All Forum Posts by: Brad Pierce

I am closing on my 1st rental (Duplex) next week & I am going to self-manage the property. Since I  only have these 2 units for now I was thinking of using one of the free websites (Cozy, Tenant cloud, etc...). I was hoping to get some feed back from my experienced colleges. I plan to purchase another Multi-family in the next year or so (sooner if the right one comes along). I mainly want a site that offers online payment options, maintenance requests & at least a basic accounting aspect.

Thank you in advance! Any info is appreciated greatly. 

Brad Pierce

Please advise me as to what my next steps should be? 

I am buying a duplex, I negotiated the price of a new roof in my deal. Also, both A/C units were replaced in 2017.

1 unit is occupied & under lease contract through the end of 2017, the other unit is empty.

I have viewed the empty unit & it was in good shape, just needs a little paint touched up. I will view the interior of the leased unit when we perform the inspection.

I am planning to replace the carpet in the empty unit with tile throughout as my 1st attempt to tenant proof the unit.

I have my financing in place as a 30 yr fixed loan requiring either 20% or 25% down (Non owner occupied). The Mtg company said I would not be able to do a deed transfer into an LLC. I have my Ins quote with business liability coverage of 300k per occurrence & 600k annual business liability coverage. Is that good enough or should I open an LLC & try to do the deed transfer & run the risk of the MTG being called to be paid in full?

I am going to self manage & I have a couple other quick questions :

I would like to set up for my tenants to only be able to pay their rent online, which website do you recommend for easy of use, efficiency for tax reporting & is the best for the cost of use?

Is there somewhere I can get a good template for a solid lease that I can modify without breaking the bank? My brother in law is an Attorney so I can have him review afterwards.

Any & all info is greatly appreciated.

Brad Pierce 

Great info, thank you John. I am looking over the FAR Lease now. 

Good morning!

I am buying a duplex, I negotiated the price of a new roof in my deal. Also, both A/C units are new & were replaced in 2017. 

1 unit is occupied & under lease contract through the end of 2017, the other unit is empty.

I have viewed the empty unit & it was in good shape, just needs a little paint touched up. I will view the interior of the leased unit when we perform the inspection. 

I am planning to replace the carpet in the empty unit with tile throughout as my 1st attempt to tenant proof the unit.

I have my financing in place as a 30 yr fixed loan requiring either 20% or 25% down (Non owner occupied). The Mtg company said I would not be able to do a deed transfer into an LLC. I have my Ins quote with business liability coverage of 300k per occurrence & 600k annual business liability coverage. Is that good enough or should I open an LLC & try to do the deed transfer & run the risk of the MTG being called to be paid in full?

I am going to self manage & I have a couple other quick questions :

I would like to set up for my tenants to only be able to pay their rent online, which website do you recommend for easy of use, efficiency for tax reporting & is the best for the cost of use? 

Is there somewhere I can get a good template for a solid lease that I can modify without breaking the bank? My brother in law is an Attorney so I can have him review afterwards. 

Any & all other information that you think would be helpful is greatly appreciated. 

Thank you,

Brad Pierce

I understand. That is a nice advantage to have. Have a great night 

I agree, I think if we can draft up a good Lease & screen properly we should be good. I manage people everyday so where as I am sure there will be challenges but should be fine. If you do not mind me asking, who drafted your lease? I am checking with my Realtor as well. Thank you again! 

Thank you Jarrod. That is a great Idea. I am going to ask my Realtor if they have a lease I can use & maybe make a few modifications if need be. Thank you again! 

Thank you again. I hope for your sake things continue to run smoothly. I have a couple feelers out for legal counsel as well as my brother in law is an ADA here in Florida. I will let you know who is recommended to us. One last question, are you self managing your properties or using a management company? If you are using a management company, which company are you using & have you been happy with the service & performance provided by them? I am considering self management but need to get a good Lease together, Which is the main reason I am looking for legal counsel at this time. 

Thank you again! 

Brad Pierce

Thank you so much for the referral. I will reach out to them. Who do you use as your Real Estate / Eviction attorney? Have a great day!

New investor here getting ready to purchase 1st investment duplex. Any & all info is greatly appreciated.