All Forum Posts by: Benjamin Timmins

 Asking for votes won't get you votes.

Hayes, all. Just getting involved with the residential income property market here. Been doing the commercial side since 84 (first growing up with it then running it), Sold off the commercial property a little over a year ago, and now getting into residential. Starting off with hacking a duplex.

Would love to meet/.talk to fellow investors/landlords from the area.

Chances are he has a bank account  he just doesn't want to report the income on his taxes. 

 The podcasts and guides on this site would be a good start. 

That is all stuff you would have to already know before an investor would touch you.  You should take some time to really research and learn up on investing before you try and go out and try and find someone to partner with you.

 That depends on the state. In some states, the parents of the minor are only liable if they are gross negligent, i.e.  giving the keys to the car to their kid thats only 15.  In those states, you have to go after the minor, not the parents.

Water bill wouldn't be considered a tax or a closing cost, and the title can't be cleared with an over due water bill, unless you agreed to take on past dues specifically if I remember right. Its on the seller to clear any outstanding debt or the title won't be cleared by the title company.

Also make sure he gets any licenses from city and state that are required. Sometimes cities require inspections for commercial use sites, which is additional fee.

At the least, Id make him take out his own insurance, cause it turns the place into a business, and his customers can sue if they are injured on the property.

Definitely screen the same as you would if they were renting a house or apartment from you. Utilities can be split by the number of people in the house/apartment. I wouldn't include utilities in the rent.