All Forum Posts by: Sarah Brown

Ah dang that sounds tough.  I would reach out to an RE attorney in the area for help and guidance in this.  It might cost you a little more money up front, but save a lot of time and headache in the end.  I would also definitely switch PM companies. 

I agree with Jonathan.  A lot more risk when you go out of state.  Network with agents and other investors in your area.  Something will pop up.

All the numbers are important.  Some, however, are certainly more important than others.  If you post what info you have, I bet you will get a few different ways to analyze it and then you take what you want and adapt it to your needs.

All you.  Maybe I am a skeptic, but I wouldn't trust someone else research anyway.  I would want to do my own to confirm what the issue is, so I can ensure I am fixing the right issue, and not the answer to some half assed research that won't fix the problem.

I'm in Boise not Lewiston, but I wanted to be sure to say hi and welcome!  

@Tyler Brown

Gotcha. That makes sense. I would speak to a lender. Two years isn’t always 100% necessary. I would speak to a lender to see what kind of first time home buyer programs you might qualify for

Vacancies are a standard part of this business and shouldn't be discounted off of a price.  Was part of the sellers negotiations down because of already known safety violations?  I'd be surprised if they weren't noticed before an inspection.  Either way, it doesn't hurt to ask to try to get the best deal, but I wouldn't be surprised to if you don't get the whole $15k.

Can I ask why you haven't had a job in a year?  I recommend getting a good solid job first, and then work on getting into real estate.  You MIGHT be able to find a private lender (owner carry) to fund you, but you'll be hard pressed.  There are several steps to building a life, and while none of them have to come in any particular order, generally credit and income have to come before any kind of leverage/debt situation.  You'll set yourself further back on your goals if you don't.

Sounds more like you need a business mindset.  Not necessarily just a landlord mindset.  Don't beat yourself up.  Landlording isn't for everyone and some of it is a matter of experience to learn.  It's definitely not something that you'll automatically get out of the gate.   The fact that you are thinking of other ways to monetize tells me you might be headed in the right direction.  Couple things:

1. Instead of paying for a separate meter, why not just do a flat rate water charge every month?  I have one duplex that I have calculated the average water bill, split it in two, and that is what I charge each side every month for water.  It's cheaper and easier than adding a second meter.  Some months you get extra, some months you get less.

2. Read Managing Rental Properties - This book will address several of your other concerns.

3. A lot of us don't like evictions.  They are a necessary tool that you sometimes have to utilize.  It's business not personal. 

Congrats!  Great buy!