Looking for advice: Rental Properties

Hi,
I wanted to reach out o try to gather some advice. Considering that I am working with two separate realtors, have purposes this question in great detail. First reply was pretty much like talking to a politician, second reply from the other realtor was clear not a lot of time was spent on it. The only clear answer I have received so far is to go for a multi family.

Anyway! I would like to eventually have a second stream of income through long term rental properties. My biggest hurdle is knowing what property type would be best to accomplish this journey with would be… certain some pro’s & cons for all property types, but I wanted to get the option of people who either currently own property’s and rent them out or have owned rental properties in the past.

Here’s what I have gathered so far:
Condo’s/Townhouse’s:
- HOA fee could go up annually
- Must abide by HOA policies/guidelines
- May not even allow rentals
- May not allow pet’s
- HOA fee could be seen as a positive for what it covers (landscaping, trash, water, exterior maintenance, etc)
- Mater Policy is needed
- Property is shared with other unit owners

Single Family/Multi-Family:
- No HOA fee
- Maintenance both exterior & interior is the responsibility of the homeowner
- No master policy needed
- No other neighbors within the same residence (unless if it is a multi-family)
- Multi-Family provides the luxury of having your own space & have other unit owners pay for the mortgage
- Could require a lot of maintenance from the beginning to become a property that can be rented out

All:
- Property management company can be hiring to handle issues with tenant(s) & collecting rent (not sure how necessary this would be with a condo or townhome)

My plan is to put down 3% to 5% & use the property as my primary residence for maybe 3-5 years. Then move on to the next property & do it again. This way I avoid the requirement of needing to put down 20%.

What are your thoughts? Would you approach a real estate attorney to create a rental contract to prevent getting burned? I have also heard that real estate agents can help get a tenant into the property, is this worth it or don’t bother? Also, my main concern is running into a tenant that refuses to pay rent, would you advise to have 12 months of the cost of rent for situations like this, or is that overkill? I would be considering doing this in either NH or ME.

Thanks.

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u/AFCadet2020 — 2 months ago

[General US-NH] Looking for some advice for rental properties.

Hi,
I wanted to reach out o try to gather some advice. Considering that I am working with two separate realtors, have purposes this question in great detail. First reply was pretty much like talking to a politician, second reply from the other realtor was clear not a lot of time was spent on it. The only clear answer I have received so far is to go for a multi family.

Anyway! I would like to eventually have a second stream of income through long term rental properties. My biggest hurdle is knowing what property type would be best to accomplish this journey with would be… certain some pro’s & cons for all property types, but I wanted to get the option of people who either currently own property’s and rent them out or have owned rental properties in the past.

Here’s what I have gathered so far:
Condo’s/Townhouse’s:
- HOA fee could go up annually
- Must abide by HOA policies/guidelines
- May not even allow rentals
- May not allow pet’s
- HOA fee could be seen as a positive for what it covers (landscaping, trash, water, exterior maintenance, etc)
- Mater Policy is needed
- Property is shared with other unit owners

Single Family/Multi-Family:
- No HOA fee
- Maintenance both exterior & interior is the responsibility of the homeowner
- No master policy needed
- No other neighbors within the same residence (unless if it is a multi-family)
- Multi-Family provides the luxury of having your own space & have other unit owners pay for the mortgage
- Could require a lot of maintenance from the beginning to become a property that can be rented out

All:
- Property management company can be hiring to handle issues with tenant(s) & collecting rent (not sure how necessary this would be with a condo or townhome)

My plan is to put down 3% to 5% & use the property as my primary residence for maybe 3-5 years. Then move on to the next property & do it again. This way I avoid the requirement of needing to put down 20%.

What are your thoughts? Would you approach a real estate attorney to create a rental contract to prevent getting burned? I have also heard that real estate agents can help get a tenant into the property, is this worth it or don’t bother? Also, my main concern is running into a tenant that refuses to pay rent, would you advise to have 12 months of the cost of rent for situations like this, or is that overkill? I would be considering doing this in either NH or ME.

Thanks.

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u/AFCadet2020 — 2 months ago

Any Advice or Tips…?

Hi everyone,
I have a couple of questions. So I currently own a condo that has no HOA fee & have been looking around at my next potential property. Two routes have been considered. Either move into the next property as a primary & turn the current property into a rental or sell my current home & use the new home as my new primary residence. I was thinking that it would be a clever idea to create multiple streams of income & also allowing me to build equity faster. I of course would hire a property management company, since I already have a full time job & wouldn’t want to deal with the nonsense.

I brought this up to a family member yesterday & the recommendation I was given was: stay away from condos, since they can raise the HOA fee whenever they want. Is this true? And rental properties was not recommended. Which I get this is not for everyone, but in this economy you need more than one income stream. I was thinking, well, maybe condos with no HOA fees are the outliers here…. 🤔. It was also recommended to go for single families since the claim was that they will 2X in value in 10yrs. But this property type is hard to come by nowadays.

I was thinking, gather enough condos over time & eventually make the jump to that big ticket single family home.

I don’t know at this point, my mind is very scrambled after hearing this & I’m going to need some clarification.

Why would be your recommendation? Would you recommend condos? Stay away from them? Would you recommend renting out a property? Or no? Or would your overall advice be to stick with one property, but acquire properties that are of more value slowly over time?

What property type would you recommend?

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u/AFCadet2020 — 3 months ago
▲ 22 r/usajobs

Hiring Managers - can you confirm 🤔

I have always been curious to know, does a hiring manager already have the selectee picked prior to interviewing the most qualified candidates?

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u/AFCadet2020 — 4 months ago

Looking for a paving company

Looking for a reputable paving/asphalt company that will be able to give me a quote. Anyone have any companies in mind within Strafford County that quote within reason & does the job right the first time.

Thanks.

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u/AFCadet2020 — 5 months ago

Anyone else experience this?

I am wondering if there is any leverage to be had here. For a bit of context, I tried applying to a posting on USAJobs last Friday when the posting opened & I continually received an error message. So like many of us do I cleared the cookies & tried again. But after multiple attempts I tried a different browser, same result.

So I contacted the point of contact at the bottom of each posting, since all three postings where from the same agency. I asked for an exception to be made since this is out of my control & I had made many attempts to apply when the position was open.

I received the following reply from the agency point of contact. Pretty much saying to go pound sand & wait for the next posting to pop up? Are these issues not being relayed to USAJobs & or not being addressed by the agency posting these jobs? If not, this would just create a revolving door of the same continual issue reoccurring.

“Due to the number of applicants, it will overload USA Jobs.”

“you are not the only one this happened to with all the recent announcements.”

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u/AFCadet2020 — 5 months ago

Odd Experience….

I would really appreciate to hear your thoughts on this one since I have never experienced this before.

So as most of us probably do, I attended another team meeting recently. Now I have also recently interviewed for a position within my department to try to get a job that would bump me up in grade. Mind you I have not heard back from HR about the outcome for myself & this job, and was told to expect to hear back two weeks from this past Month. Back to the meeting; it was mentioned by my bosses boss that a tentative offer was sent out but has not been accepted. I have not received said tentative offer, so clearly this offer was not sent to me. I just thought this was odd to say given I had interviewed for the job & was sitting in the same room…

Have you ever experienced this before? What is your take? Very off experience….

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u/AFCadet2020 — 5 months ago

Lane to the right of me today showed repeating arrows in the opposing direction? 🤔🤔🤔Have you seen this before or experienced this?

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u/AFCadet2020 — 5 months ago

Just finished an interview today.

I was wondering what your take would be on the conclusion of it.

So the interviewer did not ask, "do you have any questions for me"? Would you have still proceeded to ask some questions, or would you take that as a quue to wrap things up?

Also, the interviewer said "talk soon" at the very end of the inerview. Would you take that as a good sign or just being polite? Certainly something that jumped out at me.

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u/AFCadet2020 — 6 months ago