All Forum Posts by: Zachary H.

@John Thedford leaving everyone with cliff hangers!!!

Nice! Good work!

Great getting the first one under your belt!

Curious what you rented it out for and how big the house is,# of beds/baths?

-Zac

Welcome @Tarron B.! Keep on reading and cruising around on BP. 

Best of luck to you! 

-Zac

I guess it depends on the market you are in and what kind of tenant you are serving.

In my market, I would say there is a higher demand for town homes and 4 plexes over traditional apartments for the type of tenant I am looking for. 

Apartments generally have higher turnover and lower income tenants than town homes. 

That's my opinion from what I have seen. 

Colorado Springs may be totally different.

-Zac

If I would have found Bigger Pockets when i was in college, I would have called around and found a successful developer, property manager, and/or real estate investor and asked them if I could ride around with them and learn the business. 

There is so much to learn. If you can just watch someone else do it successfully, it can really help. 

However, if you do want to just go ahead and start investing in your area, there are options that don't require much capital such as joint ventures with someone with capital. 

Wholesaling won't be a bad place to start, but just understand that it still requires some money and a lot of drive to find good deals. 

Best of luck to you Craig,

-Zac

QuickBooks- book keeping

Cozy- application, background screening, and tenant monthly payments

Sorry, kind of boring!!

-Zac

Will it be a regular family that has several foster children or will it be a childrens home that has several different "guardians" that stay in the house interchangeably?

If it's a regular family, I wouldn't see any issues. If it's a children's home, I would be interested to see how it plays out and also if anyone else has experience in this. Sounds like a great opportunity!

We had foster kids that lived with us and they were a joy to have living with us.

-Zac

@Keith Smith, we have had this issue. In our lease it also says 60 days notice (2 months notice). Our tenants had 8 months left on the lease. They told us in November that they were moving out in December (1 month notice). So we were able to keep the security deposit and they had to pay one extra month's rent since that would cover the full 60 day's notice.

It sucks (especially in the winter months) to have this happen, but we were able to turn lemons into lemonade. We got it rented out 1st of December because the current tenants that were breaking their lease agreed to let us show the house (we gave them some of their security deposit back for this) while they were still living there.

Because we treated them well, they were always talking good about us to the potential renters. We now have great tenants that have been in for almost a year.

For the lease break, consult your attorney. We had our attorney review everything to make sure it was all legal and fair.

Good luck!

-Zac

I asked my realtor when we were buying a property and she told us that we needed to wait until after closing. We listed it as soon as we signed the last line.

I'm sure you could list it on other sites before closing, but that's just what we were told. We always wait to list until after closing.

-Zac