All Forum Posts by: Teresa F.

Hi Jennifer,  Welcome!  I am a big fan of buy & hold and the rents from my "held" are allowing me to ease into retirement.  In the hope of saving you a few headaches, I recommend buying near you.  While I manage properties for myself and others, I have had out-of-state managers steal rents, mismanage, etc  That said, even with a nearby property manager managing your properties, prepare to manage the property manager.  Don't hesitate to join your manager on a walkthrough of your property or to use your rehab team instead of relying on the management company's contractors.  The most important thing is to vet your tenants!  Talk to the manager about their process and, if possible, participate or vet them yourself.  As an investor, your biggest expense will be unit turnover so the idea is not to have turnover. 

Good luck and have fun.  This is doable.  Teresa

You mentioned this was a voucher tenant.  You may want to send a copy of his text to his caseworker along with mentioning that he hasn't paid for two months and now he is making threats.  You are notifying the caseworker because you would not want a further landlord to be saddled with this type of burden and you are hoping that the caseworker can discuss the tenant obligations with him.  Of course, you should notify your tenant that you are notifying his caseworker.  

Hi Brendan, If you are using the standard for that area you should have no problem.  Best, Teresa

Hi Tatum,  I can speak for myself only.  I currently have a tenant with an Emotional Support Animal.  When applying he provided a card for the animal.  As with all my applicants with animals (pets or non-pets), he completed a "pet application."  My guess would be that your daughter should be prepared to provide information once the ESA is selected.  I request shot records, the name of the vet, and an emergency caretaker, along with a picture of the animal.  

Congratulations to your daughter, I'm sure she will enjoy Hopkins!  Of course, congratulations to you, I'm sure you're quite proud.  

Teresa

Hi Christian,  I took the exam in 2011 and still have the guide which I am happy to share but I think there is probably a more recent study guide.  Did you check the DC commission website?  Since the Property Manager license allows you to manage residential and commercial properties be sure to know commercial info.  best, Teresa

Before I got licensed and was just investing, I used FranklyMLS.  Still worth checking out.  

Hi Hamiyyet,  Just took a quick look and noticed that there is currently a 1/1 for rent in the same building for $1900.  Assuming that you will pay the asking price or close and condo fees stay at 456 it looks like you would be coming out of your pocket every month if you rent it at 2k.  Certainly a fun neighborhood, but fortunately, DC is filled with fun neighborhoods.  If you have your heart set on this, I would offer significantly less than asking so that I would know that when I move, rent will still be covered even if condo fees increase.  Since the rent reasonableness standard for the area shows rent with utilities included at $2648 I would market to voucher holders.  Best to you, Teresa

Hi George --  Lots of great ideas already.  I've been using Venmo and CashApp but also give my bank and account number to those tenants who feel more comfortable paying directly.  Best, Teresa

Hi John,  Any reason why you aren't considering putting your home in a living trust?  

Hi Nelson --  I'd love to have you interning for me, alas I am on the East Coast.  That said, there are a ton of things you can do right now to learn more.  Are there any Real Estate Investment Associations in your area?  Get involved in a few of those associations to get to know other investors.  Look for San Diego folks here and ask if you can treat them to coffee or meet them over zoom, skype, duo, or facetime.  As I'm sure you know, there are many types of real estate investment.  I primarily buy and hold so you may want to think about what type of investing interests you and try to learn more from someone who specializes in that area.  

Most investors love sharing their knowledge with others so when you find someone who is doing something you are interested in, do not hesitate to ask to talk with them.  If you want to shadow them or learn more, ask them how you might be of help.  Some rehabbers like to have someone sit at a property to open doors and watch tools, etc.  That may be something suitable for someone your age.  Perhaps you can drive around neighborhoods and look for abandoned or deteriorating properties and research the ownership for an investor.  

I'm sure good things are in store for you.  Best, Teresa