All Forum Posts by: Alan G.

Carl, Quickbooks works great for this. You set the property up as a class then each unit as a sub class. Will give you everything you need.

Nicole, you are absolutely right. I can't tell you how many times we were able to solve what we thought was going to be a major issue/fight just by going and having a respectful and heart felt conversation with someone.

Megan, not sure what the laws are where you are, however, in my area of Pennsylvania this would be considered an ejectment and not just a simple eviction. A simple eviction in our county can be done in 45 days where as an ejectment could take 6 months or more. (There are tricks though, just make sure you have a good attorney)

Interesting question since I'm in Punta Cana as we speak. I always change our voicemail telling tenants that if they have a maintenance emergency to hang up and call our maintenance department directly with the number listed. My maintenance person will handle 90 percent of everything himself but also has my main contractors numbers if needed. He and I can talk via WhatsApp so if there are any major issues he can contact me. Would never let tenants contact me directly.

Christopher , You should talk to not only your attorney but your accountant on this. Long term holds and short term flips are taxed different and should be kept separate. Again, talk to the pros.

Vlad, It will depend on the county. My suggestion is to just walk into the local borough office and ask them. They should be able to tell you exactly what will be checked on the inspection. Most of the properties we purchase need lots of work, therefor, we get something called a conditional U&O. After the work is performed they inspect and hopefully give us the final U&O. Again, just check with your local authorities since the rules change not only from state to state but county to county as well.

Amber, when we purchase occupied units the security deposits are always transferred to us. We place them into our escrow account and then by Pennsylvania law we notify the tenants what financial institution they are being held. It's the tenants money not the landlords. However, don't forget about last months rents also. Again, in Pennsylvania we can collect last months rent on move in so that needs to be credited also.

Kalene, I can tell you that the epoxy is def the way to go. Like the other posts its all in the preparation. We do the tubs and tiles on almost every property we purchase and they look amazing. Since it's sprayed over the grout we don't have to worry about mold. My local guy charges 250 for a tub and about 600 for a tub and complete tile surround and in our bathrooms the tile goes around the entire bathroom not just the tub. That ugly pink or gray tile turns into beautiful sparkling white tile. Look for a company that specializes in this. We get a 10 year guarantee and in the one instance when we found a chip on turnover he came right out and fixed it.

Josh, Philadelphia Federal Credit Union.

I used a small credit union in Philadelphia. They actually only do loans in this area. However, the main point I was trying to make is to stick with smaller banks and credit unions. There are probably many in your area. Send me a note personally if you want to talk directly.