All Forum Posts by: Brendon Pishny

@Imtiaz Koujalgi

I'm very familiar with this market. I invest in Overland Park as well as the surrounding areas. I would think a unit like this should rent for at least $1400-1500. The only problems I have with condos is the HOA fees can get quite high. The benefit is less maintenance but be ready for smaller monthly cash flow. There are plenty of renters. I've never had a property sit longer than a week or so. Hope this info helps.

@Dmitriy P.

I charge a $30/month fee per pet . I don’t ask for extra upfront. It has worked out well. If the tenant stays long enough I end up with more money in my pocket than a deposit.

@George Mattice

Probably just have an attorney draft a quit claim deed if you’re confident in the chain of title. May want to do a title search first if you’re not sure. Also, it may be state dependent. Hope that helps.

I don’t have a separate account for security deposits but I do keep those as liabilities in my bookkeeping so that I know what is owed back to the tenants. I think both are great ideas. 

Oh I’ve never heard of that. Seems a little much. I think one account can handle all those issues. Just make sure you have reserves to handle any maintenance issues or a returned deposit, etc. Happy New Year!

@Alisa K.

Typically with inherited tenants it’s easier to just leave them alone until they decide to leave. Possibly slightly raise the rent at each renewal. In your case where you really want your cash back out I think you will just have to ask them to leave at the end of their lease. Then rehab and rerent at market rate. Then refinance. I think that will be hard to do with them occupying the unit. And yes I would pay the contractor for his time unless you think he’s going to get the job soon. This is all just my opinion. Hope it helps.

@Bronson Simmons

I don’t typically have very many problems. One piece of advice is use the same color paint in all your rentals. Much easier to patch walls and do touch ups when you have a turnover. Hope that helps.

@Isaac Smith

Not quite sure what you are asking. You should have a different bank account for each LLC. Hope that helps.

@Michael Williams

I send a box of chocolates around Thanksgiving. It’s more of an “I appreciate you” gift. Many reach out and tell me thank you. I agree it’s a personal decision. If they have a house to live in and get good service that should be enough. I do it just because it makes me feel good to treat those who have been a great tenant all year. Hope that helps.

@Dan Cerempei

Investment loans are typically higher. Especially commercial portfoliio loans. I wouldn’t worry about it too much. Just find out what the payment is and make sure the numbers work where you still cash flow what you want. Try to get a loan with a fixed rate. Again, commercial loans are typically ARMs or balloons. I have some of each, fixed and adjustable. Don’t get too fixated on the rate as much as tying in a long term rental that’s going to cash flow for years. Hope that helps.