All Forum Posts by: Michael J Callinan

 My first handful of deals I always tiled the showers, even the "kids" bathroom. I met with another investor for lunch one day who is also a realtor and he said why tile, I see shower surrounds in 700k homes for sale all the time. Ever since then I stopped tiling and installed the surrounds. Not once has a buyer commented whether they bought the home or not about it being a surround instead of tile. Last but not least saves money too!

It's nice to see motivated high school students. My personal opinion is if you truly want to be in real estate then you don't need college. I have many colleagues including myself who went to college and ended up in real estate which college added nothing to the experience. There is one reason to go to college if you are not looking for a specialized field: networking! If I knew what I do and know now at your age I would find a person/company to attach myself to and work for free. Pick up a second job/side work to pay your bills, whatever it takes. Do as much as you can for this company and when they see your effort they will reward you with knowledge and experience. I personally wish my parents invested in a multi instead of college for me. There is nothing like real world experience and while books can help, it is always different when you are right in the middle of something and you have to figure out a way to solve the problem. As many here have mentioned make sure you are pursuing this because of a strong why/passion not because of the paycheck. Believe me, if it was only for the money I would have quit a while ago. Best of luck to you. 

Look up CT REIA. they meet every month, the next meeting is next Monday. I've worked with the owners, they are a good group of people. Start there.

Go to meet up and REIA meetings to find like minded investors. You might be able to find someone who has some money but doesn't want to manage the property. Split the deal together. Also reach out to your insurance broker, realtor and attorney for others that invest. They may have someone they know.

Everyone of my tenants is required to have renters insurance. I explain to them that it not only protects us it protects them, sometimes even more so. If we have a year lease then at renewal we need updated renters insurance policies to continue to rent. Anything that is related to the tenant causing damage should go on their policy-mistakes unfortunately happen. 

Generally the renters supply their own units unless you purchased or have them onsite. I would look into the rental comps to see if the competition is supply their units with washer/dryers. 

In a single family I would put a dishwasher in if you have the room. It is a nice amenity and at some point you will be selling the house to someone who may live there and not rent it out. You are already gutting and redoing it, they do not cost a lot of money. 

You should explain to him that you do everything possible to keep your tenants in a safe environment for their stay. Explain that is appears even after multiple site visits he is unhappy with the place and neither of you want that. After multiple attempts to please and fix certain issues you find it best to let him out of the lease with no penalties. You are also willing to give him a recommendation for his next place. As long as the repairs are not safety concerns you could bring up the fact that if the rent is not paid on time you will serve him and begin the eviction process because he has no ground to stand on there.

If you do decide to purchase something I have bought gift cards to grocery stores...Everyone has to eat. 

I think that was very intelligent of you. Its amazing how people react and respond when their money is at stake, whether spending or making more of it.