All Forum Posts by: Nicholas Zaharevich

@Filip Reutov

I would ask an insurance agent about being listed as an "additional insured." I was advised to be listed as an "additional interested" and not insured. I would recommend you consult with your agent on what's best for you.

As an additional interested party, you will notices of pending cancellations, cancellations, or non-renewals.

@Marvin Bobb

We use Rentec Direct. It has everything for us that we need to manage all aspects of managing it properties. Much more than just rent collection. There's more ways to collect rent then you can shake a stick at. You'll find one that works for you

@Nicholas Meza, I'm in the area and in the game. I'm not physically in the area, but we have multiple investment properties in Kennewick, Richland, and West Richland. I haven't house hacked in the traditional sense, but I used a VA Home Loan to buy my first couple of houses with 0% down. Then fixed them up while I lived in them. Anyway, I'll be down in Kennewick closing on another house in a couple weeks, on the 19th. I'd be happy to walk you through a purchase I made and why. Until then, I would be happy to answer any questions you might have.

@Nicholas Meza, same.... Are you making a statement or asking a question?

@Ryan Fisher it's difficult to say from the single picture, but a 10 year old roof should be goo for at least anther 10 years unless there is some excessing wear. What are you repairing for $15K? I can replace electrical, plumbing, and repaint the interior for $10K or less. My last rehab was an all new LVP floors, all new light switches/outlets/light fixtures, interior prime and paint floor to ceiling, new doors, new built in closet, subfloor replacement, and a rim joint replacement for under $15K. But it will depend on your area. Have you contacted a lender? 5% interest is a little high in with today's rates.  I just locked in 3% on a $135K loan putting 25% down on $180K purchase. Have you considered pre-paid expenses in your closing costs? Usually you will have to come up with 3-6 months of insurance and property taxes and your lender can spell all of that out for you.  What's to stop you from renting it as-is? What else....am I missing anything?

@Luke Davis...just another vote for Google Voice. My wife and I have 1 number that rings both of our phones. We can call and text from our phones. We can both see the text messages keeping communication easy. We've being using Google Voice for several years and manage 8 different properties on our own.  Also, you can set up voicemail separate from your personal number and receive voice-to-text for your voicemail.  You can call from your personal phone using the Google Voice app to keep things separate, which is the only downside. If you don't pay attention, you may accidentally call from your personal line and give up your personal number. 

@Cam Chan we use RentecDirect and have been very happy. Advertising is easier, applications, accounting, maintenance requests and tracking, lease signing, communication, all of it is built in. They even partner with zInspector for tenant and manager property inspections. But, like @Mark Ainley said, expect a hefty turnover. I think we ran Quicken RPM and RentecDirect simultaneously for almost a year before going exclusively with Rentec.

I began renting out my first home after getting married at age 26. My wife and I decided to live in her home and rent mine. When I was offered a job out of the area, we rented her home and bought another. 3 years after that, we purchased a 4th home to live in and rented our 3rd. In 2018, 7 years after getting married, we bought our first investment property (house #5), and we were closing next month on another (house #6).

@Peter Korty, one other thought that I didn't see mentioned. The property description states the LP tank is not owned. That cost may reduce your monthly cash flow. 

Hey @Jeff Alwine, it would all depend on how comfortable you are with managing from a remote distance. I currently manage 5 SFHs that range from a 10 minute drive to a 5 hour drive one way.  Now, I didn't start that way, but just grew into it. My first home become a rental after getting married.  My wife and I moved to SC for work and were forced to manage from across the country.  We spent most of our time building a strong network the in area leaning pretty heavily on friends and family at first.  To this day, we still manage our own properties, but generally hire out handyman work.