All Forum Posts by: Art Maydan

I recently listened to BP Podcast 258 and heard Gabe talking about making deals with manufacturers he'd met at trade shows to get discounted materials in bulk. The next IBS show is Feb 19-21 in Vegas and I plan on going. Wanted to start a discussion on where you guys get discounted materials. Any materials: Lumber, plumbing, fixtures, cabinets, lights, tubs, etc.

One source I have to share are Habitat For Humanity stores: https://www.habitat.org/restores

You won't find inventory online so you have to stop in, but they have a very large stock of discounted donated materials. Mostly new. Where do you guys get building materials at good prices for your rehabs/constructions?

@Michael Fortier Hey Michael, I would recommend @Daniel Hyman 

He's very easy to work with. We've used him for two years now. He's an investor himself and can break everything down so it's easy to understand.

@Nathan S. Hi Nathan, 

We've used @Daniel Hyman for two years now. He has a very easy to use online portal that walks you through everything and which docs you need. He's very knowledgeable about real estate and an investor himself. Explains everything well in layman's terms. I'd message him on here first if you're interested.

@Zachary Caudill

Hey Zach, @Daniel Hyman has been our CPA for two years now. He does everything online, which makes the process a lot quicker and easier - especially if you're organized! He's very knowledgeable and easy to work with, yet good at explaining things in a way that makes sense. Very experienced with real estate

@Gabriel Martinez Hey Gabriel, I'd recommend @Daniel Hyman

He's based out of Wisconsin, but does everything remotely. We worked with him last year and he made everything very easy yet understandable, was a pleasure to work with, and we were very happy with our returns! Coming back for seconds this year.

@Daniel Hyman did our taxes last year. Working with him was very easy and we were very happy with the returns! 

One of my tenants had his identity stolen and has his funds frozen. I don't think he's bluffing because he said he could get the money within a week and has been a good tenant thus far. I sympathize for him, but would you waive the late fee? It's my understanding that if you waive it once, you can't legally enforce it in the future.

On a related note, the tenant is one of four roommates in a coach house splitting the rent evenly. So his portion is $550 of the $2,200. Since tenants are jointly & severally liable, his fee would be based off of the $2,200 and not the $550, correct?

Much Appreciated,

Art

@Marcia Maynard Thank you for the sage advice, Marcia! 

I'm managing a property with a 4-bedroom coachhouse. I wasn't the one who found or signed the tenant. They're four young adults who seem to be splitting the rent equally, but on the lease, three of them are tenants and one is under the "People authorized to occupy this premises" section. One of the tenants contacted me and said that the "authorized resident" is moving out and here's the info of the person who will be subletting from him. I was going to reply that he needs to go through the screening process and all that, but I'm not even sure how this works legally since the guy who moved out isn't even a tenant. Seems to me the three tenants are on the hook for full rent and the fact that they're getting part of it from this authorized tenant is irrelevant. So is it just a matter of removing him as an authorized resident and adding a tenant? In which case, proceed like a normal sublease with screening but do an addendum instead of a sublease agreement? It's a 4-bedroom house so I'm pretty sure I'm allowed to have 4 tenants, right?

Much Appreciated,

Art

@Brandon Johnson Thank you, Brandon. Do you know where I could find more info? Having trouble finding IL-specific info online specifically about this.