All Forum Posts by: Willie Creear III

Quote from @Zachary Deal:

To piggy back off Connor - offering an incentive to tenants who find another renter when you have vacancies and trying to limit pets can help a lot as well!

 This is a great option to bring in familiar tenants for their environments. 

Quote from @Andrew Bosco:

Hey Willie. For RBR - I use electronic door locks on each bathroom, 2-3 people per bathroom, build in a cleaner per month or every 2 weeks to the contract, supply toiletries and basic condiments, ensure your fridge/kitchen space is big enough and make sure you have parking. That should eliminate 90% of your issues. 

Have you made the transition to two fridges or had the one been operating just fine for your ratio of tenants? I haven’t installed any digital locks for the rooms, just the exterior. I also already expanded my driveway which will allow 7 cars to be parked now in the driveway. 

the bigger focus for me is just to keep refining the operations for the tenants and making the environment closer to what you have established with your properties. 

What are the best markets in Ohio with comparatively high appreciation YOY? Is there investors in any of these areas that see any of their portfolio any appreciation trends that may surprise those who originally had only cash-flow intentions? 

My Pre-investing Rankings (Personal Market Analysis)

1. Cincinnati

2. Columbus

3. Cleveland

Any honorable mentions markets to consider as well? 


IG @Mattpriestjr 

The biggest consideration for anyone looking to purchase another rental is the obvious high interest rates. We are also seeing the prices starting to ascend slightly higher in most markets as well. Regardless of what is going on in our corresponding markets, we have investors who can invest during most any difficult economy. The common theme I want to address is how we can configure our minds on how to invest in any RE economy. 

With any purchase substantially lower than your mean market price can play the part. Is there a universal number to shoot for? With that being said, what are common themes to address on how to make a great ROI?

Virtual Assistants are a great benefit when it comes to the management of administrative tasks, lease procurement, and also property maintenance coordination. There can be the duties involving communication lines with tenants, advertising, maintenance-staff/contractors but not sure if this is the best thing to delegate all to a VA.

What management tasks have you delegated to your Virtual Assistant with your Properties? 

For my personal portfolio, I have 5-year Rental Roadmaps for each property so I could allow myself to work my way into a specific rental strategy that I intend for the properties best use case. Whether it’s heavy renovations, new construction on the property or priorities with other properties I try to allow myself a way to work into whatever my true goal is to maximize. 

I necessarily don’t want to sell my properties but I always want to be ready for a day where it makes sense to. Whether for liquidity for multiple properties, investing city market crashes, appreciation Year over Year doesn’t hit the expectations as planned, forced appreciation doesn’t reach anticipated goals and etc. As my properties mature and also the equity usage and liquidity of them are used, what are some of your best practices for rental strategies and exits if necessary?
 

Example
Year 1: Mid-Term (Entire House)

Year 2: Mid-Term (By Room)

Year 3: Mid-Term (By Room)

Year 4: STR (0-90 Day)

Year 5: STR (0-90 Day)

Exit Strategy: (if cash flow doesn’t meet goals) 

IG: @MattPriestJr

I currently own a Mid-Term rental located in Greater Seattle. One of the strategies I picked up early to utilize was renting by the room. Through trial & error I have learned how to support this specific rental strategy but it can take a bit more attention for those who self-manage.

Although I love the concept, I do want to explore with other strategies as I expand my residential portfolio. What has been some of the best strategies for your Rent By Room? How do you support your tenants with operations and techniques that helps you be successful? Is there specific layout of properties that help you be successful instead of forcing the issue on any property?

IG: @MattPriestJr

Not my first, I have completed a garage conversion and along with two room additions. The garage conversion was pretty intense as it was the first time doing it but the experience helped me figure how to scale my futures. Honestly looking for DADUs instead but I can't beat the right price for a SFR that makes sense of course!

The one thing with landscaping I was interested in what are the top return projects. I’m thinking that retaining wall additions when applicable and also driveway improvements alongside curb appeals like you mentioned. 

When it comes to SFR's, what are some of your value-add strategies that not only impacts forcing appreciation but also cashflow?

In my short time investing, some of my recommendations is to target properties with the least amount of new construction builds for a DADU based off my personal goals with minimizing project costs. Another recommendation is to focus on the ones that currently already have a detached garage (Bonus if it already has water line or nearby connection access). Dining & Bonus room conversions to standard rooms. Lastly, large garage conversions where bathrooms, kitchens, and rooms can be added.

Again, this is just based from my current experience from my project completions. I know for sure I am not the value-add guru, what else am I missing or things to consider when implementing this strategy into my acquisition requirements? 

IG @MattPriestJr