All Forum Posts by: David Hedges

I used to do the same, but prior to just turning everything over to management I used to do this:

I'd post a phone number and detailed info about the apartment, along with a set showing time (ex sat between 1-2:30pm), all of my tenant requirements, my screening fee, and pictures of the apartment. 

the phone number I'd use was a google voice number where I had a message, basically stating everything I had in the online add, I didn't check messages on this because most messages where usually just asking what was already stated on the site and message, or asking for specific showing times. 

the day of the showing, I'd show up with a folder full of applications, and take applications of those who showed up. Typically I could find a qualified tenant after 1 or 2 rounds of showings. 

I'd make no concessions on application fee's, that was what seemed to weed out the unqualified people who just wanted to waste your time, or those who really weren't interested, but would still fill out an application. 

I purchased a property in TX last summer, and now that I'm filing personal property tax forms on my properties in Indiana, I'm trying to hunt down if I need to file in TX also, and if so, where I find the forms. 

This sounds like something you'd find on the onion. 

The only reasoning I can think of around this, would be if your renting rooms with shared common space, where there may be a lot of interaction between tenants, and maybe you.

Outside of that scenario, I just see it as excluding a percentage of the populations who's money is just as good as anyone else's. Who cares if they are vaccinated or not, particularly if you're not living under the same roof with them.  

$27k ... 2yrs ago.

the previous owner had pulled all the copper pipes and electric from the basement, and messed up the carpet in 1 room. I put about $18k into it, and based on what other houses are selling for there, would assume if I wanted to sell it, I could probably get a little over $100k for it. 

If you budget to repair those, it’ll likely not just reduce your insurance costs, but also make it easier to rent   

is there something wrong with the property?

I've had one before that wouldn't insure me unless I replaced the roof. I had already planned to do it, and was able to move to a lower priced insurance after the roof had been replaced. 

Some carriers also don't want to insure more than a certain number of properties, or only allow so many investment properties. 

you just need to reach out to insurance brokers, or insurance companies that cater to investors. I've used NREIG for most of my properties. I ran into a rep at a real estate event and after getting some quotes, they are pretty competitive in price. I can't say I've had to go after a claim, so I don't know how well they work with you in the event you need to file a claim though. 

 I have experienced bias based on race, though most was outside the US, with a few minor things in Chicago (all anti-white). Either in refusing to sell to me, or charging a drastically higher price than others that had been with me (that where not white). In the US it had been smaller individual operations that I've run into this with, where overseas, depending on the country it's very prevalent. I'm not going to say the US doesn't have issues, but will say things are far better here than a lot of other countries I've been to. 

my general opinion though is if you are applying bias to your airbnb listing, you're really just crippling your sales and profitability. 

any time I'm considering an area that isn't nearby, I plan a vacation to that area to scout out the area. 

fly or drive there and spend a day driving round the areas you're thinking about. I'd also contact a realtor in the area and ask about what areas are good or bad for the type of property you are looking for. In a lot of cases they can show you around a little too, but also drive the surrounding areas to see if there are any positive factors or detracting factors nearby. 

reach out to some property managers too, if you go there it's an opportunity to meet them. 

the other part to this is, it's potentially a tax deductible trip for you and your family, if you do it right. 

when I had been thinking of buying in Galveston, TX I had done this. Prior to driving around I had been considering houses a few blocks back off the beach, but after going there and wandering the area, I realized for the type of property I was looking for it needed to be on the beach.  

no, you don't need a pickup truck. I've never owned one, and haven't had to yet in the 15+ years I've been investing. 

The only exception would be if you plan to do a lot of work yourself. moving drywall, hot water heaters, etc, isn't always easy in a small car. But, if you have a property manager, and hire out most or all maintenance, I can't see any reason other than you that you just like pickup trucks, to get one. 

I've done it before, there are are some advantages and disadvantages though

if you want to close fast and hassle free, that is a spot where cash works well. 

one of the one's that I had bought with cash was one that needed a lot of work before it would be livable. There are lenders that will lend on things like this, but the house I bought was around $27k and I had the cash to buy it and make about $20k in repairs. The houses around it I've seen selling for 80-110k. I haven't yet, but plan to finance it later to free up my original cash, hopefully plus a little more to buy another property. 

I still do prefer getting financing to though, you get a lot better return on the money you invest if you have some leverage.