All Forum Posts by: Tom Shepard

I would recommend getting the parents as guarantors on the lease. When my daughter got an apartment off campus we had to do this and now I am using that concept on my college rental as well. Mommy and Daddy's check don't bounce!

Just thought of another good one after listening to one of the podcasts. Here's a question for #askBP : Many of your interviewees seem to be so young, and most of the older ones are seasoned in REI. What about us older newbies? How about a podcast about getting into REI in your mid to late 40s? Can you still build enough of a portfolio to retire early? What's the best way for someone in that situation?

@Jack Arnold Definitely get out of debt first. I'm with @Patrick Britton--- You Will make mistakes as a new investor, and if you get out of debt first they may not be fatal. Investing while in debt will dramatically increase the risk of catastrophic failure instead of just a speed bump.

I agree with @Jessi Hill . I could use more details on the process. For example on one of the blogs or podcasts I have watched here on BP, the host said "I estimated $14k in rehabbing"... But HOW do you estimate that or where so you go to find that out, or get advice on estimating rehab expense either on a flip or even a buy and hold rental property? Just and example from one small step in the process. Maybe demystifying some of the steps. Could be a whole series right there!!! (My apologies if this already exists, still a little new here!)

Looking for advice from someone with experience in renting in college town.

Do you generally do a 12 month lease vs 9 mo, or length of school year?  Do you offer any incentive for them to keep the lease during the summer (lower rent if they are not living there for the summer, but leaving their stuff there?)  Do you allow for the lease to be broken if student leaves school?  Do you get the parents to also sign the lease as guarantor?  (one of our kids rented an apartment from a rental company and they required this.) 

Our first 3 years should be pretty simple, our daughter and a long-time friend will be living there until they graduate (we WILL have a lease with the friend and her parents to help things go smoothly).

What does the BP community say?

Thanks @Dmitriy Fomichenko, @joe moore and @drew wiard

I've got the beginners guide downloaded and starting to digest it.  SO much to learn, but looking forward to it!

My wife and I are new investors.  We have bought and sold many personal houses, but just bought our first investment property, which we will be renting out soon.  Looking for landlording tips and also are considering doing more real estate investing.