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8 July 2024 | 16 replies
Having a list of the problems made by an expert might make it a little bit easier to make the decision do you want to tear it down or do you want to make it a labor of love and restore it like Grandma had it - maybe with an air conditioning system in it and Hardiboard on the outside, and new windows et cetera...
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5 July 2024 | 7 replies
If you offer air conditioning to your renters.
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6 July 2024 | 10 replies
It did go out however with the propane out for over 2 months the soot build up due to an open air chamber or something similar.
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6 July 2024 | 11 replies
Lots of old properties where I'm at, so it isn't unusual to expect $10k+ of capex out of the gate for water heaters, putting in central air possibly, and other old property issues.
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6 July 2024 | 8 replies
I believe that successfully navigating this initial investment will pave the way for future opportunities, whether in the same market or elsewhere.Living in New York City, I faced a challenging market ;)I chose Montgomery, Alabama.Here's my process:I compiled a list of states with favorable landlord laws.Using Brightinvestor, I identified cities within those states where the median home price falls below the national average ($420k).I excluded cities with negative income growth and rising unemployment rates.I focused on cities with strong appreciation rates over the past five years (over 10%).I compared price-to-rent ratios.I did break two rules: Montgomery has a slight decline in population, and its largest employers are an Air Force base and government agencies.One significant factor that influenced my decision was the promising price-to-rent ratio, suggesting potential for positive cash flow (though I remain cautious about appreciation).Regarding my acquisition strategy:I plan to employ the BRRR method with cash.
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6 July 2024 | 24 replies
I thought my tenant screening was air tight, but apparently not.
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3 July 2024 | 8 replies
Any red flags or recommendations when looking for a cleaner?
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4 July 2024 | 12 replies
This step must be done carefully to avoid further damage.Structural Repairs: Address any structural damage first, including the roof, walls, and foundation.Systems Repair: Repair or replace electrical, plumbing, and HVAC systems as needed.Interior Restoration: Once the structural and system repairs are complete, focus on restoring the interior, including insulation, drywall, flooring, and fixtures.Safety and Health Concerns:Air Quality: Ensure proper ventilation and air quality during and after the restoration process to remove smoke odors and contaminants.Mold Remediation: Check for and address any mold growth, which can be a common issue in fire-damaged properties due to water used in firefighting.Final Inspections:City Inspections: Coordinate with the city for final inspections to ensure that the property is safe and habitable.Fire Department Clearance: Obtain clearance from the Fire Department confirming that the property is safe to occupy.I hope this helps, best of luck!
4 July 2024 | 7 replies
I’m not sure what your state requires under landlord/tenant on a “separate “ account, but it really is cleaner to keep them separate, but if you reconcile each month and show those funds there, it should be ok.