Austin Ehret
New Investor in Mid Coast Maine
20 November 2024 | 3 replies
That property has tenants which would cover the monthly payments at its current rent which is well below market value but the property would need love to justify an increase in rent.Very grateful to have made this much progress in the span of less than a year and a half and currently just trying to make sure I have all of my ducks in a row to ensure I can build these three properties into a stable few investments.Looking forward to the future,Austin
Jamie Nason
Bought Lake House. Looking to buy another, need advice!
19 November 2024 | 1 reply
It’s a nice place and I hope to rent it out weekly from time to time to help cover the mortgage ($1,850/mo w/ taxes, etc.)I just found out from a personal conversation with the owner that a Lake House down the road will be going for sale and I was given the option to buy it off market.
Lawrence Adair
Owner finance question for a first time investor.
17 November 2024 | 7 replies
Of course, he wants me to cover any closing costs.
Bracken Bjorn
First-time investor: Out of state or local?
25 November 2024 | 14 replies
HI Bracken, I have a rental house in Ogden, and you're right the market has really been going up recently.My goal on such homes has been to buy with 20-25% down and have the rent be able to cover my PITI & professional property management.
Christian Gibbs
What is the typical fee charged by property manager while rental is vacant?
25 November 2024 | 19 replies
One of the reasons I asked the question is that it seems strange to me that a property management wouldn’t take anything upfront if they inherited a house that wasn’t ready for rent .Our property management also does the cleaning ( deep clean over 4 days was $1000 but they had to deal with some nasty pet hair , fleas etc)and that included some cover up paint etc .One lesson learned here is every contract with owner : property management varied greatly it seems from what is needed .But moving forward - I feel that $500 a month on a $2100 a month property is too high once it’s rented - unless endless problems persist of course ..thanks for your insight!
George Fleming
How to handle shared Washer/Dryer yet utilities assigned to different units
18 November 2024 | 8 replies
They may just agree to cover them, especially if Landlord offers to eat the appliance costs if they cover the utilities.If that doesn't work and it is an issue for the tenants, I wouldn't do it.
Fernando Carlo
Looking for a property manager in Akron.
18 November 2024 | 9 replies
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
Shibu Thomas
renting out a basement apartment.
20 November 2024 | 18 replies
Do you think your insurance policy will cover you on any liability when they find out you are not running a legal operation?
Brad Herb
Syndication using SDIRA $
19 November 2024 | 11 replies
If you have your current needs covered and are investing for the long future, i.e. retirement - then Roth IRA is absolutely the way to go.
Chris Lee
Mixing MTR and STR, and value of having a direct booking website
19 November 2024 | 1 reply
Totally worth it to cover any gaps.For managing it all, a Property Management System (PMS) could save you a ton of time by syncing calendars, automating messaging, and handling bookings.