All Forum Posts by: Quandra Adams
Quandra Adams has started 35 posts and replied 75 times.
Post: Online Application for Potential Renters to fill out
- Durham, NC
- Posts 78
- Votes 14
I do intend to run credit and back ground checks. Thanks for responding.
Originally posted by @Nathan Gesner:
Don't waste your time. Use an existing, professional service that will accept the online applications and handle your screening for you.
If you're trying to "automate" the system then why are you still accepting paper applications? That means you have to send them to the applicant or print them off and hand it to them. Then you have to collect it. Then you have to manually enter the information into the computer to run a credit/criminal background check.
If you're not running credit/criminal backgrounds then I suggest you investigate why they are important and how to use them in your screening process.
Post: Online Application for Potential Renters to fill out
- Durham, NC
- Posts 78
- Votes 14
I am trying to make the application process as automated as possible and I would like for potential renters to fill out my application online. I will also offer the paper form but I also want an online version. I will create a website landing page for this but I want to see what other are using to do this. thanks!
Post: Seeking CPA & Attorney Referrals for Tax & Legal Entity Advice
- Durham, NC
- Posts 78
- Votes 14
Does any of this change considering I am owner occupying my property? It's a single family home that was redesign as a duplex. Separate entries and all utilities are separated.On paper is actually still listed as a single family home (on paper meaning the listing). Im including all of this extra info so you all have all you need to better assess my situation. Here is what my insurance guy said when I asked him:
"If you are just renting a room and you will still occupy the property as your primary residence, the current HO3 policy is your best bet. The landlord policy, or DP policy, would cover an investment property that you rent out to others. I would require the occupant in either scenario to carry renter’s insurance to cover their personal property and at least $300k in liability. The main difference between the homeowners policy (HO3) and dwelling policy (DP) is the occupancy. The homeowners policy usually has a few more coverages since it covers your primary residence."
Looking forward your feedback. @Michael Plaks & @Dmitriy Fomichenko
Originally posted by @Dmitriy Fomichenko
Post: Seeking CPA & Attorney Referrals for Tax & Legal Entity Advice
- Durham, NC
- Posts 78
- Votes 14
Originally posted by @Dmitriy Fomichenko:
To be sure I understand, I need another type of policy outside of my homeowners policy? Complete rookie here so don't laugh too hard. lol
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Since this is your first investments I don't think you need to be concerned about entity at this time. Entity is normally used for liability protection, but until you have a sizable real estate portfolio you will be just fine with adequate amount of liability insurance, be sure to get at least $300K to $500K of liability coverage on your landlord policy.
I'm second to recommend @Brandon Hall. Also consider @Amanda Han, she is nationally known CPA, author and speaker, her articles here on BiggerPockets are valuable resources for thousands of investors.
Post: Seeking CPA & Attorney Referrals for Tax & Legal Entity Advice
- Durham, NC
- Posts 78
- Votes 14
Purchased my first investment in June and I am getting ready to rent out the upstairs unit. In the hustle and bustle of trying to get the place and move myself, I completely forgot to inquire about tax and legal entity aspects of investing. Please leave your CPA and/or Attorney info below. I'm in NC if that matters. thx!
Post: Am I tripping? Can't I Owner Occupy As Many Times I'd like?
- Durham, NC
- Posts 78
- Votes 14
House hack, @JD Martin. I just purchased a duplex that I live in via FHA. I won't to get another property in about a yr. that I will owner occupy as well.
Post: Am I tripping? Can't I Owner Occupy As Many Times I'd like?
- Durham, NC
- Posts 78
- Votes 14
My lender seems to think differently.
Post: Thank you Bigger Pockets! From 0 to 15 Doors in a Year!
- Durham, NC
- Posts 78
- Votes 14
Congrats!
Post: !!Closed On Property #1: House Hack Duplex Greenville, NC!!
- Durham, NC
- Posts 78
- Votes 14
Congrats!!! Ironically enough, I'm scheduled to close on my first duplex in Greenville in less than 30 days!
Post: Potential Existing Tenant Problems
- Durham, NC
- Posts 78
- Votes 14
My offer was accepted on a duplex and I recently asked for the current rental agreement for the current tenants. There seems to be red flags all over the place and I will not enter in the actual contract or send any DD money until/unless this is resolved but since this my first time land-lording & buying a property I am here to find out what I can do while I am still able to negotiate a few things. Yes, I know I'd have to honor the existing agreement but if the owner wants to sale I am asking for them to tweak it and get the tenants to agree. Here are the details.
- A very sketchy looking agreement. A year lease at that. I know an owner can write up their contract in anyway they like and this one looks like they threw it together just because I asked to see it. I also really think the owner knows the tenants personally but I could be wrong. The agreement has to be the longer traditional forms we are used to seeing but I's rather have one because it includes provisions that protect both the landlord (me) and the tenants. I am going to ask them to have the tenants sign one.
- A business entity is listed as the tenant. Not even sure where to go with this lol.
- Application. I am going to ask to see one but I am willing bet there isn't one. This limits my ability to see if they are employed, any information on prior rental history, criminal history etc.
I planned to ask the owner to get them to sign a month to month and tell them that my intention is not to put them out after each month (which it isn't) but in case things go bad I do not want to endure it for a year. I also want actual names on the agreement of ppl who will live there and will be responsible for the rental.
I know they can tell me to kick rocks and not give me ish' but they seem really motivated to sell so what else can I ask for to vet the current tenants, get more information on them or something to make this a little more secure for me?