All Forum Posts by: Sandhya Gorman

My understanding is that you can get a loan under a 2nd home if you plan on living there at least one night during the year and do NOT rent it out.   If you plan to rent it out or AIR Bnb, it is considered investment property.  

I googled things like "hot rental markets" and "fastest growing cities" and there were a bunch of lists that came up.  I compared the lists and talked to people and simply took the dive and invested in Boise- I had neighbors from CA move there, had some friends who invested there in the past and took a trip and liked the area.  Also, it is only an 1.5 hour flight/10 hour drive from home so somewhat in my backyard- that made a big difference for me.  I also found a great realtor who had lots of connections and insight.  Look where job growth is and what companies are out in whatever location you are interested in.   Places like Detroit and Milwaukee are cheap, but they come with their challenges.  Do you plan to use a property manager?  I did not use a property manager but I used a trusted friend to be in charge of the properties; he was able to move into the houses once they closed, take care of the little issues that needed to be fixed up and interview renters (we used Smart Move). I used the Rentometer app to assess rent rates; I found the Zillow estimates to be way off.  Due diligence plus leap of faith seems to paying off for me; all my properties were rented w/in 2-3 weeks of close and I had multiple renters in place, leading to positive cash flow.  

Hi,

I have found Boise and Meridian, ID to be great for cash flow.  I bought four places in May / June - 2 in Bench (83706) and 2 in Merdian (83713) and had no problem renting them out.  A lot of that had to do with families wanting to move before school started.  Prices seem to be trending higher in these areas since I bought, so fingers crossed that I made the right investment.  

I have a friend who invested in Indianapolis and has positive cash flow.  I haven't looked into Kansas City yet and am told that Bend, OR might be promising.  A lot of Californians are moving to places like Boise and Bend.  

Anyone have additional insights on Bend or KC?

Thanks, Sandhya

Hi,

We are in a situation where we have multiple qualified applicants wanting to rent our house.  What's the best way to tell them we didn't select them?  Any guidance would be appreciated!  Thanks, Sandhya

I agree with the responses above- go with the tenants you know AND do the credit check.  Also, ask the tenants if you can show the house before they move out.  Good luck!

Hi,

Is anyone on this forum a member of the National Associate of Residential Property Managers?  Is it worth joining for educational and training purposes?  Is there credibility that comes with being part of this association?  We are new to property management and want to take advantage of learning and growth opportunities.  Let me know if you have any feedback.  

Thanks in advance!  

-Sandhya

Russell,

Thanks for the reply- you are absolutely correct and I decided to go with an investment property loan instead of a secondary home loan.

Hi,

I just bought my first investment property in Boise, ID!  The house is currently occupied by tenants who want to stay in the house until they find their own house to purchase (they were supposed to move out June 30th, but asked if they could stay until they found a house).  They are paying slightly under market rent rate.  That said, I'd like to raise the rent by $25-$50 per month and put them on a 12 month lease with the condition that if they found their home, they can move out once we find a replacement tenant (and we would focus on securing a new tenant ASAP).  

I would love some insight from this group as I am new to this and want to do the right thing!  

Hi,

I am looking into investment property. There is one SFH for sale that I am interested in- however, the home is occupied by renters who are on a lease through 2020! They are paying slightly below market. If I purchase the home, would I be able to renegotiate the lease and raise the rent?