All Forum Posts by: Savannah Yingling

Investment Info:

Condo buy & hold investment.

Purchase price: $379,000
Cash invested: $107,690

Latest short-term investment condo (3bd, 2bth)

What made you interested in investing in this type of deal?

I've had success with 2 short-term rentals, and wanted one more in relative close range to work and life. Ocean City is the most popular beach town and is a 3hr drive from Washington D.C.

How did you find this deal and how did you negotiate it?

MLS. no special negotiations, just found a seller that was motivated.

How did you finance this deal?

1st position HELOC. I moved into the property while getting it prepared for the next season so I could quailify for better loan options. Sort of my own twist on BRRRR.

How did you add value to the deal?

decor and furnishings attractive to vacation renters.

What was the outcome?

We shall see. The season will start around late March 2025.

Lessons learned? Challenges?

I underestimated the costs of furnishing from a blank slate, so now know to include more expenses in my upfront cost estimates.

Hey everyone,

My name's Dylan, I've been serving active duty Army SOF for the last 5-6 years, and as the title says I'm new to real estate investing, and I'm ready to get started. A little about me: I grew up in Northern Virginia, up in Alexandria, and really loved the area. Honestly, I'm hoping to move back there in the near future - but that's for another time. Anyway, I graduated from Old Dominion University with a B.s. in Finance back in 2017, and that was really my first introduction to the idea of REI. Unfortunately, at the time, and for the years that followed, I was preoccupied with the notion that stocks were the superior investment vehicle. I then spent a majority of my free time learning as much as I could on the different styles and strategies that have been utilized in the past, reading everything from Lynch's One Up on Wall Street to Graham's Security Analysis, to learning how to build out financial models in excel. It wasn't until this past summer that it really clicked for me just how powerful the REI model can be, and so I've been reading, listening, consuming as much information as I can over the last few months, and I'm just ready to start making things happen.

Anyway, I’m really looking forward to meeting more of the community, to continue learning and building relationships with as many of you as I can. I’m really interested in pursuing the out-of-state investment strategy (currently reading David Greene’s Long-Distance Real Estate Investing), and I’d love to meet and connect with some investors experienced with this model.

I can’t give BP enough credit as you guys have been instrumental in my education thus far, and I can’t wait to see where this goes.

So I have spoken with a friend that manages an apartment complex minutes from mine but is a little nicer. Her rates for rent are in the 1300s on up. I have my rent average at 875 not counting the section 8 tenant I have which pays me 1270 a month. My friend tells me I should charge 1100 to the new tenant that I’m trying to acquire. My complex is in an area that has some sketchy 4Plexes and apartments around it. Not all of them are sketchy, but about half.  This is my first complex and first time having a vacancy so I’m just a little nervous about what price to charge and how long it will take me to acquire a tenant that is willing to pay it. if there’s anyone in the Baton Rouge area that can kind of help me, please respond. Thank you.

I am a landlord and have had the same tenant in my rental property for 3 years.  Since the tenant started renting, the market rate for the rental property has increased significantly.  I mentioned this to the tenant and gave him notice of the higher rent.  However, the tenant made a big fuss about it and refuses to pay the higher rent.  

What do I do and how do I handle this situation professionally?

Hi, I am a newbie trying to fill my first rental and am unsure about what to do about this situation. I had a woman inquire about the rental. Here are the facts.

-It would be the applicant, her husband, her two kids (ages 22, 15) and her sister.
-Only her sister has a social security number, as the others are going through the immigration process.
-The rent would be paid by the sister, the husband and the son.
-The sister only makes $2800/mo. and the rent is $1875. 
-She offered that the husband and son could provide bank statements.

I get the sense from her FB page that they have been in the US possibly less than a year. I didn't see any sketchy behavior on their FB pages although I take that with a big grain of salt. My questions are these: What information should I be looking for on the bank statements? Should I also ask for the employers contact info? How risky is this? Any advice would be greatly appreciated! Thank you. 

Hi everyone -

I own a 5 bed 4 bath home here in North Austin, TX that I currently house hack. I've been doing 3-6 "trial leases" for new tenants and they can extend after; however, I have a W2 sales job that takes a lot of my time. Finding tenants via facebook, craigslist, word of mouth, etc.. doing a phone screen, running background checks, etc.. takes A LOT of my time. I'm starting to wonder better ways to outsource this work and find solid tenants who will stay for the long haul. 

Unfortunately, I don't have tons of margin to work with. When I move out in Sept, get married, and fill my current room, I'll basically be breaking even after expenses and maintenance. 

Any vets in here that have solid advice on how I can outsource finding awesome tenants who sign longer leases and all the work that goes into that?

I have a tenant that’s been renting one of my properties for years. He asked me today if his sister can stay with him for the next 4 or 5 months. I have no problem with his sister staying with him but wondering how I should structure the lease.

Should I create a new lease for both of them, an additional lease for her, an addendum or anything else I missing?

Thank you for the help!

Hi everyone,

I'm new to this forum and seeking some advice on a situation I'm facing with my rental property. Recently, my property manager informed me that a tenant's attorney contacted them, expressing the tenant's desire to terminate the lease due to a mold smell in one of the rooms. The tenant is concerned about their child's health.

My property manager suggested allowing the tenant to break the lease without penalty or offering whatever they request at this moment to avoid potential litigation. The plan is to conduct mold inspection and remediation after the tenant moves out and then re-rent the property. However, I have some concerns about the potential costs involved in mold remediation, especially if it requires tearing up drywall.

I'm considering whether I should inform my insurance company to see if they can cover the damage. However, my property manager advised against it, as it might inconvenience the tenant further, who has already refused access to the property at this time.

I'm also wondering if I should contact lawyer to understand any potential legal liabilities, particularly regarding the possibility of a lawsuit from the tenant even after they move out.

Any insights or advice on how to navigate this situation would be greatly appreciated. 

Almost wrapped up on my first BRRRR....which I started without having ever heard the term. As I dug into the project, I realized that I was both well suited for flipping (or keeping), but also that I was genuinely enjoying the process. I started listening to BP podcasts while working on the project, and have since devoured material in every form as I changed from fixing up a house - to building a real estate business.

So I purchased a triplex in my name, do not have an LLC. Does it matter if I keep the rents in my personal accounts? Or should i open a separate checking and savings? I do I open a separate account and pay the bills and mortgage with that account.. or it doesnt matter if I use my personal account?