All Forum Posts by: Aidan Mulligan

@Zack Bloom I'm not too worried about that. I work for a large general contractor so that software and cameras we use don't have this effect. The site we use though to host our photos is corporate paid expensive and I don't have access to it for personal use, just the camera. I was wondering if anyone has a, preferably, free site that they use to host the photos.

Hello everyone,

Does anyone utilize virtual tours with 360 photos? What sites have you found best fit your needs. I have access to a 360 camera through my W2 and I'd like to use it in my Charlotte, NC properties to attach to rental listings but I don't know what sites work best.

@Precious Thompson

Take pictures of everything. You're going to want to remember something from the walkthrough and just won't be able to so it's always nice to have a picture log. Learned that the hard way when I was trying to remember the condition of the bathroom vanity but had no notes and no pictures. You could always schedule another walkthrough but thats a pain on everybody.

I use: 8.33%, 5%, 10%, 6% so essentially the same but switched the Capex and PM

@Brad Beadling

First thing that comes to mind is that the guy is new and is tagging along to see how conversations go. I've never had this happen to me but I wouldn't be too worried about it.

@Charles Salumn Read up on house hacking. Using an FHA or an FHA 203k loan you can get a low money down loan (3.5%) for owner occupied properties. What a lot of people do is buy a duplex, triplex, or fourplex and then live in one of the units while renting out the other units. This way you can move into your own place and also get started in real estate investing.

If you can afford to put a larger downpayment than 3.5% then you can always go the conventional loan route and still buy a duplex, triplex, or fourplex.

Hope this helps. Goodluck

@Greg Scott @Nathan Gesner I'm just itching to get the next step going but I guess the prize is sweeter with patience.

Hello everyone,

I'm two weeks away from closing on a rental property that will take me two weeks from closing to prepare for a renter (Replace a door, fix a leak, and paint some walls). Everything is in line with the closing with all parties involved so it's just a matter of the day arriving.

In this case, would you all list the property online and start collecting applications making it clear that move in wouldn't be for four weeks?

@Mitch Casey yeah the capx is for when it’s time to replace the roof or something major happens outside of normal wear and tear.

I’d say it works for both, for utilities I set aside for when the home is vacant and I have to pay for the water and electricity and stuff. Or in case I need to pick up snow removal or something as a curtsey to say an older tenant.

Landlords are required to keep the home in a “livable condition.” So most mechanical, electrical, and plumbing issues are yours to handle. A blown lightbulb wouldn’t be your problem but a blown fuse would be. 

A good rule of thumb is if you have to call someone to repair it, it’s yours to deal with. However, that doesn’t always mean it’s yours to pay for. A leaky pipe is yours to fix, a leaky pipe because someone was shoving stuff down the plumbing is theirs to pay for.

@Mitch Casey

The 50% rule says that half of your monthly rent will go towards expenses not including the mortgage.

The main ones I include in my calculations are:

Maintenance (7.5% of monthly rent)

Vacancy Loss (8.33% of monthly rent)

Management (7% of monthly rent)

Marketing (I don't factor this in usually)

Utilities (3% of monthly rent)

CapX (10% of monthly rent)

Tax (I find the tax for that city and home)

Insurance (I usually input $1000 as a place holder and when I get a better quote it's usually between $800/year and $1200/year)

Basically when trying to decide if a house is worth looking deeper at you'd take the the market rent, divide by 2, then subtract out the mortgage for that home and that's the starting point for your monthly cashflow. It's not bible but it'll save you from spending a lot of time looking at a house that wasn't viable to start with.