All Forum Posts by: Ray Harrell

Do you think people will want to see the renovated photos? What if you take photos now and list it, and people are interested as it is now at your post-reno price? Will you still do the renovations?

What if you show it and accept a down payment, and then when renos are done, the tenant who put the down payment doesn't like it because it wasn't what he expected it would be? He would have every right to withdraw his deposit on the grounds that your "description" of what it would look like doesn't match the actual outcome.

Bogus for guy B though. Will harm your reputation as a landlord. This guy is probably packing thinking he has the place where guy A doesn't even know if he was approved. A bird in the hand...

But your net cash flow will be higher on a MFR.

Hey guys, I purchased a property in November and just found out that the tenants are not paying for electric. A visit to the property showed that the meters have been removed for all but the common areas. It also looks like someone spliced the rental units at the main feed before the meter.

Does the electric company cover this as part of their service with installing the meters, or would I have to pay? How much would this cost to reconnect the meters?

DO NOT rent to friends or family. 

Key word in my response, "SUPPOSED" to do! @Jennifer Koerner, you can start a PM company and hire qualified people to deal with the day to day. I think most people know that apartments need upgrades to be more marketable, but how long will $10K worth of cosmetic upgrades take to pay off? Sometimes it's better to lower the rent by a hundred bucks and find people who don't mind older stuff and avoid the expense.

I already have an FHA property. Can't use that one again. Unfortunately, I'm the richest person among family and friends, and I'm poor! I'm trying to change the cycle of poverty in my family.

This is what Property Managers are supposed to do. We pay them.

Does negligence equate to an emergency? Busted plumbing or storm damage? 

I love some of these posts. I wish I had $140K cash to buy property. I wouldn't sink it all into one property. I would spread it out over a few properties. 3.5% for that first FHA "owner occupied" (you gotta live there), and then 20% on 2 or 3 other properties with conventional loans.

I'm still looking for someone to inform me about how to get into additional properties when someone doesn't have $140K in cash. Just a regular working guy here trying to build something for myself.