Paid a pest guy $150 to look at one unit after I saw mud tubes, but he only checked the basement, missed the entire back wall where the damage was hiding, and now I'm gutting two rooms has anyone else had a cheap inspection miss something huge?
Was grabbing coffee near a duplex I manage in Phoenix and caught two guys at the next table. One said he bumps rent 5% every single lease renewal because tenants expect it. Said if you don't raise it, they think something is wrong with the place. I've been nervous to raise rent on my long-term tenant who's been there four years and always pays early. Has anyone else run into this pressure to bump rent just because?
I was just grabbing breakfast but ended up eavesdropping on a table of guys talking about tenant screening and one of them said he uses a credit check service that costs less than $20 per report. Has anyone else found a cheap background check tool that actually works for rentals?
I got some tough advice from a guy at a local REIA meeting in Cleveland. He told me my focus on cheap fixer-uppers was actually bleeding me dry with constant repairs. I switched to looking at properties in the $120k-$150k range that needed cosmetic updates only. My tenant turnover dropped and the numbers actually started making sense. Has anyone else had to change their price strategy after getting schooled by a more experienced investor?
I was at a county auction in Manchester last month and this guy with 30 doors told me he never bids on anything with deferred maintenance. He said his first deal lost him $8k in the first year from a bad roof. Has anyone else switched to only buying turnkey after a nightmare repair?
My uncle has been flipping houses in Akron for like 30 years. When I got my first duplex under contract last spring I was so focused on getting the highest cap rate possible. I was passing up deals that looked okay but not amazing. He sat me down and said look you're not buying a spreadsheet you're buying a roof and four walls that need work. The deal I almost walked away from was a two family in a decent neighborhood but the numbers were just average on paper. I listened to him and closed on it anyway for $145k. Six months later I got an offer for $175k just because the area started picking up and rents went up $150 per unit. If I had kept waiting for that perfect 10% cap I would have missed out completely. Has anyone else had a relative or friend give you advice that went totally against the usual formulas and it worked out?
I inherited a property in Kent that needs some serious updating. I want to offload it quickly without putting it on the market. I'm trying to decide between webuyhouseasis and Offerpad. Does anyone have experience comparing these two?