All Forum Posts by: Tim S.

I'd look for a handyman rather than a flooring contractor.  Sounds like a pretty easy standard repair. 

Time is money, buy new outlet covers. Learn when to pay someone else to do the work. The best use of your time is probably not simple labor intensive tasks that anyone can do. 

The market is very hot still, the average is about $1000/sq ft. I doubt it’s a good market for student housing because of the crazy high purchase price. 

If you have a W2 job you will pay taxes.  If your income only comes from sale of assets, like stocks or real estate (like Warren Buffet), if you hold assets and don't sell them, then there are no taxable gains. You don't owe any taxes.  It's possible to be a multi-millionaire, or billionaire and not owe any taxes.  Those guy often don't get a paycheck.  

Doesn’t work that way in most markets, student housing is usually more expensive than regular housing. Higher risk, many won’t rent to students. My house is fully furnished down to kitchen utensils. They pay extra for that. 

Look at the ads and see what your competition is charging. 

@Jamie Bateman  Yes! I had a a guy argue with me, he couldn't understand why I didn't know what the down payment was, and because I didn't know I must be a scammer.   Further, I tried to explain why the original down payment amount is irrelevant, and not something he should be concerned about.  In his mind this was just additional confirmation that I was trying to scam him. 

@Luke Andersen

You need to be talking about cities, and specific areas within cities.  Texas is a huge state and has hundreds of markets and sub-markets.  Talking about Texas as a whole is kind of pointless (or any state).  

There are MANY, MANY, MANY threads on this topic here on BP.  You have to read, study, and decide for yourself, there is no right answer.  It's like asking, what stock should I buy?

Many responses are from Realtors who are looking for your business, they may actually believe that their market is great, or they may just be trying to drum up business for themselves.  I'm always skeptical.  

Landlording doesn’t have to mean doing it yourself. It’s a business, you need to think of it that way. Sometimes it’s better to hire someone who isn’t emotionally involved and has experience, like a property manager. 

It cost me about $8k to get the service upgraded from 100 to 200 amps in Tacoma. This was just for the service coming into the property, not including the panel upgrade. How old is the house, is it overhead power lines or burried?  If overhead, how far away are you from the power pole?  

Pro's - little to no vacancies if the location is good.  Higher rents

Con's - they don't know how to fix anything themselves, the smallest issues can trigger a repair request.  Have to educate them and provide basic tools.