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12 August 2022 | 22 replies
With longer occupancy and nominal rent increases each year, you can reach and surpass the 1% rent to price ratio threshold.The biggest mistake I see investors make, and I mean no offense to anyone because after 20+ years as an investor I still make mistakes, is that they don't consider the quality of the area, the home or the management of their asset when trying to hit the 1% "rule".
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8 February 2022 | 8 replies
I've been wondering where I can get some feedback on some deal analysis and learn more about any mistakes I might be making in this phase.
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2 February 2022 | 9 replies
If you can find someone to do this it does help, but I can’t stress enough how much you learn simply by making mistakes over the first few months of self managing.
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1 February 2022 | 7 replies
You don't want to make the mistake of buying it and then not being able to occupy because the tenants refuse to leave.
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4 February 2022 | 5 replies
The worst that can happen is No.
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2 February 2022 | 8 replies
That way if I made any mistakes in the rehab they were inexpensive to repair over time.
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3 March 2022 | 6 replies
In October 2021 my renter couldn't pay rent, I offered to allow them to work (mistake) the rent off.
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2 February 2022 | 2 replies
Be prepared for the worst case: big breakup, someone cheats, and you hate each other.
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7 February 2022 | 10 replies
You'll begin to understand what your worst case scenario looks like and realize it's not so bad.
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4 February 2022 | 7 replies
Expect some mistakes and redo's along the way to add to the time.Expect any government inspections to add to the time.If you can keep the same team all the way through by the time they get several units under their belts they may be able to go faster--providing they can get the materials.In my opinion, it's more intuitive to look at each unit as a separate job, vs demo all kitchens and tubs in X units as a job.They can still come and demo several units, just for me it's seems easier to keep the Tiger by the tail this way.If you buy all of the materials at once, you will have to guard them against theft and store them somewhere. 95 toilets going missing probably won't tank your budget, but it might tank you enthusiasm for a while.Make sure to budget for a dumpster if you need one, and porta-potties for the workers to keep them from using the ones in the units.