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20 May 2024 | 13 replies
Maybe you can work out a deal with him to get out of the lease if you advertise the property and find a tenant for him.Also if you have roommates and you buy a single family house, take them with you.
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20 May 2024 | 12 replies
Numbers still have potential to work out very well
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21 May 2024 | 48 replies
Additionally, I operate in neighborhoods with lower median incomes than 44119 (44306 and 44310) and routinely get significantly more in rent than section 8 will pay.
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19 May 2024 | 15 replies
So tenants that don';t work out can be stuck in a room for 2 months while the slow eviction process works through.
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18 May 2024 | 2 replies
Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.
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19 May 2024 | 5 replies
It's a great starter property, so you can work out the kinks, figure out management, and build out your team.
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18 May 2024 | 10 replies
If she just moved in, I'd tell her clearly this isn't going to work out (you can mention quiet enjoyment and her being loud at 2 am, but I'd leave other parts suck as her choice for lifestyle out of it-ie having 3 different guys spend the night) and remind her of the lease.
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18 May 2024 | 3 replies
it was a lot of work and was done shortly before Covid If you do more then you can save even more If hiring all work out, you will over run that budget Good luck
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18 May 2024 | 1 reply
Gave me motivation that things can work out even in these markets of uncertainty.
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18 May 2024 | 4 replies
Multi-family can work out but if you're marketing to travel medical professionals, many of whom work nights and sleep days, you'd need to be able to provide a relatively quiet space and that can be hard to achieve in multi-family properties.