All Forum Posts by: Al Pat

@Derrick White If you hate the money it brings then you can setup for it to go to charity of your choice every month, automatically. No place for emotions in this business. If you don’t like the way it looks, you have power to change it :)

@Robert Crowley Why in the world would you want to do that? Incase you didn’t know there is $ 10 monthly fee to retain the footage on cloud and needs internet. So if they leave it then, there is one more thing you will have to manage and maintain for the next set of tenants as it will be now considered landlord provided item. Classic way of greed leading into inviting more headache. It’s not like ceiling fan, which I would say leave it.

@Collin Schwartz I have a tenant recently installed ring door bell and also ring flood light cam, even though the house is in a nice neighborhood. However, I also recognize that she is a single mother with six year old daughter, so she want to feel sense of security. I don’t mind it. Many of my elderly tenants in their 70s do that as well. Many also have indoor hidden cameras too, so be careful of your act when going in for so called unsupervised maintenance call. Don’t snoop around...lol. With that said, you should allow it. They are that much more vested and also tells me that they can afford their rent. I now recommend them to use Wyze cam over Ring, as it’s less than $30 vs. $200. Saves them some money and they like my recommendations.

@Aaron Arnold I started with SFH and still maintain them. I bought Duplex last year and now looking to get larger Multi-family. With that said, I look for opportunities. My SFH has served me well. Finding multifamily has it challenges, both has its pros and cons. As others mentioned, appreciation is based on Comps for SFH, if tenant leaves then you have 100% vacancy etc. It is easy to get loan for SFH, fixed rate 15 or 30 years with 20% down payment. Multi family larger than 10 units, needs 25% down payment, no fixed rate loans for 15 or 30 years. Rents are typically half then SFH (typical SHF is 3 br/ 2 Ba, where as apartments are 2 br/ 2 ba. I like both because, I look for opportunities and cash flow. Define you strategy and stick with it.

@Kevin Gregg ok so, what gives you the impression of him being fraudulent with you all? You stated he provides you with quarterly income- expense statements. Therefore he is doing something, if he is flat out cheating then for last 11 years, he wouldn't be giving you that. Review the statements and ask him **nice** questions. Right now, you are accusing him with no bases and probably getting other partners worked up as well. Do your due diligence, you also mentioned along the thread that you guys have annual shareholder meeting to vote. Is it possible he is running this on old LLC? You have reason to doubt on that fact that the LLC is not active but ask him why? Not here. Also, I can't believe that since 2007 you have been part of this deal and have not seen the property or properties. You can never be that hands off. Ask questions to him, I would say that should be your starting point. Arrange quarterly statement review meeting. Also, you should be getting K- 1 every year, regardless of what happens to the money because that is a taxable income. There are some gaps but then again, we don't have the whole story.

@Nate Wilson you want COC better than 5-7%, Appreciation is good but you can not do repairs or upgrades with appreciation or equity w/o refinancing etc. If you are hypothetically investing $25k at 6% COC than, that brings you $1500 a year. One big expense and you are cash flow negative. Multifamily will need 25% down payment unless you are doing owner occupant financing and house hacking it. Be very careful with your numbers, patience is virtue for finding good deals.

@Jennifer Darby I’m contemplating the idea of LVP for my rentals at turnover but for last several years I have used apartment’s grade carpet in beige color, it is stain proof and my cost with install including removal of old one come at about $9.99 to $11 per yard, and this also includes carpet pads. I have been using this installer for now over five years. He buys partial rolls (end of run) from Shaw carpet mills here in Dalton, GA and I get the deal, I do t care about the colors as long as it’s same throughout the house and it’s not too light or loud. On average, these carpets last me for about 7 years. For an average house my bill comes between $1300 to $1600, my installer throws in free vinyl laminate for bathrooms if needed as long as I’m not picky about the patterns. This has worked out great for me.

@Sara Taslitt This topic comes from newbies every other month. I personally answered three or four. Do a search on it in BP, there is tons of information on it that is still relevant and also other people’s experience. Good luck.

Just saw an article that state Rep Anna . v and Senator Victor Torres are pushing two bills to bring rent control to Orlando citing lack of affordable housing. This will disrupt the rental business.

@Shannon M.P. Lewis Amazing yo see 22 year old pull this off. You are definitely determined and will have great success. Best of luck.