All Forum Posts by: Missy H.

Thanks @James DeRoest

A dedicated line sounds like a good idea.  I will call around for a couple of electricians to come out and give me an estimate.  

I just don't want the son to think that I am made of money simply because I did the repairs on safety issues.  

I just bought a duplex rental property in Albany, NY.  It is an older house - early 1900's.  The previous owners had a PM company managing the house, but nothing was ever updated and any repairs were just a band-aid.  

I inherited tenants downstairs.  An older couple with a son in college.  They keep the place clean and pay the rent on time.  I just renovated the bathroom because it was terribly outdated with cracked tiles and water leaking into the basement and I am planning on re-building the porch because it is a potential safety hazard.  I also renovate the upstairs apartment with a new kitchen, paint and refinished hardwood floors to make ready as a rental.  

The son sent me a text the other day and said that when he turns on his air conditioner, the electricity goes out in the kitchen.  My question is:

Would you upgrade the electric to accommodate an air conditioner?

My first thought is to have an electrician go and take a look.  If it is a simple repair then I don't see a problem, but if the electrician tells me that it needs to be upgraded, my thought is what did they do the previous years before I bought the house.  The current electrical panel is 120/240 volt service with a 100 amp panel for each unit.  The home inspection report states that this is sufficient for each unit.

What would you do?

@Logan Sherwood

Within 15 seconds of looking at their website, the first thing that came to mind was pyramid scheme.  

Don't do it!

Listen to the podcasts starting and #1 and up to (currently) #170.  Read the postings and ask questions.  Figure out what type of investor you want to be: Flip, Buy and Hold, Notes, etc......

Don't waste your money on MyRenatus.

Hi Toi.  It is great to hear about your dreams to own property and be an entrepreneur.  I wish you well!!

As a vet, you have more financing options open to you.  

Please listen to the Podcasts from #1 - 170.  There is so much information that you can learn from podcasts; much more than what you can learn from books.

Also sign up for the webinars.  @Brandon Turner does a great job in explaining processes and showing you, step-by-step, how to use the different calculators that are available to members.  Please note that free BP members can only use the calculators 5 times. BUT BP pro members have unlimited use of the different calculators.

Good luck in your endeavors  

@J. Martin Please keep me in mind.  Would love to attend.

Hi @Jason Gerasia

Hope this helps

http://www.nolo.com/legal-encyclopedia/new-york-security-deposits-36183.html   

Hi @Account Closed

I would suggest that finding appropriate rental rates is a key first step.  Look on craigslist to see what others are charging in your same neighborhood.  If the area is desirable and the market is not flooded with available rentals then you could go at or slightly above market.

When you do find potential applicants, the most important thing to do is screen them fully.  Credit checks, background checks, arrests, evictions, call all references.  Keep documentation of everything you do and choose a tenant based on the numbers and screening results.  Do not fall for any sob stories or anything that cannot be verified.

Finally, have the tenant do an electronic transfer or have them go to the bank and make a deposit directly to you account.  My tenants pay rent in different ways.

1. Chase quick pay deposit

2. Go to the bank to make a deposit into my account

3. Electronic deposit from their account to mine.

Going to the property is unnecessary unless you are also doing regular property inspections or have another reason to go there.  As a last resort, you could always give them self addressed pre-stamped envelopes for them to mail the rent to you.....but that is old school.

Good luck.

Hi @David Cole

I would refinance to a 30 year to eliminate the $600 per month that you are paying.  You indicate that you would have a $350 cash flow.  However, I do not see where you would have accounted for repairs, property management or capital expenditures/special assessments.  You should probably count in 10% for each of these.  

I recently refinance my property that had 20 more years left on it.  I refinance to a 30 year to lower the monthly mortgage that would equal the rent.  I rest easier at night knowing that I don't have to come out of pocket on this.

Good luck.

Hi @Account Closed

Does it have to be all or nothing?  Do you have to sell your condo to invest?  Maybe you can rent it out and rent a place in Philly while you scope out the area and test the waters.

Does your boyfriend have the same passion for real estate that you do?  Will he be investing too?

Finally, are there any areas closer to home?  PA is so very far away to up-root your life, especially if you love CA.  I listen to the BP podcasts and there are plenty of investors who live and invest in CA.  Just because SF is an expensive area, there are hundreds of other cities where investing is more affordable.  

I guess what I am saying is don't pick up and move if it is only for the real estate.  Visit for a while and if you truly love PA as a place to live and invest, then take the final plunge.  If you don't like it, you can always go back to SF.

Good luck.

@Bill Devola

I travel two hours away for my investments.  It is usually a day trip - two hours there and two hours back.