Phil Eck
On the go health/nutrition for the busy investor/businessman/woman
19 July 2024 | 36 replies
I use it with spinach/kale and all kinds of fruit, some almond milk, water, frozen mango, sunflower seeds and half a spoon of Rockin' Wellness....yum...and so easy to make and clean
Chris Baist
NJ - with minimal capitol what's your favored way to invest?
18 July 2024 | 18 replies
I didn't know you couldn't do that under an LLC thankyou for informing me.
Katie Patton
Recent Experience with Nomad Lease
18 July 2024 | 6 replies
They require unnecessary details, such as pictures and details of the applicants' vehicles, which push potential tenants away.Adding to the frustration, their onboarding team has been incredibly rude and unhelpful.
Karolina Powell
Questions to ask when touring a multi family
21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.
Christine James
New Mortgage Loan Officer Sponsorship recommendation
21 July 2024 | 4 replies
I have experience as an SFR investor (rentals), as a realtor as well as corporate experience in mortgage lending and servicing practices from a large bank - all of which I will leverage to grow my MLO career.
Tania Clara
Hello BiggerPockets! New PRO here
22 July 2024 | 7 replies
Hello, I think it’s really awesome that you’re just now beginning and you are already coming to the forums to learn so the first thing you need to do is to continue to stay on the forms and you also need to be reading all of the bigger pocketbook and start listening to their podcast to soak up as much knowledge as you can and as long as you do that, you will have all the knowledge you need to start and regarding your question I do not advise to buy a single-family house just to live in it without a rental property aspect so it’s OK if you want to live in the house as well but you will have to either get a multifamily property or you could also buy a single-family home and rent out the other rooms now see when you have a property that you use just for your family then you have to pay the mortgage every month which is building your equity, but that responsibility is solely on you whereas if it has some sort of rental property aspect, there will be other people helping you build that equity if you were to buy a property just for yourself that is something that will be taking money out of your pocket every month while as a rental property if you buy right will be putting money in your pocket every month the only exception to what I just said is if you buy a property for yourself or just for your family to live in, you could do a live-in flip to where as you’re living in the property you rehab it while your living there and if you buy right with enough knowledge, then when you turn around to sell the property, you will make profit
Danny Azon
New agent self representation/strategy question
21 July 2024 | 2 replies
Plan either way would be to self represent (with a little help) and apply commissions towards closing which is why I referenced being an agent as well.
Elena Dubinski
Tax Lien Wealth Builders
15 July 2024 | 50 replies
Our forums are a great place to ask as well.
Hugo Castro
Active Duty Air Force New to the Game!!
20 July 2024 | 9 replies
I’m active duty Air Force as well with four properties.