All Forum Posts by: Robert Hanson

I appreciate everyone's input here. I've got a lot of work to do.

@Nicky Reader Thanks for the detail on Linden. Most locals that I've spoken to, as well as myself, differentiate between North and South. Obviously there's a huge difference there. I've never heard of anyone reference B areas in Linden at all.

You're not kidding about the prices right now. They're ridiculous everywhere. I'm not looking to buy anything at market ask right now.

@Nicky Reader It's a Columbus address just slightly East of Whitehall near James and Broad.

If you can find tenants to match that criteria in Linden, I'm confident i can where I'm at. Linden is one of three areas I'm hesitant about owning in being so new to the game.

@Anthony Wick The deposit was the equivalent of a months rent at the time. I'm just considering raising because of the issues we just went through in eviction and the fact that i think it might be sustainable based on the number of applicants we had.

Regarding the property itself, I should clarify more. The neighborhood is a C class but the building is a B class. It was a full gut and rehab. Everything on the interior is brand new to include drywall. It's the nicest property in the neighborhood, but I went $50 under top of the market because I didn't know how long they would take to rent being my first property. I didn't want to try and set the top of the market because of that.

@Peter Lohmann Thanks so much for taking the time to chime in.

To clarify: You're saying to reduce rent to open up the pool for more qualified tenants? That does seem a bit counter-intuitive. If a tenant doesn't manage money well, how are they able to afford higher rent? Are you saying that I should drop the deposit also?

You're spot on with the comment about being a numbers game. I'm not expecting perfection, but clearly 2 evictions out of 4 is not going to win the numbers game. Just trying to get the best tenants i can with the highest screening requirements possible.

The regression analysis speaks straight to my business side. That's fantastic procedure. Sounds exactly like what you'd do with a good stock trade- log the trade, why you entered, entry and exit price. Over time a system develops and it is possible to beat the market.

@Scott Mac. Makes sense. Thanks for your input.

@Kyle Mccaw Awesome. Thanks for your input.

@Caleb Heimsoth definitely a fair point. My rent is at $700 currently and definitely could have gotten more.

@Kyle Mccaw. You use that criteria for C class? Has it been successful?

@Dennis M. You may be right, but I'd rather start too high and go lower on criteria than vice versa. We had 28 applicants within a half hour of posting the first unit, and all four that ended up moving in posted the $700 deposit at that time along with first months rent. I feel like with a pool that large it might give me some room to be a bit more strict in criteria.