All Forum Posts by: Adam Azam

Sit down with a local PM or apartment leasing office and get copies of their forms. They will be standardized and provide most of what you are looking for. Add to the lease if you want once you get the basic forms.

Also, there are a lot of great forms examples and tips right here on this site

http://www.biggerpockets.com/files

check some of those out, and search this site..lots of great content!

@Hilary Graves 

You eliminate tire kickers through pre screening. You do not need a application in advance when you know how to screen. Set your screening standards, ask the questions during your pre screening interview and kick those that do not qualify.

If they are not filing a application this is already eliminating the tire kickers. They are likely not going to pass screening anyway so don't worry.

I like the idea of them wanting to turn it into a home they can stay in long term.

Is it a property where the lawn is pretty nice and this will leave a big dead spot? I don't own any properties where the lawn condition is that big a deal so it wouldn't bother me.

The only downside in’s aging no is that the tenant may leave but tenants are replaceable. Just tell the tenant no for liability reasons. Let them know that your insurance will go up too much with a pool.

If the landlord presents a nice, clean, habitable home that meets all Section 8 requirements, then the tenant allows the home to fall into disrepair by not caring for it properly or failing to report maintenance issues, not only is that a problem in and of itself for the landlord, but it can also lead to the tenant being dropped from the program. This means no income, no rent, and no reimbursement for forthcoming damages.

I agree with the comments above. Also, my property manager calls this upcoming time of year the "renter black hole". Could you try taking new photos, add new marketing channels, or better emphasize the benefits of your property in the listing?

Any good inspector will go over everything with you, likely as he/she moves from system to system. He should be thorough with his explanation, which may bring up questions you hadn't thought of. Off the top of my head, you'll want to know about pests (termites and carpenter ants most specifically) and if there is any sign of damage. The foundation has potential for being a huge expense if there are large cracks, bulging, or signs of major settling. The other systems that are expensive to replace might be areas of concern; mainly the furnace, plumbing, roof, and electrical. Since this is your first, as the inspector to explain anything you don't understand, and by the time you get to your 5th, you'll be pretty well versed in what you're looking for and what's done right vs. what's not.

I would think by the time you tell them what expense is what you could have just done yourself. Software is the key. I really have liked Xero, but lots of people prefer quick books. Anyway, I spend less than 10 hours a week in bookkeeping. And manage dozens of personal rentals, several large flips, and 100 client turn over/flip projects each year, (I use FreshBooks for client stuff)

I feel like you’d spend tons of time telling them how to categorize everything when you could just click the same button when convenient for you.

Now I won’t touch taxes, I just hand over income statements and/or balance sheets.

But the day bookkeeping isn't too bad with software that is linked to your LLC specific bank account I think.

Now 10 hours a week is a lot of time, but that’s a lot of projects. I would estimate all the rentals take 2 hours or less per week to categorize everything.

Maybe keep doing it until you think it’s too much? That will be different for each person.

You cannot charge a fee for using non-online, but you can offer a discount for using online rent payment. Offer a $5 or $10 discount for using online rent payment. Think of it this way, if you charge $2500 rent, just change it to $2510 and offer $10 off for online rent payment. In other words, it isn't coming out of your pocket.

I purchase all finishing materials (flooring/vanities/cabinets/fixtures) and supply my contractor with those items. More often than not, if I'm using my preferred contractor, once our scope of work is agreed upon with the contractor we will order and have delivered to the job site all building materials (lumber/piping/electrical) once demo is complete. It is an extra step (sometimes a headache) in our business that we are reward for by way of Amex points :)

All markets are different, but I took a 3/1.5 and turned it into a 3/2 with the new, full bath, part of a master suite. The Arv in that area for the house as a 3/1.5 was about $145k, and my property just appraised for $163k. It cost us about $4000 to enlarge the bath and add a shower.  If its a $200 ,That's a great deal!