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22 October 2024 | 6 replies
Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score.80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F
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25 October 2024 | 23 replies
Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.
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21 October 2024 | 10 replies
The architect should also be the one making the submissions through the eclipse system.
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23 October 2024 | 6 replies
I agree with Ashish, great pointing out that although creating a property management type system could open up capabilities for Solo 401(k) and SEP IRA contributions, it can be easier said than done.
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23 October 2024 | 10 replies
Duplexes often have shared systems (plumbing, HVAC, etc.), so make sure these are in good condition.Maintenance Costs: Older properties may have charm but could come with higher maintenance expenses.
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24 October 2024 | 33 replies
I decided that if I am to do this and put up with it I would get more involved with system to get a better understanding of their mind set.
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25 October 2024 | 33 replies
A single person can reach out to 100-200 owners a day with a single line dialer, many more with a multiline like Mojo Dialer.3) Once you have a system in place, you can hire a VA to help you cold call and just hand off the responsive leads to you (they won't really hand off appointments).
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22 October 2024 | 7 replies
But you need to learn all about landlord/tenant laws, how to do basic repairs, know what average labor and material costs are for common projects. learn about payment systems, how to interview property managers, tenants and handyman services, build a team of realtors, contractors, title, hard/private money lenders, inspectors, appraisers and soooo much more.
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25 October 2024 | 26 replies
I think this is the gift and the curse of a still emerging asset class (short term rentals) - as it becomes more "institutional" i.e. more like commercial real estate with more sophisticated buyers then financials and systems for this will likely become more streamlined and stable, but we are still in a place where the buyer pools are more newish investors or typically residential basic investors, so not has experienced or sophisticated evaluating investments based on a detailed financial analysis like more seasoned commercial investors likely would.anyways, just a guess on what might be going on here
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22 October 2024 | 11 replies
You remodeled it at some point and added a new roof and HVAC system and that was all in for 50k.