All Forum Posts by: Seth Baumgartner

Raj,

It's indeed concerning to hear about the issues you're facing with tenant verification. Here are a few steps you can take to improve the reliability of your tenant screening process:

1. Don't rely on a single tenant verification service. Cross-reference information from multiple reputable sources to ensure accuracy.

2. Meeting potential tenants in person can give you a better sense of their character and reliability. Ask questions about their rental history, employment, and reasons for moving.

3. Instead of just accepting pay stubs or income statements, contact the employer directly to verify employment status and income.

4. Call previous landlords to get a sense of the applicant’s rental history. Ask about their behavior as tenants, payment history, and any issues that arose during their tenancy.

5. In addition to nationwide checks, conduct local criminal background checks for more detailed information. Some local offenses might not appear on nationwide databases.

6. Consider hiring a professional tenant screening service that offers more in-depth checks, including eviction history, credit reports, and criminal background checks.

7. Look for inconsistencies in the information provided on the application and during the interview process. Any discrepancies could be a red flag.

8. Ensure all your screening practices comply with Fair Housing Laws and other legal guidelines to avoid potential legal issues.

Improving your tenant verification process can help you find more reliable tenants and protect your investment. If you continue to face issues, consulting with a property management company or legal advisor might also be beneficial.

Best of luck with your rental properties!

Seth

Hi BiggerPockets Community,

I work on a boat for 28 days at a time and then have 14 days off. During my off days, I'm currently focused on setting up my property to rent out. However, my mother is asking me to visit her to help with some matters, and I'm struggling to balance both responsibilities.

My property needs some work to be rental-ready, and I want to make sure it's done properly to attract good tenants and maximize rental income. On the other hand, I also want to be there for my mother.

Has anyone else faced a similar situation where you have limited time off work and multiple responsibilities pulling you in different directions? How did you prioritize and manage your time effectively? Any tips on balancing personal and property management responsibilities would be greatly appreciated!

Thanks in advance for your advice.

Seth

 Thank you for your response! I'd appreciate your insights on cost-effective furnishing.

I'm curious, how do you find the balance between quality and cost when looking for items on Craigslist and Facebook? Any specific tips on what to look out for or avoid? Also, considering I'm renting to college students, what kind of wear and tear should I anticipate, and how can I best prepare for that?

Thanks again for your valuable advice!

Hi BiggerPockets Community,

I'm preparing to rent out a 2-bedroom, 1-bathroom unit to college students and would love some advice on how to furnish it effectively. What are the essential pieces of furniture and amenities I should include to make the unit attractive and functional for college students? Additionally, I'd appreciate any tips on balancing cost-effectiveness with durability. I currently have $9,000.00 to work with.

Thanks in advance for your insights!

Hello BiggerPockets Community,

I recently closed on a duplex near Florida A&M University in Tallahassee on March 31st. I'm currently living in one side of the duplex and planning to rent out the other side. The property is an 11-minute walk from the university, and I aim to target students as potential tenants.

Given that this is my first investment property, I'm looking for advice on the following:

1. What are the best strategies to attract and retain student tenants?

2. How should I price the rent to be competitive yet profitable?

3. Are there any specific lease clauses or considerations I should include when renting to students?

4. Any tips on managing the property efficiently, especially considering my limited time and technical skills?

Additionally, I'm curious about any potential pitfalls I should be aware of with student rentals and how to mitigate them.

Thank you in advance for your insights!

Seth

Hello everyone!

I'm currently exploring the possibility of buying my first home in the Pine Hills area of Orlando, with the intention of house hacking. The idea is to create a welcoming, affordable living space primarily for local college students.

As someone new to this journey, I would deeply appreciate any insights, opinions, or experiences you could share about living in or around Pine Hills. Here are some specific questions I have, but any additional information is welcome:

Safety and Community Feel: How do locals view the safety and overall community vibe in Pine Hills? Are there particular parts of the neighborhood that are recommended?

Amenities and Transportation: What can you tell me about the local amenities, such as shops, parks, or public transportation options? How convenient is it for students or young professionals?

Local College and Student Demand: Considering the proximity to local colleges, have you noticed a high demand for student housing? Are there any insights into what students might be looking for in terms of housing?

House Hacking Experience: Does anyone have experience with or advice about house hacking in this area? Any pitfalls to avoid or tips for making it a success?

I'm aiming to make a well-informed decision that not only benefits me as an investor but also contributes positively to the community and provides value to local students. Your feedback will be incredibly valuable to me, and I'm eager to hear all sides, positive or negative.

Thank you so much for your time and help!

Hey everyone,

I'm in the process of considering purchasing a house in Orlando, Florida, with the strategy of house hacking in mind. The idea is to offset my mortgage payments by renting out individual rooms. The property I'm looking at is also conveniently located near a college campus, which I believe could be an attractive factor for potential renters.

I’m reaching out to this community for insights and advice on a few key points:

1. Realistic Rent Expectations: For those familiar with the Orlando area, especially near college campuses, what are realistic rent amounts I could charge for individual rooms? I’m looking to make this venture both appealing to tenants and financially viable for myself.

2. Demand and Seasonality: How does the demand for room rentals fluctuate throughout the year, particularly with the college academic calendar in mind? Are there times of the year when it's easier or harder to find tenants?

3. Legal and Management Tips: Any advice on navigating the legalities of renting out rooms in Orlando? Additionally, how should I prepare for the landlord role in terms of property management, tenant screening, and maintaining a good relationship with my tenants?

4. Investment Viability: I’m also interested in hearing about your experiences or observations on house hacking in this area as an investment strategy. Is this a commonly successful approach given the local real estate and rental market dynamics?

I appreciate any feedback, experiences, or insights you can share. My goal is to make a well-informed decision that not only helps with my mortgage but also provides quality housing options for locals or students in the area.

Thanks in advance for your help!

Hello BiggerPockets Community,

I'm Seth, based out of North Bend, Ohio. As someone who spends a majority of time at work, I'm currently in the exploration phase of understanding the real estate landscape, particularly the BRRRR strategy, and how it might fit into my lifestyle and commitments.

1. Initial Investment: I have an available capital of $80,000. For seasoned investors in Cincinnati, what does this realistically allow me to consider, if thinking about the BRRRR method or other strategies?

2. Market Suitability: Are there certain parts of Cincinnati or property types that might be more challenging for a BRRRR approach, especially for someone with limited time?

3. Potential Challenges: Given my tight schedule, what are the common pitfalls or hurdles that could arise in managing a BRRRR process or any other investment strategy in the local area?

I'm not yet decided on my investment journey's direction, but I truly value insights from those who've been in the field. Any feedback or advice would be greatly appreciated.

Thanks for the guidance and hope to learn a lot from this community.Warm regards, Seth Baumgartner

Hey everyone, Seth Baumgartner here. I work a demanding job with SpaceX that requires long hours and frequent travel. While I'm passionate about real estate investing, balancing it with my day job can be a challenge. I've been using various strategies to manage both efficiently, such as setting specific goals and leveraging technology. I'm curious to know how other investors in this community, who might have similar demanding schedules, manage to stay active in real estate investing. What tools or strategies do you employ to ensure you're giving adequate time to your investments while also excelling in your day job?

 Sam, thank you for your offer to connect me with a structural engineer. I believe a professional opinion on the foundation could offer invaluable insights and possibly more cost-effective solutions. Could you please provide more details about how to get in touch with the engineer?