The topic today for our Real Estate Graduate call was Questions and Answers. This topic always stirs up many possibilities. David from Richmond, VA first had us discussing about the state of the Union address that was given by President Obama and how he even mentioned about how Real Estate values have improved throughout the country. David mentioned that these speeches tend to relate to what the people want to hear. This is true in this speech as well knowing that parts of the country have improved while others have not.
Dave from Capital Region, NY had some great insight on tenants. He mentioned that over time and his experience with having rentals that he has seen some interesting trends. He says he has learned to have a tight or strict lease because of people and there human nature. He has seen how many tenants move into his very clean and operational rentals but within two months they start to ask for incidentals to be replaced like non matching rugs or non matching curtains, etc. He feels it is interesting when all things were the same when they moved in but now they start making demands. This is something as investors we can be mindful of.
Also he mentioned how he has learned from a property that he bought that had not been lived in for over a year, and he is now having to bring it up to current code before he can rent it out. That is because of the rules in Capital Region that require all properties be brought up to current code if they have not been inhabited in for over a year. He now knows to buy those properties that have had occupants under a year. He said this has been an expensive lesson for him to follow.
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