All Forum Posts by: Peter Fennig

I am definitely for passive income over flipping income. I also like the idea of leveraging money with the equity in a property rather than selling that property. If I were in your shoes I'd get some sort of portfolio or commercial loan on some of the properties you own while continuing to rent them out and allow your tenants to pay back the note

Vinyl plank flooring all day long! It comes in every color and style laminate does, it's not susceptible to moisture and water like laminate is, the cheaper value vinyl is typically as durable or more as some of your mid grade laminates, easier to replace when one piece is damaged...and as Hadar said, its way easier to replace a damaged piece of vinyl plank than it is laminate, and it installs far more easier with much more flexibility 

I think even if you were getting $650 per unit  you're still well under the 2% rule. I agree with Ned that more information is needed but just going by the 2% rule it seems it would be hard to cash flow on that property at that asking price

I always start with a yearly lease  then once that expires  it automatically goes month to month if they choose not to  sign another  year-long lease .  That being said I also have the option of giving them  a notice  once it starts going month-to-month  if I choose to  boot them out ... But  as long as they're good tenants who take care of my property  and always pay on time I have no problem  continuing month to month as long as they give me 30 days notice  prior to moving . I always prefer to have an annual lease though

Awesome story with some awesome gains! Congratulations Pamela

My personal favorite is vinyl plank flooring . It's very easy and quick to install,  it comes in every Style  and color imaginable,  and it's very affordable... all on top of being  very durable  especially for rentals

I've found that flooring and recessed lighting are very affordable changes to units that many tenants seem to appreciate and look for when apartment hunting. Bathroom and kitchen upgrades are almost always cash flow increases. 

Always use the current rents to run your numbers, even if the rates are below market. You don't base your offer off of projected potential rent rates only current or previous. More than likely rent rates are lower because the property needs some sort of repairs in order to bring it up to par with the higher rent rates which gives you a bargaining chip in negotiations

As long as you're 18 or older and have the funds to purchase then it's not an issue at all. I bought my first duplex at the age of 19 with no money down thanks to a creative realtor/investor who was wanting to get rid of a property. Networking with other investors especially when you're just starting out is the key

Amana is another good HVAC system that's used in many hotels. I  haven't personally worked on them but maintenance guys from a hotel I'm remodeling tell me they're really easy to troubleshoot and fix when they do have issues... and they're very quiet. Don't think they'll be great for apartments or units larger than 600 square feet or that have more than two rooms. I actually took one of their old units from the hotel to use in one of my smaller rentals in the near future that's all electric