All Forum Posts by: Megan Elliott

Hi All! Looking for ways to offload some of the work that comes with RE investing. As my portfolio grows and general life is getting busier, I am looking for some ways to deal with some of the more mundane/routine tasks. I keep hearing about how much a VA can take off your plate (not just with RE) and was wondering if any of you'll have experience using one and how you went about it. I was thinking they could take care of things like research options for insurance, find contractors for repairs on rentals, intake tenant maintenance requests, assist with finding deals, and organize the documentation for each property. Our portfolio is geographically spread so hiring pros in a specific area doesn't make sense for us. Thanks for your thoughts and advice :)

I’m so sorry that sounds miserable. I would discuss her leaving the lease early. If she says no you can at least have the fact she chose to stay on your side and if she goes you won’t have to deal with her the rest of the year. If it’s under mutual terms you may both end up happier. 

I tend to invest in cheaper markets, so with the rates this high, I would outright buy a foreclosure and rehab it. It is enough money to cover the purchase and the rehab. There would be no need for figuring out lending and it would be a quick close. After the rehab, I would likely rent it and bring in a high cash flow for a few years before selling. I am not a full-time investor/flipper so high passive income in the least complicate manner is my goal.  Thats awesome you have $250K to deploy, good luck!!!

@Dave Foster is there a certain amount of time you have to wait to convert the 1031 property into your primary residence?

@Tanner Pile We actually just bought a duplex and are house hacking now, but will definitely consider it in the future.

@Nicholas L. @Joel Case I don't have to sell, but was exploring some options.  A few reasons why I was considering is 1) I live in NY and the home is in NC so turning over tenants isn't easy 2) the home is getting older so more expensive repairs (roof, windows and appliances) are likely around the corner and 3) while the current cash flow is good it isn't in an area with huge growth. While none of those reasons necessarily scream sell, I figured its worth looking into since the tenant is interested.

@Ke Nan Wang - Thanks so much for the detailed response! The higher interest rate was the initial reason why I started considering it.  It would increase my CF on a home I already own, plus on the flip side its harder to find a good deal for me with the high rates. The home appreciated so much in the last few years that I think it either hit is max or is close to it for the neighborhood.  It's not typically an area that appreciates. Thanks again for your help. 

I have used avail.co for 4 years now and love it.  They have a free option, but I ended up upgrading to the paid. I have all the payments, maintenance requests, and lease renewals go through the site. They assist with getting the listings on to various real estate websites and have tenant screening tools. I manage 4 properties through them currently and will be adding another one shortly. My tenants seem to find it easy as well. 

My tenant of four years recently mentioned she is interested in purchasing the home. While I wasn't planning on selling, the offer has made me consider seller financing - I own the home outright under my LLC. I am new to this arena but it seems like it could work out well for both of us. She has been a wonderful tenant and has paid rent on time every month, including through the pandemic. This would allow me to keep getting monthly cash flow, even higher with the interest, while not having a property manager. From my understanding, it would help her avoid closing costs. I currently don't have the desire to turn a sale into a new deal right now because I am super busy with my newborn and full time job. Does anyone have any recommendations or information on how to set up/offer seller financing? Any alternative ideas are also welcome. Thanks in advanced :)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $204,000
Cash invested: $50,000
Sale price: $289,000

Live-in flip! Bought knowing I would be moving in 2 years (just enough time not to pay capital gains on primary residence). Bought an outdated SFH and fixed it up over the two years while I was working full time.

Investment Info:

Condo buy & hold investment.

Purchase price: $368,000
Cash invested: $50,000

Both condo thinking we would live in it but ended up moving. Currently renting the condo.