All Forum Posts by: Bill B.

In MN radon is just an option on the standard inspection. I don’t know how seller would find out (if you planned on doing it or just went ahead and did it.) but as stated the building is supposed to stay relatively sealed.  Opening and closing doors and windows will lower scores. 

If you have less than 20 properties try quicken. It’s over kill for small landlords but it’s cheap, doesn’t take a lot of accounting knowledge to make reports about anything and everything and can ahndle your personal finances at the same time. 

Buy as much property as you can today with long term fixed rate financing. Rates won’t be this low again during your lifetime. 

New lease fees are debateable, I pay $300, not 60% of lease, but that’s vegas. But $400 to renew is INSANE!  My biggest pet peeve with current pm is $150 to renew. They email the tenant a 1 page form with the rates I gave them. Tenant says “I want this” and I get charged $150. You’re getting charged $400 for less than 10 minutes of work by a person making $20/hour?

So you're starting the year down $600, you need to charge an extra $50/mo just to cover the overages. That's $4k per year on 7 properties. Try a local REI or start a new post asking for DFW management company recommendations. In that big a market there has to be a couple decent ones.

@Rahul Handa

300/300 base insurance. $3million umbrella. If the house is in your name and you’re sued. It doesn’t matter if it’s paid off or you have the cash in your bank. In fact the suer would prefer you had cash. 

Insurance is super cheap these days. 

Plus you’re probably more likely to do something personally to get yourself sued than the property. 

@Rahul Handa

Once I exceeded 4 loans I fell under new underwriting standards. (2008-12 era) 20% on primary and 25% on rentals got lower rates and no PMI. I hate paying interest/pmi or owing people money.

I’ve gone from 10 loans on 13 properties to 6. I dump all rental money back in to paying off the loans to generate more free cash flow. I have about 6-8 years left to own them all outright. May not be the best use fo cash financially but at this point it’s all fu money. Nothing better than $1000+/mo per door cash flow after expenses including property management. I probably spend an hour or two a month on it, mostly bookkeeping or trying to pretend I’m needed. :-)

Could be fishy business. Could be seller assumes renters believe you will raise rent if you buy it and will move out. You fail to close and seller is screwed. Assuming you have the right to bail on the deal if the estoppel doesn’t say what you’ve all agreed it’s going to say he doesn’t have much to gain by withholding until closing for an advantage. Maybe reiterate, “this is the rent/deposits/lease terms seller has they are, if the estoppel doesn’t confirm this I get my earnest money back and walk...

4-5 years. Bought a new primary and a rental every year until we were set. 20% down on primaries, 25% on rentals. Hard to do in some markets but Vegas is cheap compared to MN & CA where I lived before. 

Landlord policy when tenant occupied. Vacant property insurance when vacant more than 30 days. Any decent insurance company should ha e both available. Look for an umbrella policy for yourself and the rental when you can. 

Hey Krystin,

Fix and flip has to be the hardest thing to do in real estate in Las Vegas but probably has the largest upside. If you can find great deals in Las Vegas you’re going to develop great skills. You’ll be ok in any market. 

As I think about it, since finding the deal would be the hardest part, if you can find lots of deals, maybe wholesale a couple to us buy and holders.