All Forum Posts by: Robert Santangelo

Thanks for the welcome, Jon and Katie!

I think The Book on Rental Property Investing is outstanding...as is his Managing book.  I'd read the managing book after the other.  I haven't read the others, so can't comment, but wholeheartedly recommend these two.

Typically, in our area, the lease gets assigned to the buyer, so buyer and tenant are both bound by the existing lease.  Some leases terminate upon sale, so it's really how the lease is structured.  Your contract should require the seller to give buyer a copy of the lease(s) w/in a stipulated time (like 5 days following execution), and allow you a specified period of time to review them...during which you may terminate.

You may also want to look into getting the tenant to sign an affidavit which says that the lease (attached) is accurate and complete....that no other credits are due...confirms security and advance payments...etc. That's called an estoppel certificate, and it's common in commercial real estate, but not residential...but a very, very good idea.

I'd have it in the lease than any remaining fuel in the tank becomes the property of the owner, and that tenant must maintain a minimum fill percentage (to avoid them trying to milk it dry and you get stuck with a freeze up right after they move).  I wouldn't get into credits, myself, but I realize things are handled differently in different areas.

This should answer your questions:  https://www.biggerpockets.com/rei/pay-rent-online-payment-tools/

You also used to be able to post things to CoStar, but I don't think they offer free access, anymore.  Sorry...not really my area...just trying to help a little.  :)

"I want the basics on how to see the profit in a house."

Step one:  Ignore Zillow's estimate

Step two:  Know your market (this means values of homes, market times, renovation costs, and in/out expenses)

Once you make it to step two, you'll have your answer.  If you don't know your market, then find someone who does and learn from them.  I don't do wholesaling, but you can't really evaluate any deal, in my opinion, without knowing the market.

Not sure if this were helpful, but it's my two cents.  :-)

A couple of questions to ask yourself:

1. Are you prepared for being a long distance landlord with your first investment property? In other words, do you have contractors in place to handle repairs, turnover, etc?  If not, is management cost factored into your numbers, above?  If you go the mgmt company route, get clarity on fees/costs, look at properties they manage/get, and get references of other out of towners who are using them.

2. Do you envision returning to Charlotte at some point?  If so, then this is a positive check mark for making it a rental.

3. Will your employer will monetize your relocation benefits if you don't sell/buy.  (Unlikely at most employee levels, but it's worth asking.)

As a general rule of thumb, I'm a fan of people renting for a period of time in a new city so that they can make a more informed decision on what area fits their lifestyle, but that's more of a personal belief than a suggestion.  I hope this gives you more food for thought...good luck.

LoopNet is the go to site for commercial listings.  I'm a residential guy, so I don't know much about what free access they have, but check it out.

Hi, Mike...if you haven't done so, I'd strongly suggest you read Brandon Turner's (from this site) two books.  I've been in real estate all of my life, but I learned some great stuff from these, so I can't recommend them highly enough.  https://get.biggerpockets.com/rentalbook/

I could mention some things that you'll need, but I don't know your area, so I might be doing you an injustice.  For example, there may be some local programs in Akron that might help first timers (like buying a duplex and living in one of the units may qualify you for a favorable loan program).  As a result, I'd suggest that you find a good, local real estate agent and sit down and talk with him/her.  I'd actually suggest that you speak to several to get a sense of what they bring to the table for first time buyers/investors before committing to working with anyone (assuming you're even going to go the "using an agent" route).  Just like you'd vet a tenant, you should vet agents...get references, make sure he/she is full time, make sure they're up on the first time buyer programs, and make sure that they're truly interested in helping you...not just selling you.

I hope you find this of some help...good luck.