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All Forum Posts by: Tyler Fontaine

Tyler Fontaine has started 5 posts and replied 187 times.

Post: How do I succeed on my first house hacking property?

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

Part of it is what you define as success? I think even closing on the deal is a huge win. Then stabilizing the asset is a win. Updating it as needed is a win. Learning how to landlord is a win.

If you've read the books then just try your best to follow the strategy outlined. Look for a property you can add some value to but is rentable. Come up with a plan of attack before you buy the house. Then do whats needed to the house (paint, add a bedroom, update fixtures, new carpet, what ever you can do to improve the unit quality and cashflow.) 

One huge thing is if you get to place the tenants, MAKE SURE YOU VET THEM well. Credit check, background check, 3x monthly income (gross) of the monthly rental payment. Call their references.

It's better to sit with two months of no cashflow to place a good tenant that you have lower chances of issues, damage, eviction etc than it is to rush a partially qualified tenant in and they create issues.

Post: Partnering with family member, don't want her on the loan

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

Can you buy the property under an LLC that you are both members of? If so you can have the operating agreement for that LLC drafted stating that she provides X amount of capital and receives Y amount of profit from the deal. While at the same time she is liable for zero negative repercussions or losses that may come up. This is not bullet proof but it is a starting point to do so.

Other than that the most likely option as your lender pointed out is to season the cash in your own accounts. Even still they may require some of her bank statements and what not. 

Post: What appliances are Landlords required to provide to tenants?

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

You absolutely need to provide a clean, comfortable, and safe place to live. Access to water, electricity, and heat. Other than that you might not legally need to provide any appliances. 

However, most rentals I see have a minimum of fridge and stove/range. If you do not provide these you could seriously be limiting your potential rental pool. You also will not garnish the highest market rents.

If you're concerned about price then buy a scratched on from lowes or home depot. Check FB market place or a local appliance store that sells refurbished/scratch or dent stuff that looks mostly good and functions well.

Post: Is now a good time to invest in real estate?

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

It's always a good time to invest in real estate. How you do it; how you underwrite the deals; exactly what you're buying can all change to fit with the market but its always a good time.

If you keep waiting to jump in the pool then eventually you never will.

Post: One Electric Meter for Two Units

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

I would definitely take a look and see what it would cost to have the electrical split up. It would be worth it in the long run for sure. 

Post: New to The Game

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

Great to hear it! Good for you. Welcome to BP. It's the place to be for REI.

Househacking as a first deal is brilliant. I definitely recommend that. Getting into wholesaling will be work but it can pay off. I would find a strategy that works for you and then get as good as you can at it. I would expect results to come months after you've been putting in the work.

You can get lucky or have a good run where you get some deals right away but the deals will come after you have been marketing and putting in the work for a while.

Post: Should I renew my title insurance?

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

Could be pricey, definitely shop around... That said, I wouldn't forgo title insurance ever. You'll most likely never need it, but if you ever do - that would have been the cheapest $2,000 you ever spent.

Post: New RE Agent looking for Brokerage

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124
Quote from @Tyler Fontaine:

You should reach out to all the local PMs and see what they do and if they have an integrated sales engine at all for you to operate within.


 Also, reach out to the top multi-family agents/brokers in your area and try to interview with them. They may be expanding their teams. Plus they are probably in the niche that it sounds like you want to be in.

Post: New RE Agent looking for Brokerage

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

You should reach out to all the local PMs and see what they do and if they have an integrated sales engine at all for you to operate within.

Post: Finding arv in the Pittsburgh area

Tyler FontainePosted
  • Property Manager
  • Posts 196
  • Votes 124

Start by running comps with like kind houses within a .25-.5mile area. Only expand your radius if you have to. 

Then match the bedroom/bath count. Square-footage +/- 10% of the subject property. Lot size +/- 10% of the subject property. Check the finishes of these houses and see what they offer in terms of amenities and try to pick the closest ones that match the subject property when it's finished. 

This should give you an idea of where the ARV will be on the back end. Be sure to account for where the market will be when you are ready to sell. Meaning, if the market is slightly trending down then you should build that into your ARV over time.