All Forum Posts by: Mike S

I've shot tens of thousands of nails through my harbor freight framing and brad nailers without many problems. A jam here and there, no big deal. I've even dropped my framing nailer from ~20 feet onto concrete with no problems. I'd say try hf. If you don't like it you're not out much cash.

I have actually already switched from appointments to open house mode. I just used the first and last appointments as the start and end times.

I went ahead and added children back in to the app.

Thanks. I took it out. The demand has absolutely floored me. Hopefully there are a couple of good candidates.

That thought has been running through my head, but we'll make a killing on it anyway as long as we get good tenants. We're all in for about $20,500 and advertised it for $700/month. Hopefully it will rent quickly and there is room for rent increases.

Since age and family status is a protected class, I just removed it. My lease states two people per bedroom max anyway.

Am I allowed to ask about children, how many, and ages? Sorry to be brief but my phone is blowing up on our very first rental and I don't want to violate fair housing.

I was hoping that it wasn't the 19 page document but I guess I'll crank up the inkjet and print it. Thanks.

I'm getting ready to list my first rental that was originally built in 1920. (As is everything around here) It has been rehabbed but I was given nothing about LBP as this was a foreclosure. Since it was built prior to 1978, I'm just going to include the disclosure. The problem is that I've seen several different brochures ranging from two to 19 pages. Which one do you use? I've seen mostly the same disclosure form, but could you please let me know which one you're using. Thanks

Closed yesterday on the 3/1 sfh in my avatar. $18,500 needing about 2k in repairs. Should rent for 700 and cash flow about 300 after piti and expenses. C+ area.

Can you do prorated rent with online payments such as if someone moves in mid month?

Purchase price is $25,500. $350/month for 1 bed and $550/month for 2 bed. We're budgeting $3-4,000 for minor rehab. Fix a deck, some glass block in the basement, some drywall, and a window.

It's fully rented and the tenants seem decent. New electric from pole throughout building, new plumbing/water heaters, most windows new vinyl, new baseboard heat.

Taxes are $600/year
Utilities budgeted at $1200/year
Insurance $600/year
Management, vacancy, and maintenance estimated at 10% gross rent each. (Management is actually only $50/month per property with one month lease up fee)

If $30,000 is used as total price, 30% down, 6% for 15 years and $2,000 closing cost, the payment is $177/month P&I.

Should return $253/month profit for a 27.6% COCR conservatively.

What we found during the inspection is that the roof is shot as well as the box gutter on the back. The building is about 108 years old and the roofers estimate that the metal roof is original. There is some water leakage in the back where the gutter is leaking but that is about it. We got quoted $6,000 from one company and $15,500 from another to replace the single pitch 888sqft roof and replace the box gutter with a hung gutter. We're asking for a $6,000 credit for the repair but know that we will probably not get that much. Both prices look steep to me, and the $15,500 one is totally ridiculous.