All Forum Posts by: Dan Remmert

Welcome!! we have been doing for about 3 years... taking it slow and learning as we go. Let me know if we can help in any way. 

@Jose Perez

Welcome, Jose... we just started 6 months ago and are near Peoria. Good Luck and let me know if I can help. 

I haven't  had much time lately to post an update because the last two months have been a little busy. We finished updating the exterior with a some much need paint and caulk.  We had a tentent move out so we decided to update the interior.  Kept the  budget low ( $3500) but put in new  windows, cabinets, updated shower and vanity, also new paint and carpet. Looks like a different place! 

Increased the rent/deposit by $50/month and had huge demand to get it rented. Tells me rent may still be low.  Working on a second unit now. This was a good way to learn some rehabing talents, I really want to make next move a small flipping project.  

@Jeffery Neal

Sounds like you are heading in the right direction. I just started out myself and would recommend the resources on BP. The blogs, forums and podcast have pointed me in the right direction so far.  

One piece of advice I received was to keep your focus in a smaller area and to crunch the numbers often using the 50% and 2% rules.  

Build a good team

Good Luck !

@Barbara G.

Thanks for the encouragement and I agree on finding creative deals.. I figured this was OK to get my feet wet. For me there is no better teacher than experience. One can only learn so much setting on the sidelines.. 

@Jeremy Zindel

Thanks for the info Jeremy, do you have any restrictions like number of pets or size?  

By the way I get through Decatur often for work. 

Looking for advice on security deposits and pet deposits in the Central Illinois area. 

How much should I get for security deposit? 

Should I get a nonrefundable pet deposit ? and/or addtional $ per month? 

I don't have a real good feel for the rental market yet.

@Joe Fairless

We  got 4% for 15 yr.  with 25% down. I would use them again but I need to find something with less down payment. 

My original post numbers were net cash flow. The 50% rule has it at $495 which I think for a rookie is OK. 

@Joe Fairless

Just to clarify it was a commercial loan through local bank

@Matt Shamus

Thanks for the support...

We got the seller to replace roof and gutters as part of the deal, other than that just some light clean up in laundry areas. 

Rents are a little low, but we will ease into changes. All units full right know, maybe increase with new tenants.