All Forum Posts by: Shane Craig

@Erik W. Tenant selection is the Key.

@Bjorn Ahlblad

I wish my area would make a smoking ban near apartments. 

@Salvatore Lentini

You made a good point with the work schedules. 

@Dennis M.

After reading your post I have nothing to complain about!!!!!

I want to start out by saying I love multifamily but I have learn some things about them that I didn't consider with SFH.

Most of these issues have been resolved quickly but still they are pain.

1. Parking is an issue. I have had multiple calls about tenants parking in the wrong spot or friends and family not having a place to park.

2. Smells- when people live in close quarters their smells ( good or bad) affect each other. I actually had a tenant call me and tell me they smelled BO coming from another tenants apartment or they smell of weed and then you have tract down who is doing it.

3. Drama- Everyone is a tattle tale and everyone is in each others business. I have had calls about fights, noise complaints, and people doing gymnastics in a top units. 

I feel like all of these complaints most likely wouldn't have happen if these were SFH?

Tell me what you think.

To give you some back ground information all of my units are 2bdrm/1ba and are about 900 sq ft. 

I prefer window units over central ac units because of the cost( you can purchase a 17000 btu unit heating and cooling for $1000) and less issues on repairs. Also in my experience I don't receive more rent for properties that have central air. 

What do you prefer and why?

My family and I enjoy going to Clearwater each summer and I think everyone has wanted a condo at the beach.

This will be first time purchasing an investment in a different state. I know the best months to rent a property are from Nov-Mar. I have a few questions about vacation rentals. Not trying to make a lot profit on this rental. I would be satisfied if the investment paid for itself and my families airfare. 

How much rent should I be able to get with a 2br/2 bath 1000 sq ft with in walking distance to the beach

What property management company would you recommend in Clearwater?

Which areas rent out well and which don't.

What should I consider when buying a vacation rental?

HOA or Not?

@Patrick M.

1.Find a mentor in your area who has done it before and ask questions.

2. Read/watch as much information that you can about real estate investing. 

3. Start browsing craigslist, realtor, Zillow and start looking for a deal. 

4. Start gathering contacts ( plumbers, electricians, real estate agents, lenders, etc).

5. I would encourage you buy in area no less than c class on your first purchase and something close to your home. 

6. Do your home work ( comps, rent rates, landlord laws).

7. Pull the trigger and learn from your mistakes( screen tenants don't sweat the small stuff). 

8. Repeat. 

I have been investing in real estate for the last five years( I'm currently 30) and have learned a lot. However, I know their is still a lot to learn from experienced investors.  If you could go back in time when you started investing.  What advice or  pep talk would you give?  You can't give information about lottery numbers or stock picks. I'm just looking for information from experienced investors that took them years to learn. 

In the process of purchasing a multiuse commercial building( 2 commercial spaces, 2000 sq ft (2nd Floor), and a 2 car garage. The building is in d quality( needs new roof, windows, and the whole upstairs needs replaced) but in a B neighborhood.

Buying a commercial space that needs this much work is a new endeavor for me. I own multiple single residential homes and a multifamily apartment complex but I don't own any commercial/retail spaces.

Here are my questions.

1. How challenging is it to rent commercial spaces and how are the tenants different than single family homes( I assume they are better).

2. Also how are commercial leases different than residential( what should I included in my lease) ?

3. The upstairs is a blank slate and I have multiple ideas that I'm considering( 2/1 ba( super small bedrooms) or 1bdrm/1ba. Should I go high end finishes or stay basic?

4. Any advice on updating commercial buildings that are almost 100 yrs old( the electrical has been updated and some of the plumbing).

5. Any general advice on commercial/ retail spaces ( should I offer free wifi , should I put security cameras, should I put a sign up that has my contact information in cause of an emergency)?