All Forum Posts by: Mark Caiazza

hi @Krista Patrick, I haven't pulled the trigger on anything yet... Still trying to get a handle on this market. I'm actively looking, but nothing is quite meeting my criteria. As you know, there is plenty of inventory that needs renovation, but the prices remain high.

I have realized there is a very small group of real estate professionals around here; it's an everybody knows everybody type of community. Most of the forward thinkers are on BP though ;)  I'm going to try and get the group together next week for a meet-up... I will add you to the PM.

@Richard Cook Welcome to the site! I agree with the comments on multi-family properties and using the VA; you will be able to acquire so much more property with less money. Capital gets more expensive an difficult to get when you aren't dealing with a primary residence. However, living in a multi-family property may not be the most desirable situation for you and your family.

Check out AHRN.com if you haven't already... a lot of military members use that site to find rentals when PCSing; it will give you an idea of what is available and help you analyze the area. There seems to be quite a bit of rental competition around Sheppard AFB.

Good luck!

@George N.   I have to be at work at 630pm tomorrow.  I'm going to try and reschedule for earlier in the day, but it doesn't look like I'm going to make this one either.

Hi all! I'm another Great Falls regular and would love to see some more faces at the landlord meet-ups (2nd Tuesday) or even start a new one with BP members.

@Patrick McGowen I think the newsletter is a great idea for keeping us MT folks connected and informed about the local areas. I've been interested in trying out the cash flow game, just never got around to it. I may need to sneak down to Bozeman one of these days. Maybe our Great Falls crew (@Peter Dascoulias II, @George N.) will take a field trip

@Shaun Moore thanks for starting the thread and getting us all connected!

Oh no! I didn't realize you were a Patriots fan... Now I have to drop you as a colleague! Just kidding, I'm just mad because my dolphins are having a rough season.

Good luck on the PSI exam!!

Welcome to BP! Sounds like you are starting the right way by getting a good knowledge base. Look into buying your primary residence at every base you PCS to throughout your career; it's a great way to build a portfolio, especially with your VA loan.

@Aaron B. I don't have a hold/sell recommendation as I am unfamiliar with the market in northern VA, but you may want to check if your lender can offer a loan modification. There are numerous hardships such as your career forcing you to move out of the area that they have programs for. It's a bit of a hassle with all the paperwork and phone calls, but if they approve an interest rate reduction you may be able to make the property cash flow.

Evans Wright Congrats buddy! Now you have to come to the monthly meetings to get land lording advice lol. Talk to you soon!

To avoid confusion, it should spell out exactly in your lease that you must "receive" rent by the 3rd or there will be a late fee. I have seen leases stating that mailed rent check must be "post marked" by a certain date; that way the tenant can't blame other factors. Military members get paid like clockwork on the 1st and 15th. Since he is already doing direct deposit, why don't you request that he set up auto-pay through his bank? I have two military tenants and both have direct deposit auto-pay set up... I have never had to worry about late fees.

@Troy Kerr first of all, congrats on your first rental!

$2200 to $1850 seems like a pretty big jump, I'm curious how you arrived at that number. you want to make sure you are looking at other properties in that area/neighborhood and comparing the rents. Lowering your rent to fill a property faster is not a bad strategy, but you don't want to cut yourself too short. In my experience,  an inflated rent will attract desperate tenants... and you probably don't want that. 

You can definitely raise the rent when the lease is up. Although, if you are going up by a couple hundred dollars it would be wise to give your current tenants enough notice as their income may not support such a big hike; you may have to fill it with new tenants. 

As for the property management question, I am not a big fan; especially on such a new property. I remotely manage two properties (1 built in 2005, the other in 2007) and I field about 4 phone calls a year... Simple things like the garbage disposal clogged or the HOA needs them to pull weeds. I'm not saying you will have the same luck, but if you have a few minutes to check your email and make a phone call then you are capable of doing a property managers job. $185 a month to do nothing for 10 months out of the year seems like a waste of money if you only have one property to manage. Of course, filling the property if your tenant moves out is more complex, but if you have your paperwork and policies squared away, it is just as simple.

There is some great information on this site about managing your own properties; you should check it out and get comfortable with what is involved and save yourself some money.

Hit me up if you have questions, I will be heading to the Virginia beach area when I retire from the Air Force.

-Mark