All Forum Posts by: Yael Lederman

Personally, while it's not ideal, I wouldn't pursue them. It may cost you more in legal fees in the long run and upset the tenant which may cost you even more if they damage property, etc. The notice itself probably scared the tenant enough to get them to pay on time in the future. 

Some pros are typically lower maintenance costs, higher energy efficiency, and higher assurance that the property is up to code. Some cons are higher costs, as @Mohammed Rahman mentioned, lack of established rental history (it might be harder to price accurately), and sometimes higher competition depending on how saturated your local area is with new construction.

Another use case for this is property management! It's a pain to come up with property descriptions for Airbnb or even for LTRs. I've personally used ChatGPT, but only as a starting point / first draft. I want to make sure my descriptions don't sound robotic. I think what would be super useful beyond just the description is analytics to help agents / PMs understand what descriptions convert higher. Best of luck!

I worked for a coliving company and have seen this arrangement thousands of times. It can definitely work (and 3 bed, 1 bath is ok) but making sure folks get along is important and additional complexity you might not want. You'll be able to charge higher rents if you rent by the room, though. I would advise that you get everyone on the same lease terms so you don't have the added variability of rooms coming vacant at different times. That way, you can also decided whether you want to keep doing this after one lease cycle.

There are plenty of mortgage calculators out there – Zillow (https://www.zillow.com/mortgag...), QuickenLoans (https://www.quickenloans.com/c...), NerdWallet (https://www.nerdwallet.com/mor...) all have them.

Property management is the hardest part of out of state investing. It's SO important to find a team you can trust. I would spend a lot of time researching property managers, including networking with other out of state investors to see who they use and trust. 

Read less, network more! Nothing beats relationships and putting learnings into practice. You learn by doing. 

Here's a resource I like on seller financing: https://retipster.com/mortgage...

 One thing that's hard to do but will give you the best information is talking to other investors that have worked with that realtor. You can look for properties online that the realtor has represented, track down the owner / previous owner, and give them a call. It will be hard to get honest feedback from someone you're cold calling, but you never know! You can also network with other investors in your area and ask around about the realtor. Local real estate communities are small and you'll probably find someone that can speak to the realtor's character.

I would ask your realtor about the neighborhood before you buy. You can do your own homework, but your realtor should be an expert. Specifically, try to get to the bottom of whether there are upcoming or ongoing developments in that area that would impact the value of the property or your quality of life. From my experience, realtors will know whether they are building a new school, if a large company is coming to your area, etc. These are things that are harder to find online. I'd also recommend local real estate meetups where you can network and people can share this kind of info.