Reply: First time investor question

Name
E-mail
Your e-mail address will never be displayed on the site.
Attachments

Topic History of : First time investor question

Max. showing the last 6 posts - (Last post first)
2 years 3 months ago #31551

Maureeno Waters

Maureeno Waters's Avatar

Hello everyone, I'm also new to the real estate investment, but I don't have any idea about it. I am looking forward to knowing something more encouragement about it.
6 years 9 months ago #14986

Anna Card

Anna Card's Avatar

I am a landlord and have exprience of keeping tenants. Alawys be aware and do all the procedure with legal help and never do any oral agreements with your tenants. I always do everything in wrting with the help of lawyers at www.mwfloridalaw.com .


All The Best..
7 years 5 months ago #14192

Michael Suchomski

Michael Suchomski's Avatar

Hi Andy,

With my landlord experience, it is really important to get good/responsible tenants. A good tenant not only keeps good care of your place, but will also tend to pay bills promptly.

Good luck with the venture!

Michael
7 years 5 months ago #14179

Matt Clark

Matt Clark's Avatar

Andy,

Is it safe to assume that since you are a "first-time investor", you might also be a first-time landlord?

And if that is the case, I would recommend starting smaller rather than larger. You may find the intricacies of dealing with tenants, regulations, and the "people" side of the business to be far more challenging than the repair/maintenance side of the business.

Dip your toes in the water for a year or two before you decide to jump all the way in.

Good luck!
Matt
7 years 5 months ago #14167

Mindy Sharp

Mindy Sharp's Avatar

Question: how long do you intend to hold your investment? I think that is what I would look at, the ability to make money on it. You can start small and keep those 4-8 units, but will that give you enough money to invest in other properties done the line in six months or a year? What will you need to do to get the property in shape in order to maximize rents, stabilize the property and make money?
7 years 5 months ago #14164

Sandy Martin

Sandy Martin's Avatar

If you are a first-time investor, there are some things you need to consider when purchasing near campus. Your goals for a multi-family investment property should be:
1. Long-term residents to keep turnover costs low.
2. Applicants who can prove they pay their bills on time
3. Updates already in place will bring higher rent

Parents will be seeking housing for the students and they have high expectations and want to pay as little as possible. Students and faculty come and go quickly. Some properties in the college town I live in offer 9 month leases.

College students can be irresponsible when it comes to taking care of their units, causing higher maintenance issues and complaints and take time and money to deal with.

If you plan to rent to students, check with the college for their policy on off-campus housing. Some colleges restrict first-year students to on-campus only, etc.

If they can't walk or bike-it to campus, you're too far away. Be prepared to take co-signors for students. They have minimum income and credit.


Good luck!

Multifamily Discussions

More Topics »