All Forum Posts by: Bridget D.

I would check out the locations to see what the current tenants are paying in rent  before you buy.  I brought a multi family building in a fair  neighborhood but the  rents in that neighborhood were low.  This  will help  you ensure you  are making enough to stay a float.  Having 4 boilers , 4 water heaters or or cooling  units can be costly if one brakes down.  This is not to discourage you just to help you do your home work first.. Good Luck !  

Thanks for the advise Steve Vaughan, 

You guy are right  but you are  scaring me and making me laugh all at the same time today!  Your comment about re-habbing with  attractive efficiency that is as bullet-proof as possible comment is so on point.  It remained me of a quote by some one else that Linval T listed today.  This job is so crazy it is unbelievable what people do to your property .     

Randy E,  Mehran K, and Elinval T  Thank you all ! So every one is saying stay focused on the investment property first. Thanks for the advise I will .  I do like the idea of checking out other peoples properties to see what the competition is doing. That will help because I do have a tendency to want all my properties to have the best and they may be a little over done$$$$.   I I have to move as I will need all the extra money to take care of the bells and whistles.  I'm locked in to both contracts.  Now I have a plan!  I wil stay focused on the money maker first. I also plan to rent a room in my personal home until I retire.     

I may have bit off more than I could chew?  I'm in  the process of buying two properties at the same time.  I though I could consider flipping  a  single family 3b/1b@ $35,000 in a good neighborhood with good comps .   While  in contract,  I saw a   foreclosure property in a neighborhood I want to live, great price, (Under 30) great location next to a  Golf Courses, casino and a race track but it needs work..  I have been planning to move from my  two bed room apartment in my 3 family property.   The investment property and my new home both needs work.  I can't afford to to give both properties the attention they deserve  and I'm not sure I can get top dollar if I  cut corners. I would have to rent not flip.   I believe an investment  property should  have the bells and whistles`; stainless steel , granite counter top, back plash , laminate or Bamboo floors, update kitchen and  bath  to get  rents from $ 1,100 a  to $ 1,300,  or a 79,000 to 100,000 sale which is Top Dollar for the area. 

   I have to cut corners on the investment property.  Is not being able to add the  bells and whistles going to be a major   mistake?  I have a 5 year plan to quit my job and can't afford to make major misstates.          

Thanks!  Yes you are right but now I'm stuck with them for the news 11 months!  After calling there jobs I thought I was good.  The tenant who sought me out for the place has made good  on the first months rent and claims he will continue to pay the rent. Oh Boy ,On to the next!  Now I'm considering section 8. Pray for me!  

Thanks fort he inf information.  I will definitely use it to do a better  credit check. I 'm looking for tenants again.  Wish me luck, I have to get better at this.    

JD;

Thanks  for the advise ! I will google and find a temple out there. I think you are right! I have been a social worker for over twenty years and I'm trying to quit but the business seems very close!  No more Friends or Roommate situation for me, If I can help it.   

B

Hi;  Just starting out in renting properties in  Delaware. I have a five year plan to quit my job! I just purchased my second property recently and remolded it and made the mistake of renting to three friends. The two guys agreed to split the rent until the other tenant  got a job.  I asked for a copy of their pay stubs, called their jobs to ensure they were employed and did a basic check by googling their all of  their names. I din't find any thing so  I had all three sign the lease.  They  seemed honest  and assured me they would pay their rent on time.  Of course;  Their  first month  Tenant one  paid his half of the rent  but Tenant Two disappeared not paying his half of the rent.  After threatening court  Tenant one agreed to cover the total rent  and did 15 days later. Tenant One  agrees to cover the rent from here on. Can I put tenant Two out ?

Does any one know if I can legally put Tenant Two out or am I still stuck with him since he signed a one year lease  with his two friends. Also are any free ways to do better credit  checks or should I be paying for credit checks!