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19 September 2024 | 13 replies
", shows your inexperience.The cashflow numbers for Class C & D properties only look good on paper because few investors plug the correct assumptions into their ROI calculators.Have seen many newbies use a 5% vacancy factor for Class C & D properties with nothing built into their calculations for tenant-nonperformance or the extra damages low-demographic tenants statistically cause.BTW: we recommend using at least a 20% Vacancy+Tenant-nonperformance number.
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18 September 2024 | 10 replies
The cleaners are able to make the beds right before they leave and the extra set stays in the unit for guests.
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19 September 2024 | 11 replies
Bring in more money by charging extra rent and taking care of it yourself.
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18 September 2024 | 5 replies
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
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19 September 2024 | 40 replies
And you should always have a backup lockbox on your property in the back yard with an extra key.
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19 September 2024 | 12 replies
If this is your goal to live off of rental income you will need to acquire many properties until you reach your overall goal of making enough off rents that will cover all of your living expenses plus a little extra for fun stuff.
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22 September 2024 | 41 replies
I would to the right person and if they’re willing to pay extra.
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18 September 2024 | 21 replies
I'm on the Emerald Coast of FL (Destin - Fort Walton Beach) and I have noticed that there have been several investor developments, where an investor buys a property that also has some extra land and then adds tiny homes on the extra land to use for additional STR housing.
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19 September 2024 | 6 replies
Hi @Ellen Feiss I agree with @Ty Coutts that you should start with informal, friendly, face-to-face conversations with the tenants to establish rapport, especially as you have some lead time here before next April.People don't like surprises or having to scramble, so if you are able to let them know your plans in advance, if they are reasonable people they should appreciate the extra lead time.This is especially true if their rents are currently very under market - they will have sticker shock when they look at what other units are renting for, and have to spend more time finding a new unit (if you'll be asking them to leave).If you have to move into one of the units yourself, I'm surprised you (or your lender) didn't make it a condition of the purchase and make the seller have the unit vacant for you.Sooner or later in rental real estate, you will have to establish a relationship with an eviction attorney.
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19 September 2024 | 14 replies
At your price point there's a few areas that you could get into, but you'll need to keep in mind you'll need to have some extra funds for making any renovations you might need to maximize the property.