All Forum Posts by: Richard Sherman

@Ellis Santibanez You need to read your state laws about rental rights.  Just Google renter rights in your state and I am sure there are easy to understand sites that lay it out.  You will want a good lease.  Do you know anyone that is a landlord or Property manager you could get advice from?

Get on the Energy Trust website for your state and see what incentives are.  We have done lighting swap outs (both inside and exterior area lighting) for LED, insulation, sink aerators and low flow toilet and showers.  I just posted earlier today about changing out 3 faulty toilets on a 32 unit building we just bought in August and saving 160,000 gallons of water PER month and over $1000 PER month!

Also in process with quotes for new windows on that same 32 unit building!

@Marcus Daniels I agree with @Lee Ripma , if you will use it in 5 years or less DO NOT put it on the market, put it in a high yield savings account and let it sit until you need it, do not stress about the extra little bit you could have made putting it in the market...this is real estate money not stock money right!!

@Ghassan Kader Welcome!  Do you already own your home?  Would you be willing to live in a multi-unit property as a way to get started (4 unit, live in 1 manage and rent the other 3?

@Brenda BirhirayBigger Pockets Landlord forms is a GREAT source.  You spend $100 or so but you get everything you need (included if you are pro I think.)

@Franklin Curry Jr DUDE...you are halfway to my FAVORITE stategy....forget the duplex, get a 4- plex!  4 unit buildings are the largest you can get with a traditional mortgage (yes, exactly like the one you get for a single family house.) You will get a credit for a portion of the rents of the others units as well.  Live there, get it fixed up a bit, then go find another 4 plex and do the same thing..so on and so on...that is how we started, first 8 units were two 4 plexes...this year we are BUYING and additional 58 units total..haha, how times change but still have the original 8!!

Getting a deal is always going to take work, do not get discouraged, you are learning as you go.  Keep looking and talking and you will ensure that you are better prepared when the right deal comes.  Look at areas that are maybe outside of the prime spots a little, smaller town etc.

I THINK I agree with @Dennis M.   Keep your properties JUST under market (unless you want to get rid of the person in which case go to market and push the limit)...you want them to get a DECENT deal, but do NOT run your business on fear.  You always need to keep rents near market, slightly under for decent tenants (like 25-50 under not $100 under

I 100% agree with @Nicole Heasley Beitenman and @Jason Snider , AirBNB a room in your house or rent, or look at selling (especially if you have been there 2 years or more and have equity built up) OR keep as rental and look at buying a 4 unit (largest that gets a conforming loan) move into one unit, rent a room AND rent the other 3...GO CRAZY, you have an amazing income at your age...use it (be smart) cut the lifestyle to get the extra t pay down the debt.  SHOOT your TV, cut cable, no expensive phones, no vacations etc...every dollar you consume is thousands of future dollars destroyed.., so invest as much as you can and consume as little as you can.

@Karl B. EXACTLY.  Properties run by mom and pop with low rents and some deferred maintenance are my favorite!

It was on the market for about a year.  The seller did well, they bought it 3 years ago, put almost nothing into it but got it fully rented, made probably 600k on it when they sold.  I wish I had seen it back then, they got a steal...then again I did not have the ability to buy it back then either.  Crazy how fast the snowball can build.  Went from buying 10 a year or so to this year going to be 58...