All Forum Posts by: Mark OGara

@Adam Martin

Hi Adam

We own rental properties in another state and get calls and letters from investors and real estate agents all the time.  Some are more thoughtful than others and most do not know anything about the property.  My suggestion would be to do a little homework and research the property, then send a letter that tells the owner you know a bit about the property and are they interested in selling.  I would not mention any negatives in the letter.  

@Iris Felder

I would look for a local real estate investment club and also ask the realtors in your network who is the most dynamic real estate investor in the area and why?

@David Deyo

I would finding the local real estate investment club to find potential investors.  You could also run ads on craigslist using some of the properties that you find.

@Matt Pickell

Hi Matt

Thanks for the note and we are always interested in meeting up with folks interested in real estate.  We were at the ACRE meeting on Tuesday, one of the better sessions.  We really enjoyed Rich Hook, he was engaging and we learned a lot about marketing.

We are down in the Bellevue area almost daily so let me know if you want to grab a coffee sometime, perhaps we could meet at the Muddy Cup on Lincoln Avenue?

Cheers

Mark

@Paul Smythe

Hi Paul

I would have a builder or a foundation guy look at the property and try to determine where the water is coming from.   We are in the last stages of a flip and we found out there was water in the basement after a heavy rain.  The water leak was actually caused by two sources - one was the landscaping in the rear of the house sloped toward the house and the second was a active spring close to the side of the house.   So we fixed the grading around the back of the house and then had to dig a ditch 6 feet deep along the side of the house to channel the spring water away from the basement.  Our total cost was about $3,000 and our builder had a small backhoe - we did not have to hire someone else to fix the problem.  First step is to determine the source of the water.

Best of luck

Mark

@Account Closed

Hi Eddy

We look at two factors when we increase a current tenant's rent - time in the unit and how does the unit compare to the market.  For the time factor, we do not increase a new tenant's rent for the first two years and after that we will increase rent by 3-5% annually until the we hit the market rate.  When a unit turns over, we go in and update the unit and then put the unit up for lease at the current market rate.  

@John Suralik

John

We just posted a duplex and the majority of responses came from Zillow and Hotpads by a factor of 10 to 1 for Zillow.  The young professionals in the Pittsburgh market seem to prefer Zillow to Craigslist.

@Blaine Simmer

Hi Blaine

Thanks for the note and we should grab a coffee sometime and compare notes.   We like Bellevue and Avalon for the same reasons although finding decent investments is getting harder every year.  Long term landlords want to sell their properties at a premium and yet they have a lot of deferred maintenance and have not actively kept the rents in line with the market.  

Have a great day

Mark

@Austin Barton

Hi Austin

Congrats on closing on the property.

We have done both, assume a current lease and had a tenant fill out one of our leases, so there is no "canned answer".   I would review the terms of the lease and if this is your first property, have your lawyer review the lease.

I would also recommend you have a set of rules and regulations that you want the tenant to follow.  

Good luck

Mark

@Joshua H.

Hi Josh

Thank you for your service.

We have had a few interesting tenant stories, mostly in our first year.  We have upgraded our units over the years and the quality of the tenant has improved.

I could use a referral for a good concrete/mason contractor for property we are working on in Bellevue.

Have a great day

Mark