All Forum Posts by: Brendon Pishny

@Drew Nashmy

You could do something simple like have someone epoxy paint the kitchen counters and backsplash. Doesn’t cost that much and can be done quickly. I agree though go ahead and rent it as is this busy season and then update later. It still looks pretty good. And being on the ocean I don’t think it will matter that much. Of course this is coming from someone in the middle of the country:)

@Dan Travieso

Have him rent it back from you?

@Kate Jones

Depending on how many units you’ll have to decide on the cost effectiveness. I went with a property management software about 5 years ago and it changed my life for the 10 rentals I had at the time. I only allow my tenants to pay online. For an ACH transfer the fees are insignificant. This eliminates post office errors, etc. Plus it immediately gets posted to their ledgers. Also it makes you seem more professional and makes it more likely to get paid. Just my experience. Hope it helps.

@Shirley Moser

I decided awhile back that it doesn’t make sense to have service contracts on rentals. Just put back money for repair costs and deal with issues as they come along. The tenants won’t change the filters anyway so even if you have periodic checks the units will still wear out. Just save the money and be ready to replace when necessary. I think you’ll be surprised how long things last even when you don’t think they will. Hope that helps.

@Eddie L.

I would actually argue that you're more at risk with less properties. As long as you stay in a good position like less than 65-70% LTV. If you only have one or two rentals what happens when one tenant moves out or stops paying. You have to make sure you can cover the mortgages. If you have 10 or more the chances of having enough units empty long enough not to be able to cover payments is very slim. I have 13 properties leaveraged at about 55% and feel very comfortable. Hope that helps. I agree buying properties is an addiction. But at least it's a good, money making addiction😉

@David Lin

I use my local credit union. They are fantastic.

@Barrett Boone

That seems high. I just got one replaced for $1300 but I’m probably in a different market. Also I get replacing while it’s easy but why mess with it if it’s working. It may last 5 more years. Who knows?😁😁

@Phil Clark

I feel in your case one LLC is enough. As you grow you may want to split some properties into different LLCs. It's completely a risk tolerance question.

I also agree that you should just do the tright thing. If you run the properties the right way the chances of you needing asset protection is slim. Hope that helps.

@Malik K.

Where are other rentals listed in your market? Check comparable properties. If there are no rentals maybe it’s not a great rental market. Hope that helps.

@Jeyo Punnakottil

I would rent to them. Maybe ask for a little higher deposit and proof that they paid the cleaning fee for the other landlord. Overall, between the two of them it’s a good bet. Those aren’t huge red flags In my opinion. Don’t let houses sit too long. Put them to work. Hope that helps.