All Forum Posts by: Mike Roy

@Joshua Ferguson - I think Google is right: it looks like it's the home inspection field in Ohio is still the Wild West.  One thing I would consider is that when an industry has very few barriers to entry, there is at least a potential for a lot of competition, price suppression, and degradation of the industry's integrity due to low-skilled entrants.  

From what I see online, Ohio is at least considering the introduction of home inspection licensing, and that would certainly change things if they do.  Only the pros would survive, and I suspect the supply/demand would shift quickly to the home inspector's favor. 

Given that it sounds like you already work hard and have a nice family (profile photo), I would suggest allocating any additional precious income-producing time to something where you have unique skills, a competitive advantage and can maximize your hourly pay rate.  If that happens to be inspecting homes, great!

Good luck!  

@Paul Bommarito - Gotcha.  If this is more of a one-off, maybe just approach the seller's agent to represent both sides.  This may provide some incentive for that agent to encourage the buyer to accept a lower price from you than they might otherwise have. 

Or maybe you get them to cut their commission to say, 4%, to offset a lower price offered by you.  When one agent is representing both sides, I've seen them give up a little commission to bridge the gap.

@Paul Bommarito - If you don't think you need a good agent, you may not quite understand the value that a good one adds to the process and/or your own development as an investor.  Remember, team sport.  

@Jeff Bousquet @Michael Weisman - Probably meant "real estate investors," but I do know a couple guys who invested in Lewiston who said it was a real waste ... :)

@Jordan Rajchel - No matter what your standards, I would suggest keeping a written record of them and applying them consistently for every applicant.  Renting to an unqualified tenant is a minor setback; getting sued for discrimination could be a pretty major one.

With respect to credit score, there are extenuating circumstances that could lead an otherwise qualified applicant to have a poor credit score; and their poor credit could be the one reason why they're renting instead of buying.  Rather than setting a minimum score, you could refine to disallow applicants with personal bankruptcies, unpaid utility bills, etc.

@Ryan Pozzi - Lots of replies here, and I haven't read them all.  So at the risk of a redundant message, I'll add two things:

1) All that matters is the gap between your income and expenses; and unless you're raising money, this gap represents your investment capital.  For those with limited income potential or inflated lifestyles, cutting expenses is the path of least resistance to grow the gap.  For those with the ability to ramp up their income but already live a fiscally-responsible life, there is little to gain by cutting out the morning latte.  

2) The Mr. Money Mustaches of the world believe that cutting unnecessary expenses not can not only quicken your journey to financial freedom, but can also release you from the chains of materialism and enable you to live a more engaging, rewarding and environmentally-responsible life.  I happen to enjoy reading MMM.  

@Chris C. - Generally, but you still have to run the numbers.  High taxes, utilities, vacancy, repairs or cost of capital can make 1.5% insufficient.  

 @jennifer Darby - Go with at least a 20 mil wear layer, something with at least a 10 year commercial warranty.  This product is intended for high traffic retail, doctors offices, etc.  About $3-$4/sq. ft. for material. I believe the big boxes will install at $2/sq.ft. or so on labor.  

@Jennifer Darby - I've found that the best carpet for a rental is luxury vinyl plank flooring.  :)  It costs 2X to 3X more, but could last 5X to 10X longer.  

Our rentals are in a similarly cold climate in Maine, and our residents don't mind that bedrooms are not carpeted.  There is LVP on the market with an insulated backer that keeps the floor warm and provides a little cushion to the step.  

If you do go with carpet, I would just try to find something cheap that looks good and that either you can install yourself or you can have installed very cheaply.  Expensive carpet would not be a good buy. 

 @greg m. - But don’t you keep the deposit?