All Forum Posts by: Matt Holmer

As part of my due diligence for an area, I created a simple spreadsheet and have began tracking SFRs on Zillow.  I'm trying to get an idea on how long properties take to rent in various areas of a specific town and what the average listing price is.  With my last property, I believe is listed it too high and it sat longer then anticipated.

 I want to track when new SFRs go on the market in a specific area and the property info (rent, sq/ft, beds, baths, etc.).  That part is easy because I can narrow down the search to properties listed within the last week.

However, what I'm trying to figure out if there is an efficient way to find out when the property is removed from Zillow (i.e. it is rented).  Right now, I just type in the addresses every week and see if it is still on the market.  This is rather time consuming. Does creating a property notification on Zillow notify you when it is removed? 

If not, is there a better way to track this other then typing in the individual addresses every week to see if it is still listed?

Thank you for any assistance!

I do not have a huge portfolio, but for the properties I management myself I've been using: Cozy.co

They make marketing the property, accepting applications, screening tenants and collecting payments all pretty easy.  The only negative is that it takes a few days for the rent to process.  Rent is due on the first and typically is deposited into my account within 5 business days.  I just changed my mortgage due date to the 10th (most residential mortgages I've seen are not actually late until the 15th).

I cannot add much to what @Justin Hawker said, except for that location is only several blocks away from St. Ambrose University, which might open you up to some college kids.  Whether that is good or bad, that is up to you.

Agreed, just because something is old, does not mean it is not up to code.  Sure the rules are different for new construction, but there is nothing that says if you buy an old house that you need to rewire the whole thing.

Like was previously mentioned, get a good electrician to come in there and make sure everything is done the way it should be.  For example, if the house does not have a ground, then you need two prong outlets only (or GFI with the proper warning label).  

Get a good inspection, update the panel if needed, have the proper outlets, and you likely will not have any problems.

Re: lawncare, this is what one of my leases says:

LAWN CARE:Tenants is responsible for all lawn maintenance including, but not limited to: cutting, edging, trimming, weeding (inclusive, but not limited to flower beds), proper watering, fertilizing, and insect control to ensure that the lawn, trees, and shrubs are maintained.If Tenants neglects proper yard maintenance, the Landlord or Landlord’s Agent reserves the right to secure services of a professional lawn maintenance company, which will be hired to maintain the Premises at the Tenants’ expense.

Good Morning-

There are a few duplexes in my local area that look great, but due to lack of funds for a down payment, seller financing might be an option.  The properties are owned free and clear.  Before I try to make a pitch, I want to make sure my thought process is correct.  I may be making this too complicated, but math has never been my strong suit.

Assumptions for this exercise:

$145,000 purchase price

$5000 down payment

$140,000 @ 5% interest, 30 year amortization

10 year balloon

Based on those numbers, the monthly PI would be $752.  After 120 months, the total in payments made would have been $90,240.00

Based on a 30 year amortization, the balloon payment would be $111,879.00

The total payments after 10 years is now: $207,119.00 (down payment + PI + Balloon)

So in 10 years there is a $62,119.00 increase in value of the seller's 145k.

Based on these numbers, what is the actual rate of return over the 10 year period?

Thank you for the assistance.  

@Dan H.

Are you putting one of the interior units in each bedroom and then one in the living room? Do they work well enough that you do not need to put one in every other non living space (i.e. bathroom, kitchen)?

How efficient is the heat on these?

How long does a typical system last?

I have a 2/1 and a 3/1 that uses window units and a boiler with in floor heating.  The boilers are getting up there and will eventually need to be replaced.  These might be a better option then replacing the boiler and replacing the pipes if necessary or switching to forced air.

@James Syed

If you search your town and "process server" you'll come up with something.  Also, the local Sheriff's office typically does this as well.

It is my understanding that the 5 day notice is not sufficient by certified mail if the tenant never signs for it. Posting is insufficient, absent court order for alternate service, if the property is not vacate.  

Our process server charges $40 within the city limits. To avoid headache and potential delay, I would just pony up the $40 for personal service of the 5 day notice.

Have you checked out Rent Range?  It is a paid service but seems to provide some pretty good info.  Mark Ferguson from Invest Four More had a good article about determining rental value here:  RentRange; An Easy Way to Determine Market Rents

I have no affiliation with either site.