a visual society and there is no going back on that. So thank you for not just going to home depot and buying whatever is on sale and putting it in. That always makes it so much harder to rent, or secure a great tenant.

Here's my standard go to list now for long term rental updates:

-LVP that looks like wide plank white oak

-Ultra Pure white on all the walls

-Vertical/ modern stack backsplashes and showers

-Pop of color on the cabinets (pop of color can include black too)

-Butcher block countertops (lower end) or white quartz countertops (higher end)

-Modern light fixtures in brushed brass

Keep it neutral still but a couple of style choices with the light fixtures (which are cheap) and it will appeal to the masses.

Good luck! You got this!

I feel like this is a common concern most people have. The only way I have found to get around it is to do bigger rehab projects that scare people off. Look for the houses that have a problem that no one wants to touch and develop that as your niche. Maybe it's mold? Maybe it's foundational issues...whatever it is build a team around that. That is where you can still get the good deals but it does take a lot more work.

Good luck! We are all able to relate to this challenge you have for sure!

Hi! It is my understanding that they use your tax returns to verify your income. As an independent contractor, it definitely is harder to get any loan. But if you have filed taxes for the past 2 years, and have shown consistent proof of funds, I'm pretty sure they will work with you. In terms of the AWA Income declaration, you are falling into a common trap that many people fall into. Any income you don't declare on your taxes does not count as income when you qualify. It's that simple. You may have earned it, but if there isn't a paper trail and proof you paid taxes on it, traditional lenders won't be able to use it to help you qualify. A lot of small business owners face this challenge by utilizing tax strategies to reduce their tax burden...it catches up to them on the flip side though. It then makes it look like they earned way less in the eyes of the government. So keep that in mind as you plan and file taxes moving forward. You may have to use a different type of loan, which of course wouldn't have as many benefits as the FHA loan. But there are commercial loans, private lenders and worst case scenario, hard money lenders you can use.

Hope this helps a little bit! Good luck and don't give up. Where there is a will, there is a way!

I generally would ask the same questions of one that I would be interviewing locally. Check for references, comps on their rental information, sample leases, who is running the company and their background, insurance coverage and what all is included and the fee rates. Additionally though I would ask them about Facetiming. If I am owning a place out of state, a property manager can say anything or photoshop any picture to show me the condition of the house. So I would ask them to be available a few times a year to Facetime a property visit to check the condition of the house.

Also, make sure that you too are up-to-date with the local rental laws in that city, state and county. Don't rely on the property manager to know them and/or follow them. You need to know them inside and out first so you can verify they are handling the legalities in a correct manner because ultimately you are responsible for following the laws.

Lastly, how willing are they to talk to you and how genuine and sincere do you feel when you ask them questions and receive answers. The same intuition you use when meeting someone locally should be applied here. If someone is rushing to get you off the phone, or they are extremely sales pitchy...keep looking.

Congrats on taking this next step! Super excited for you! You got this!

I do. :) I have several clients who have purchased similar properties there and I also am an investor in the area. What are you looking for help on specifically?

 You definitely can sell for friends and family. I do that all the time. It more becomes a conflict as a realtor when you go to purchase yourself. You just always have to disclose you are an agent when you go to buy and you are representing yourself. :)