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Articles by B.L. Sheldon
Pro Photogs Launch Long Weekend, a New Bag Brand for Short Trips
Author B.L. Sheldon Photographer Willem Verbeeck Limited-edition content from our global network of photographers, journalists & adventurers. Based in the Green Mountains of Vermont, B.L. Sheldon can most often be found behind a desk waxing on about the latest in outdoor gear. But when he isn’t, he’s out riding his bike or trying to tire out his dog.
Pet Horror Stories: 5 Reasons to NOT Allow Pets in Rentals
As a member of the service industry, you are expected to accommodate the customer’s strange requests to ultimately make them happy. If they want to order a burger with no patty, no problem. If they want to stay past closing time, that’s acceptable. The customer is always right. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free That’s not how the real estate industry works.
How Much Can You Make as an Airbnb Host?
Thinking about renting out your property on Airbnb? Before writing the listing, you’re probably wondering how much you’ll earn as a host. Is it even worth it? Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Well, here’s the quick answer: The numbers vary quite dramatically. Some hosts are able to generate more than $10,000 per month, while others struggle to make a couple hundred.
Landlording Best Practices: Showing Problem Tenants the Door
Have you ever had difficult tenants who can’t seem to settle in and be happy? You can’t respond quickly enough to requests to satisfy them. They hate their neighbors. They hate the neighborhood. They just seem to need to complain. When you are dealing with difficult tenants, you actually have lots of options–far more than you may realize. Here I’ll address some of the ways you can manage problem tenants with creativity and advance planning.
8 Reasons Student Rentals Make Good Investment Properties
Let’s talk about investing in student rentals (aka student housing)—an area of real estate that’s near and dear to my heart, because it is the area that I got my start in. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free I know what you’re thinking: “Student housing is scary.” That’s what I thought when I first started, too.
Should You Ever Allow a Tenant to Break a Lease Without Penalty?
Have you ever had a difficult tenant situation where you feel your hands are tied, and you can’t find a way to work it out? I have. Here’s my story. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free We’ve Only Just Begun They had just relocated from Tennessee to be “on their own.” Justin was 23 and Carrie 22.
3 Reasons Short-Term Rentals Are Overrated in 2020
Here’s another thing I’m ranting about, can’t I just let anything go? I love writing “controversial” articles for BiggerPockets. (Some of my past entries include “4 Reasons DIY is Dead (An Argument for Outsourcing Everything),” “The Big Reason the VA Loan Program is a Trap for New Rental Investors,” and “Self-Help Books Do More Harm Than Good.” In this post, I want to talk about Airbnb.
How to Scale Your Short-Term Rental Business
By now, I’m going to assume that you already have your first property up and running successfully. Hopefully you know the “ins” and “outs” of your business and are earning decent cash flow every single month. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Once you’ve reached this stage and your business is stabilized financially, it’s time to start thinking about expansion.
How to Find a Tenant for a Triple Net Lease
According to The Motley Fool, “A triple net lease (or ‘NNN’ lease) is a form of real estate lease agreement where the tenant or lessee is responsible for the ongoing expenses of the property.” Want more articles like this?
No. 1 Reason Rental Owners Fire Property Managers ( How to Avoid It)
Over the past 18 months, I have had the opportunity to speak with over 300 owners looking to replace their property management. I asked all of them one question… Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Why are you firing your current manager? It’s a great question, and one I am sure to ask any potential client who contacts our new business department.
7 Types of Tenants Who Cause Major Landlord Headaches
Tenants are the lifeblood of the landlording business. But as landlords, we don’t want just anyone as our tenants. We want good quality people who will pay, stay, and respect our properties. We want tenants who will not cause problems—with us or our other tenants. Want more articles like this?
How to Buy a Duplex: The Ultimate Step-by-Step Guide
A few years ago, I received a Skype video message from my little brother Chris. He asked, “I want to buy a duplex. What is the first step? Do I get a real estate agent? Get pre-approved?
Landlording Best Practices: How to Handle Difficult Tenants with Ease
No matter how fair and responsible a landlord you are, the time will come when you cannot make a disgruntled tenant happy. And you might never know why they seem determined to be combative. The old adage that 5 percent of your tenants cost 80 percent of your or your property manager’s time can be all too true.
The Key to Finding Off-Market Multifamily Properties
There are many reasons someone enters the field of real estate investing. A natural progression through the field for many includes starting with local single family units (so that the investment stays small and the management simple) and progressing all the way to large-scale multifamily units that can actually encompass hundreds of apartments and take a great deal of investment knowledge and management capabilities. Want more articles like this?
The Best Way for Millennials to Start Investing in Real Estate in 2020
On episode 352 of the BiggerPockets Podcast, I asked investor Diego Corzo, “For those people that say, ‘I can’t find a deal. I can’t make it work. There’s no 1 percent rule properties in my area. Tell us how you overcame that.” Here’s how Diego recommends new investors get into real estate—a strategy that allowed him to quickly attain financial freedom and exit corporate America.
Tiny Houses: Will the Movement Last?
Our house was a very, very, very fine house. With two cats in the yard. Life used to be so hard. —Graham Nash The whole concept of a tiny house is to live an unfettered, simple, accessible life. The intrinsic idea being, life is less about owning material possessions and more about personal enjoyment. It is a life choice. It is a radicalized re-design of contemporary living. Wave of the Future or Splash From the Past? Tiny living spaces are not new.
How to Get a Reluctant Spouse on Board With Real Estate Investing
Is the white-hot fire of real estate investing burning in your heart? Do you solidly know within your gut that real estate investment will be life-changing? Do you have vivid pictures of the freedom owning property will offer you? Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Fantastic! Hmm, now how to impart that passion to your spouse… You want them to see it as you do.
Renting by the Room
Well, it is that time of the year again. Merry Christmas, everyone! Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Are you on the naughty or nice list? I happen to be on the nice list this year (I think). For anyone else who is not getting coal in their stocking, what did you ask for this year? I only had one thing on my list. Any guesses? OK, I will tell you, but it stays between you and me. My Christmas List: 1.
When It Comes to the Lease, Don't Leave Any Wiggle Room
“They seemed like really great people, but now I’m being sued!” Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free I hear it all too often. Landlords will draw up a lease with the best of intentions, armed with Google knowledge, and all their worst-case scenarios fresh in their mind. This lease will be a “set of rules” based upon the landlord’s interpretation and personal expectations.
What Exactly Is an Accessory Dwelling Unit?
Interest by real estate investors in accessory dwelling units (ADUs) has risen recently to combat the nation’s affordable housing crisis. But what, exactly, is an accessory dwelling unit? Accessory dwelling units have been around for years and have gone by a variety of names: casitas, pool homes, in-law suites, granny flats, guesthouses, and secondary dwelling units, among others. Want more articles like this?
How to Successfully ( Legally) Raise the Rent as a Landlord
It is no secret that rents are now at all-time highs. Demand for rental housing has pushed rents up higher and higher over the last few years—and short of a huge building boom or crash, there is no end in sight. This is good news for us landlords, as higher rents equal more income and an increased property value. Want more articles like this?
The Rookie Landlording Mistake Most New Investors Make
So, you just bought a rental house or small multifamily property. Congratulations! Now what? Well, you need to probably fill that vacant unit with a nice family who is going to pay top dollar on time each month, never complain unnecessarily, and treat your property with respect. You place an ad on Craigslist, Zillow, or in the newspaper, or maybe you put up a sign in the yard. Quickly you begin receiving phone calls, and they typically look like this: Landlord: Hello?
Should I Buy a Rental Property with Great Cash Flow in a Bad Location?
I’d like to get your opinion. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Is price everything? Also, how much of a role does location play for a real estate investor? Let me explain. Several years ago, I was presented with an interesting deal to consider.
Why You Shouldn't House Hack to Get Started in Real Estate
Let’s talk about why you shouldn’t house hack. In my opinion, it is a big cop out. People are lazy, and people want something for nothing. Want more articles like this?
How to Build Your Real Estate Portfolio Faster Using “The Stack”
You know the common advice all the finance gurus teach: “Save 10% of your paycheck, put it away in some slow growth stocks or mutual funds, wait 50 years, and you’ll be the richest person… in the cemetery.” Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free I don’t know about you, but I didn’t want to take the slow route. I wanted financial freedom faster.
The Difference Between Damage vs. Normal Wear Tear in Rentals
It’s a familiar story. Tenant moves out. Owners get upset at what they see as damage to their property. Tenant gets just as angry, believing the damage is simply “average wear and tear.” Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free The fight is ON! Dealing with damage to a rental property when a resident moves out can be a very stressful situation, not to mention a huge undertaking.
How to Sell an 'Unsellable' Home
You just have to find the right buyer. This is not a slight-of-hand answer. This is a core truth. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Shift your mindset. In sales and marketing, we have a motto: “You have to meet your audience where they are.” This is an extremely powerful fact to imprint on your selling consciousness. It reminds you that your audience is not always someone like you.
How Long Does It Really Take to Close on a Property?
As a real estate investor it is super important that you understand the process of closing the sale of a property. Whether you are buying a single-family home or multifamily property, you need to understand and navigate the process of closing on that property. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Just like in sports, you always want to be on the offense during this process instead of the defense.
6 Tips for Cleaning Your Rental Property Between Tenants
Whether it’s been weeks, months, or years, it’s time for your current tenant to move out—and another to move in. Of course, they can’t just hand each other the keys and carry on with their lives. You have to make sure the place remains in good condition, even after housing a tenant for an extended period. Want more articles like this?
How Much Cash Flow Should Rentals Make?
Alright so, a buddy of mine texted me and said, “Hey, Brandon! I’ve got this real estate deal I want to buy and it should produce between $100 and $200 per month in cash flow. Is that a good deal? What do you think?” Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Basically, $100 to $200 per month is something people oftentimes hear me say. What Is Considered ‘Good’ Cash Flow on Rental Properties?
How to Choose the Right Real Estate Agent: 4 Questions to Ask
In the Denver market, 15 percent of real estate agents do 85 percent of the transactions (1), so it is important to know that you are working with an agent who considers it their job and not their hobby. If you are considering using a family/friend/neighbor new to the business, ask yourself if supporting them is worth at least $1,000 to you (and that’s probably a conservative number). Want more articles like this?
The Top 5 U.S. Cities for Multifamily Rentals in 2019
One of the primary factors to consider when investing in multifamily properties is, naturally, location—as investment strategy can inform geographic focus and vice versa. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Investors who are newer to real estate or the multifamily sector—and even some seasoned investors—often prefer to invest in specific geographical areas because they are familiar with them.
7 Turnkey Investing Tips You Can't Afford to Miss
One of the most popular topics being discussed here on BiggerPockets and in real estate investing circles is turnkey investments—the good, bad, positives, negatives, pros, and cons. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Let me begin by stating that our company is not a “big time” turnkey provider by any means. We have two main focuses: investing in large multifamily buildings and flipping property.
3 Ways to Advertise Medium-Term Rentals
As many of my Denver real estate clients can attest to, medium-term rentals (aka subletting aka furnished rentals) are a great way to go in terms of investment properties. This is for a lot of reasons, including they attract a good client base, earn good money, and cause less stress than a short-term rental. Want more articles like this?
Why Having Roommates as an Adult (and an Investor) Is the Best
Roommates—and lions and tigers and bears, oh my! Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free When considering living with roommates, there are a few types of people in this world: Share a space with strangers? All set with that! Um, no. I am looking for my own space. I’ll pass. Oh, you mean a boarding house? No, thanks. I haven’t had roommates in like 10 years.
Stop Looking For An "Investor-Friendly" Real Estate Agent
In my research through the BiggerPockets Forums attempting to understand the needs of potential future clients as a new real estate agent, I have come across countless threads looking for “investor-friendly” real estate agents. Are they really the unicorns of real estate? I don’t think so. Let me share my perspective with you. Want more articles like this?
60-Day Newbie Challenge: 6 Action Steps to Land Your First Deal
Owning real estate is a great feeling and owning INVESTMENT real estate is a grand adventure! Yes, what I just wrote is true. Most anyone who owns real estate investment property can confirm this. However, I know from personal experience that to foray into the “adventure” part can be akin to jumping out of a perfectly good airplane and hoping a thin piece of cloth will lower you safely to the ground from thousands of feet in the air.
How I Broke the Law to Protect My Real Estate Investment
It’s sad to say, but it’s true. Today I broke the law for my rental property business. I want to tell the story with the hope that you guys can learn something from it. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free So, my company currently has a rental property that we’re fixing up. It’s vacant, and it’s under renovation. We had been broken into so many times in that property.
4 Tips to Deal With Water Damage in Your Rental Property
Water damage can occur without warning, and it can be expensive to repair. How should landlords and others who own rental properties—whether they have someone living in them or not—deal with water damage to their property? Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free 1. Be prepared for a flood.
6 Unacceptable Landlord Behaviors ( How to Fix Them)
Landlords’ returns are only as good as their property management. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Unlike owning, say, shares in a mutual fund, bonds or private notes, holding rental properties is not 100% passive. Rental income does require some work — and some skill to boot. I see many mom-and-pop landlords make the same mistakes again and again and again.
What New Investors Should Know About Choosing a Real Estate Market
Town X has an 8 percent cap. City Y has a 7.5 percent cap and is landlord friendly. Z County has a 14 percent cash-on-cash return and an average ROI of 9 percent. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Have you ever felt like pulling your hair out listening to everyone talk about all the great rental markets across the country and how you should be investing there?
Why You Shouldn't Rule Out Investing in Mobile Home Parks
Does the term “mobile home” or “trailer park” make your hair stand up on end? If so, you may want to take a step back and do some research. As a real estate investor, you’re probably more familiar with single family homes and multi-unit rentals. You might wince at the thought of mobile home parks, like they’re beneath you. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Why though?
5 Things Smart Investors Do When Starting Out in Real Estate
I am a wife, mother, W-2 employee, entrepreneur, business partner, marathoner, sister, daughter, friend, Christian, and volunteer. I’m also a woman, who happens to be real estate investor. I think most women are more than just ONE thing. At certain times, on certain days, in certain moments, we identify as certain things. Want more articles like this?
The Top 3 Reasons Why You Should Get Your Real Estate License
Should you or shouldn’t you pursue your real estate license? I know I’ve written before on why you shouldn’t get your license, but here I’d like to explore the flip side of the coin. Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free Read below to explore a few reasons why you should consider getting licensed. The Top 3 Reasons Why You Should Get Your Real Estate License 1.
'Tis the Season to Pick Up the Best Holiday Gift: A New Property
Some of the best investors I know are in “ABB” (“always be buying”) mode. They’re always looking for good deals and always making offers (“’cause if you want to do more deals, make more offers”). Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free But I have to admit that as my wife and I are looking at properties to potentially pick up, this is our favorite time of year to get a real estate deal.
3 Questions to Ask When Vetting a Multifamily Investment Property
What should you look for when vetting a property? Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free It’s very simple, but there are tons of moving parts. To add to the pressure, messing up this step could be a make or break for most people. I recommend going through a checklist of items. In the video below, I’ll walk you through a property and show you what’s on my list of things to check.
How Cost Segregation Benefits Multifamily Investors
Investing in multifamily is often considered the fast track to financial freedom and security. Mai Tais on the beach, anyone? Want more articles like this? Create an account today to get BiggerPocket's best blog articles delivered to your inbox Sign up for free We all know that multifamily investing isn’t all rainbows and butterflies though. Sure, the extra cash is great.
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