All Forum Posts by: Nancy DeSocio

Hi @Warren West,

Welcome to the great big world of RE investing!  I would second the suggestion to attend the RIREIG meetings.  I've learned a lot at those meetings (and still do) and have connected with several people who have helped me along this journey.  You'll find that most of us love talking about real estate and most are also happy to meet up with you to chat about it.  You'll learn a lot from the seasoned investors, but you'll learn a lot from the newer ones as well.  I'm in the latter category and willing to meet up for coffee and sharing experiences. 

Good luck on your journey!

Congratulations, @Thomas Stanley!  Sounds like you've gone well past just "cleaning the truck"...good luck on your journey!

Hi @Katherine Hong,

The title of this post is awesome!  I recently listened to that podcast episode for the third time...it was that good :) 

Getting started can be difficult, but it sounds like you are on your way...congrats, and good luck on your journey!

Hi @Michael Clay,

There are definitely different schools of thought on your approach, but even if you think it might have been a mistake, sometimes we can get away with mistakes :)  If you left a bottle of liquor for a recovering alcoholic, this could have gone south pretty quickly, but it worked out and to your benefit.  Cheers to that!

I leave my incoming tenants a case of water in the fridge and a gift card to a local sandwich or pizza shop.  Not because I want a personal relationship, but because moving sucks, so why not offer a snack and some water.

Thanks for sharing your experience! 

Hi @Tuvia Goldstein,

I've used Zillow, and the benefit to the applicant is that they can use the screening report for other apartments they apply for.  So if they don't get selected for your apartment, they haven't "lost" their application fee money. 

As for a lease, I purchased one from a local attorney.  While there are plenty of free examples out there, it's a risk using something that violates your local laws.

For credit scores and income, I use 600 for credit and (ideally) 3 times for salary: ratio, but depending on the location and the property, both of those numbers may be high.  I'd recommend reaching out to investors in that specific area to weigh in on those numbers.

Good luck!

Hi @Charlie Moore,

Your post is timely!  I just listened to a podcast this morning (Wheelbarrow Profits - Episode 19) about the Move In fee, and I had never thought about this angle.  It would take just a little research to confirm it's legal in my state, but it's an interesting approach.  

But to answer your direct question, to me it means things like:

• walls are dirty and need to be painted
• bathroom grout gets stained
• carpets get worn

The term "wear and tear" is vague, and at the end of the day (or tenancy, if you will), it costs money to address.

Hi @Derek Cox,

This might be dependent on your market, so others in your area will likely have a better understanding of the overall impact on your investment.  Here in New England, just about everything is that old, so it's just par for the course.  I own a couple of these relics and would suggest running your analysis with a higher percentage for repairs and maintenance than you would typically use.   I estimate 7-10% for R&M depending on the condition of the property just to be on the conservative side.  

Good luck on your journey!

Hi @Mandi DeGroot, congratulations on your purchase!

You'll need to spend money on an attorney for a lot of things, but this isn't one of them.  I agree with the others in their approach, which is free :)  I usually send a welcome letter and then follow up in person with a visit to the property.  I'd be happy to send you a copy of what we send out if you want to review and edit to your liking.

Good luck on your journey!

Hi @Mike Mullins,

Both things exist (blue skies and doom/gloom) in the investing world, but I think the Bigger Pockets methods have merit and have been proven by enough people.  It gave me the confidence to realize that it can be done (and now I'm doing it).  

The BP forum has quite the spectrum, from "I quit my job!  Now what?" to "I just reached 1000 units!" or whatever quote you want to take from the posts.

If you want to make a career out of it, you will.  And if you just want to do it part time or not at all, that's cool too.  Your life, your choices...have confidence, do your research and make solid decisions.

Good luck on your journey!

Hi @Michael Raposo,

We inherited the coin-ops at both of our buildings; one was set up as $1.00 and the other $1.50.  I think $1.00 is way too low and if I were to install them myself, I'd probably set it to $1.50.  As a related side note, I recently stayed at a hotel on vacation and did laundry, and that one was set to $1.50 as well, so I think that's a good minimum number but interested to hear if others are charging more.