All Forum Posts by: Roger Pokorny

It’s good that your learning the trade from the ground up. It’s the best way to understand costs. I do all the maintenance and repairs myself as well. I’m kind of a stickler on making sure everything functions properly and repairs are made promptly. My tenants appreciate it and hopefully the extra effort pays off in the long run. 

@Paul Christian Mendoza your numbers look a little low. P&I will be $100, tax and insurance will run another $100. I plan $50 for repairs. Then you need to think about vacancy, uncollectible and capex. Vac/Uncol at 10% and capex of $100 has you at expenses of $425. Property management will run another 10% if you don't manage yourself. All added up you're at $500 minimum, giving you about $200-300 profit. I'm questioning what you're going to get for 10-30k and whether 10k in repairs will be enough. I typically look for 3/1 SFH but a 2/1 would run more like 30-50k from what I've seen.

Not much detail to your post. I have two SFH rentals in Muncie and would be happy to review your numbers.

I’ve used Bill Brown, Premier Home Inspections and P3 Precision Pest Professionals. I was happy with the results they gave me. 

First thing is you can’t discriminate against college students. in other words, charge more rent than other potential renters. However, you can charge extra if you have multiple leases on one property (i.e. rent by the room). 

I require my tenants to meet certain criteria before they are approved. For example, employed with acceptable proof of required income, income 3x monthly rent, favorable credit history, no evictions, not falsifying rental application, etc. (not a complete list).  If the applicant can’t meet my requirements they have to have a Guarantor sign the lease. This makes another person liable if they default on the rent. Most college students will not meet my requirements and will need a guarantor. By doing it this way, I don’t discriminate against anyone and get a parent to sign when needed. 

Looking forward to it. 

Unfortunately, I will not be able to attend. I am out town traveling in business. 

We moved our meeting to the 3rd Monday of the month. We meet at the Library this Monday the 19th at 7pm. Room 1C. Look forward to meeting you. 

I am planning on being there.

Great idea!  There should be an award for this.