All Forum Posts by: Ryan Frank

Hi All - This is a funny request but my fiancé and I recently did an exercise together where we wrote down 10 things we are grateful for, 5 goals of ours for the next two years, and 5 goals of ours for the next five years. The guest suggested re-visiting this list every three months, or "quarterly".

I know that I heard of the idea on a (recent?) episode of bigger pockets, but I can't seem to find the episode now. 

Cool part is that we did the exercise last month and have already been able to see traction on some of the short term goals. 

I've wanted to share the episode with friends and family but I can't track it back down. .... Did anyone else listen to this episode? Can you help me track it down again?!?!?

Thanks!!!

Much appreciated! 

Much appreciated! 

Julien, 

While house-hacking, what do you do to document condition of the unit when a new tenant moves in? Do you perform a pre move-in walkthrough with the residents? If so, is there a checklist that you utilize to go through the condition of the unit room by room? Do you include photos or just a written description? 

I have a background in property management maintenance at the director level, however I do not have access to the level of property management software that I used while in that role. 

Thanks!!! And, the list that you provided is super helpful. 

We are first time landlords after purchasing a duplex this past April. We moved in to one side and have been renting the other unit. 

Our residents gave us a 30 day notice last month and will be out 12/10. I scheduled with them, and performed, a pre-moveout inspection two weeks ago to get an idea of the condition of the unit and plan for repairs that will come up. 

We have a new tenant already scheduled to move in 12/15, and based on the pre-moveout inspection I think that we will easily be able to complete the minor repairs (heating register, normal wear and tear to drywall) and cleaning (deep clean and landscaping) within that timeline. 

My question to the bigger pockets community who manage their own properties is this: 

- How do you document the status and condition of units when new tenants move in?
- How do you document the status and condition of units when tenants move out? 

The previous owners of the property did not document (or did not provide documentation) of the unit prior to the current tenants move-in. We are fortunate that they took care of the place and will not need to reference the condition of the unit upon their move-in 2 years ago.

Ideally, there would be a checklist that is accessible from a mobile device and could allow for uploaded photos as well. Rather than creating this from scratch on a google doc or something similar, I figured I would ask the bigger pockets community to see if there is a way I could avoid having to re-invent the wheel. 

Thanks in advance!!! This community is amazing and I'm so glad I've found it. 

** Side note, I do have experience in property management as a former director of maintenance for property management companies. However, while in that role, we utilized software that is cost prohibitive for someone such as myself that is only renting one unit at the time. 

Nathan, 

Welcome to BP! I'm quite new to investing myself. My fiancé and I purchased a duplex in Redmond this past April and are implementing the "house-hacking" / BRRR strategies.

I also work for a local builder as a lead carpenter. In addition I have been a managing partner as a licensed GC in CA, worked as a director of maintenance for two different property management companies - also in CA, and earned my residential GC license here in Oregon earlier this year as well. 

Hope to meet you in person at a future local meetup. Would be great to network with another like-minded, ambitious, young investor. Best of luck to you and your investing goals!

Hey Daniel, 

I echo the other comments from people familiar with the area. I think a sauna is a great addition to any STR for obvious reasons... the liability side is something a good insurance broker should be able to help you navigate.

Sidenote: I occasionally build custom barrel saunas for my employer based out of Bend. If you are looking to spend around $5K, these saunas will be a little out of your budget. That said, I would be happy to assist with installation or maintenance of your barrel sauna - if/when you find one. As a licensed GC myself, based out of Redmond, this is right up my alley.  

Feel free to reach out if I can be of assistance in any way. 

 I came here to say this. They also make the black mesh that is designed to span various heights/lengths of chain link fencing. --> https://www.uline.com/Product/Detail/S-
24630BL/Grounds-Maint...

If combined with the vinyl slats it would be very difficult to see through. 

Are there any plans to add a specific location drop-down for central Oregon (Bend/Redmond) area? Extremely fast growing region year over year that deserves a designation of its own on BP forums in my opinion :)

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $505,000
Cash invested: $120,000

We inherited renters on one side while we live in and renovate the other side. We will then do the same to the other side once we are done with this side and hope to be ready for our next investment by the time both units are remodeled and other improvements to the property are finalized. I am self performing all of the work on the property.

What made you interested in investing in this type of deal?

We were originally moving from the Bay Area in hopes of finding our dream property and lifestyle on a small hobby farm in Central Oregon. Unfortunately we realized that we were not quite ready financially to take on the work required on a 10+ acre parcel - nor could we find the ideal property that checked all of the boxes in our budget. We then decided to shift our focus to invest in a multi family property with the hopes of saving towards our future goal.

How did you find this deal and how did you negotiate it?

I found the deal myself on Redfin after identifying a list of five properties we were interested in "on paper". After arranging to see each property in person, the only one we were interested in putting an offer in was the one we ended up with. We found a very talented realtor to represent us - Colleen M Peterson. She had a lot of experience with multi family properties and was an investor herself. She helped us negotiate an offer that was almost $20k under asking.

How did you add value to the deal?

So far we have: Removed several unsightly and dangerous trees on the property. Installed new LVP flooring throughout our unit. Built a new fence to divide the yard of both units.

We plan to remodel both bathrooms and the kitchen next. Followed by landscaping and repeating the process on the other side.

What was the outcome?

To be determined!

Lessons learned? Challenges?

Time will tell!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Colleen M Peterson

https://www.realtor.com/realestateagents/61f0ed615608fa60516604c6