All Forum Posts by: Jared K.

Maybe @Brandon Turner will help me be the creator of such map if there isn't one?...lol

So, I get asked quite frequently "What's the cap rates like in this area?" when I am selling a property for a rental, usually out of state. The only answer I can give is whatever an agent or broker tells me it is for the area, which should be consistent it varies. 

I am looking to buy a piece of property where I live. I have already owned rentals in my town for 11yrs but most brokers/agents have no Idea what the cap rates actually are in this area so what should I do?

1) Rather than rely solely on a guestimated opinion, which is what I feel I get, how can I best determine an areas cap rate myself whether its an in town deal or out of town deal?

2) What is your system to determine an area's cap rates? What resources do you use and why?

Thanks in advance :)

Before I allowed small breed dogs only I had this problem once before. A lady renter of 4yrs brought in a cat without my permission (triplex) knowing she couldn't. I evicted her for the principle of the matter b/c I make the rules and she always wanted to argue about something. It was in a triplex so other tenants would know she got by with it and so could they so I put my foot down asap.

Also, were you closing on a house for yourself or wholesaling the house to another buyer? If you were wholesaling it to a buyer, were they paying cash or financing?

@Lemaun Lancaster  Sounds like they possibly found a last minute attached lien while doing the title update right before closing. 

Were you getting financing on this deal? If so the title company will always do an update day before closing for the bank, should anyway. 

It could also be that they didn't have all their ducks in a row but thought they did and may need to postpone the closing another day or so, which happens to me all the time..lol.

Pva, brokers/agents, Loopnet.com, lead list companies can pull the data, driving for dollars, apartments for rent on: (Zillow.com newspapers, property management companies or even on HUD website), Realtor.com

Hope this helps

@Paul S. Yeah, that is pretty much the same as mine except the amounts on mine are quite lower due to rental market differences. My deposit is same as rent also but in part b/c I include utilities. Glad to see it's done the same by someone else so I am sure the person who posted is appreciative of your post as well.

I have owned rentals for 11yrs now. For the first 9-10yrs I allowed no pets. I noticed I was missing out on a lot of good would be renters such as elderly ladies that had a small dog. Most where I live do not allow pets so I seen opportunity. I asked a friend of mine that does allow pets how he felt about it and how he done it. I followed his advice and only allow 1 small breed dog. Most people follow a weight limit of 10-15lbs max. My deposit for a dog is $450 Non refundable, which wouldnt even cover carpet costs but my rent is $650mo including electric, water, sewer, trash, gas (heat). My lease deposit is same as rent b/c I supply utilities..just fyi. I also have the tenant sign a pet agreement I wrote myself from collecting info online. So far it has been good for the majority with very little issues with one exception which will never happen again. I trusted a guy the first time I allowed pets and he had two house trained blue pits, which according to him were award winning blood line dogs, big mistake. 

So, in my opinion and experience you can tailor this to work for you and see how it goes. I have not had 1 noise complaint from these small breed dog renters and they have mostly been great, clean, tenants. If your super worried about doing it then you could always write your agreement to state "Any damages that occur due to this tenants pet that exceed the pet deposit amount will be paid by the tenant within "X" # of days from the discovered damage by landlord."  ...or something similar. I am not saying you will get it if you go after that person to pay it but it would ward off anyone that claims to have a house broken pet that doesn't..lol

@Jennifer T. Yeah, I have seen this happen using many companies, online especially due to lead links etc. I recently got a lowe's card again after several years and have no other cards. My mail box started getting filled daily with other credit card company offers. They know when you apply for anything these days b/c all these companies sell information as another income source. Besides that, they know when your credit gets pulled and for what so I wouldn't doubt the credit score agencies are probably the worst for selling information. 

Hello, you may want to call a national bank such as Quicken loans to see if they do HELOC'S. I have several friends that love doing business with them and I had contacted them myself to ask about their rates etc a while back and they have a lot of financing options, even for investment properties, so they may do them but not 100% sure.