All Forum Posts by: Richelle T.

@Nuri Tawwab I agree, unless it's a preferred payback then 15% equity it's not super attractive. That's a lot of cash to tie up and not be a principle on the deal nor a substantial equity holder. 

@Mary K. runs are the first Saturday of the month at the Clintonville Panera off High street. 

@Pablo R.

I agree with @Steve Babiak, you have to allow the market to tell you what is and isn't reasonable for the area. Above that, a lack of qualified tenants is a marketing issue, period. You need more prospects so you can weed through the cream of the cr(o/a)p. There are good tenants that live in every neighborhood. Your job is to go find them.  

How are you advertising? 

You can also send me a message if you want to talk more about what's going on offline. 

@Mohammed Adam I sent you an email.

Happy birthday @Brandon Turner!! You're an inspiration to all us 20somethings that we can do well too. Have a great day :-)

@Pablo R.

You're actually on the right track. You want them to open up to you. The key thing is to let talk and ask open ended questions, like:

Why are you moving?

Do you live in this neighborhood already?

Where do you live now?

How is your current landlord?  <---all the complaints come out on this one. 

Then describe your rental criteria and look for them to flinch: no evictions, 3X rent in income... 

Then casually say something like "You know, we're just trying to get an accurate picture of who we are dealing with. We know it's hard out here and we don't want to take an application fee from someone and who doesn't meet the rental criteria. We want honesty above all else. Don't tell me you have a pristine rental history then I see 4 evictions and a felony on your background report. " Then wait and listen This is where they feel compelled to tell you their deep, dark secrets and disqualify themselves.  

Yes, if they say something that disqualifies them in your book, then absolutely mark them off the list. Their honesty is what you want, but it does not obligate you to allow them to rent your unit. 

Good luck @Keith Vinson, add me to your buyers list also! I like to see what wholesalers come up with.

@Dawn Anastasi

Congratulations!!! My most recent rental was also a tax foreclosure that I bought for $7,500. It's a 3/1 that we're all in for $32,000 and it rents for $825. Best.Deal.Ever.

Good luck, it will be a TON of work but you can do it! One thing that I would do differently is start with curb appeal and advertise before the property is ready. It's not advise that I thought would be applicable to a rental, but it is. Here's why: People in the neighborhood thought the house was still vacant and were surprised to see it as active again. That is your prospective tenant base! You need time for the perception to update. You know how when you're used to seeing something as dilapidated, you see it that way even if it's pretty now.  Hope that's a helpful tidbit! Congrats again :-) 

@Account Closed Since you're new and in the Columbus area - try Fairfield Federal. They offer investor mortgages. Ask for Matt Wideman. 

@Robert Wright There is more than one real estate group in Columbus. The one you attended was CPIA (Columbus Property Investors Association). I suggest you visit COREE (Central Ohio Real Estate Entrepreneurs). I think you will find the atmosphere warm, welcoming and the content thought provoking. I attend COREE regularly. Just the opinion of a happy member of the group :-)