All Forum Posts by: Steven McCaffrey

I'm about to start my first rental property and has solar panels. 

If I have solar panels should I simply raise the rent since all the benefit will be on their end (smaller electric bill) and all I get is depreciating solar panels. Do you know of another way to benefit?

I'm with @Ben Zimmerman on this one, 

Not to discourage you or persuade you to do other wise but if you only have $7,000 think about all the expenses you'll occur since it's a flip, do your research and don't consider a low-end estimate. 

-Can you afford the mortgage, taxes and all utilities by yourself? Since it's a flip having roommates will be nearly impossible due to the living conditions if you're hacking at walls, gutting bathrooms and so on. This can cause legal issues quickly and they'll probably win...  

- Do you have the time? Flipping with a full-time job is rough but doable especially at your age just no that you will probably not need a phone anymore since you wont have a social life haha.  

- Do you have friends that are handy because this will help a lot especially if you can bribe them once in a while with pizza and beer. 

I can't stress enough on the expenses! If you need appliances, new roof, A/C, tools, new tile or carpet, any other main renovations. While $7,000 looks great at 22 you can spend that on decent A/C.  

If you can manage all of this than Do it, if not take an extra year and save for at least $10K just for the flip.  

Actually the idea is to begin renting this property in about a year. I'm waiting for my sister to graduates college and move out to begin. I'll be making a trip to Las Vegas about every two months and I'll be doing about 80% of the renovations (painting, trim, new carpet) to keep cost low and because I like it.
  I was born there and know a few handy people that can help and be the to-do-to for simple property maintenance. I'm simply excited but new to the whole rental and property management and don't want to overlook anything that maybe a costly mistake about being so far from the property. 

Hello, 

Let's get to business, I'm a young driven individual who's father moved outside the US and has a property in Las Vegas. I asked my father if I could fix up the house and rent it out so he doesn't have to pay a mortgage and in return I gain any profits including being the landlord and the point-of-contact. If this goes well my father will transfer the house in my name which he still owes roughly 80% of the selling price. I understand this is a great opportunity for me to start my passion in the real-estate market. I'm also excited about the property since Las Vegas is getting two professional teams and the stadiums are about (5-10 miles away). Anyways, the only thing I'm nervous is about being on the other side of the map. Being my first property, I want to be as engaged as possible in the process for the learning aspect and not spend money on someone to do so. Any feedback on managing properties far from your current residence and just great tips for a young(23) year old to consider with this opportunity. 

Thank you,