All Forum Posts by: Payton Haight

Hi Melissa, I think it is reasonable to show the apartment to prospective tenants once your current tenants have indicated they will not be renewing their lease. I have also had past landlords show my apartment/house while I was still living in it. Not ideal, but it is costing you money in vacancy. All of my lease agreements state that I can enter the apartment to show prospective tenants as long as I provide sufficient notice (minimum 24 hours). I would of course try to limit the number of times you are requesting access by grouping multiple showings in a window of time and vetting applicants as much as you reasonably can ahead of time.

One other item which may be affecting your vacancy - If possible, I try to have all of my long term leases end in the late spring or Summer. I am not sure what market you are in, but in general most people do not want to move in the winter. Can you put your new tenant on a 6-month or 15-month lease so that it ends at a better time of the year?

Looks like I missed this one. Let me know if you have any more in the future!

Hey @Alex Ross, I am also local to Columbus. I would be interested. Glad to chat any time! I would also recommend attending some of the local meetups (such as COIN) if you aren't already.

Hi @Jai Windish, welcome to BP. I just came across this post. I live in Columbus, OH now, but own several properties over in Bloomington, IL that have done quite well. Feel free to reach out. Happy to connect and answer any questions if I can.

@Andrew Rodriguez what makes a good deal is subjective. It would be helpful if you defined your goals (cash flow, appreciation, etc.), plans for the property (long-term rental, short term rental, etc.), and the projected numbers (income, acquisition costs, expenses, CapEx). If you can outline your overall plan and projections for the property, then it will be easier for someone to objectively provide feedback on whether it looks like a 'good deal' based on your goals.

Remington has solid advice. Unless you have experience with rehabs, I would agree that starting with a single family that is either turn-key or needs a small amount of work would be a safer way to start learning without taking on too much risk in your first deal. Starting with a multi-family property can really amplify your risk (rehab budget, learning property management, etc.)

hey Andrew! Welcome to BP and congrats on getting in to real estate investing. I wish I had started when I was 23, that is awesome. Where in Indiana are you looking to buy and what are your goals? Are you planning to buy more Airbnbs, long-term rentals, etc.

I self manage mid-term rentals and long-term rentals in central Illinois (Bloomington) and Ohio. Glad to answer any questions for you if I can.

Hi Adrian,

Welcome to BP and congrats on taking action. I have a couple of questions for you below:

1)  Are you responsible for lawn maintenance or snow removal? Do you pay for water, sewer, trash, etc.? Make sure you are accounting for any of these expenses.

2) What are you planning for your PITI payment to be and what are you setting aside for vacancy, repairs, & capex? I would expect to set aside AT LEAST 15% (personally I would probably be closer to 20%) for repairs, capex, and vacancy, assuming you are updating the major components in both units. Your repair and capex budget could be higher than that depending on what your rehab involves and the age of the property.

3) Is the duplex in a good area that you expect to appreciate (rent and property value) faster than other areas around Philadelphia? I am OK with breaking even if a property is in a good location with long-term upside.

Welcome Prateek! Awesome that you have set a goal to take action this year. The first deal is the most difficult one. Obviously it is important to do your due diligence, but you are going to learn the most from taking action. Do you know what market(s) you are looking to buy in? I own single family and small-multi family properties in Illinois and Ohio. Reach out if you have any questions. Glad to help if I can!

I am sorry to hear about the damage to your property. If you can cover it, I would not file a claim for roughly $3k in damage with a $2k deductible. It will likely increase your premium, though hard to say exactly how much - Insurance premiums have been increasing significantly the past few years even without submitting claims. If there ends up being significantly more damage, it may be worth it to file a claim. Personally, I like to keep slightly higher reserves with a higher deductible and only plan to file claims in cases of large/catastrophic losses. Of course, that is not always an option and if you need to use your insurance that is why you have it! Hope the cost for the damages turns out on the lower ends of that estimate for you.