All Forum Posts by: Brian Bohrer

Preach!

Hey Aditya,

My personal opinion is that it most likely wear and tear.  But I am not a lawyer and the defense "the guy on biggerpockets forum said" is never a reputable defense! haha  

I would not give in and accept responsibility for the damages here, if so, the landlord is going to get a new countertop that will not need to be replaced for another 15+ years for free!  If the landlord can prove there was no previous damage you may have to split the cost, but I doubt you would be held fully responsible.  

My advice would be to talk with a local attorney.  It is hard to tell from photos what exactly is damaged, the fact the damage is hard to see could also be evidence that the damage is minor and would most likely be considered wear and tear....

Hey Chris,

I currently use Charles Mueller at Peak Financial Services

I cannot ensure he will have all of your answers, but he has definitely assisted me in getting my rental property and 1099 taxes in order!

Charles Mueller CPA
Peak Financial Services
(719) 260-6475

Hey Hannah,

I am also a realtor here in Colorado Springs. I own a primary residence currently where we STR the lower level but plan to Mid-Term Rent the entire house once we buy our next primary residence. As for location, that is going to be very subjective. I would personally focus on an area that needs temporary "workers" like Hospitals, Military Bases and Colleges. Hospitals tend to have traveling nurses, Military bases constantly have soldiers moving in and out of the area, and College students generally don't want to rent for a full year. They key is to find your target client and work backwards from there to discover what it is they want in a mid-term furnished stay and provide those wants! Simple right? haha

Honestly the closer you are to one of the facilities I have listed, the better off you will be for finding a pool of renters, but also consider most people are willing to drive to work or school, so location may not be as important as the quality of the house in most areas of Colorado Springs.

I hope this helps! If you ever want to chat over some coffee (or tea) please don't hesitate to reach out!

Good luck on your investment journey!

I agree with Paul,

Something that often gets lost in the numbers of a house hack is all of the money your saving by having others pay your mortgage!  With this savings being considered, plus the potential for Airbnb income I think you may cash flow more than you think!  You have a great plan and the courage to go through with it!  Even if you don't refinance in a couple years, your investment income will rise with the tide of inflation but the mortgage payment will stay the same!

Good luck on your adventure!

Hello Aditya,

You would most likely have to confirm with the local housing authority to ensure what is "wear and tear" but generally in most states the landlord is responsible for wear and tear replacement.  If there was something significant that you damaged and the landlord has photos to prove the damage was not there before you moved in, then you would be liable.  But generally items like appliances, carpet, paint, cabinets etc would examples of items that the landlord is able to depreciate over time on their taxes and therefore is expected to replace when needed.

I hope this helps!  Good luck :)

Hey Mike!

Generally real estate agents try to use properties for comps that have been sold within the last 3-6 months.  I think comps from a year ago may be a little out of date.  Even if the local market has not corrected yet, the days on market, concessions and buyer pool has most likely changed drastically from 1 year ago.

I hope this helps, please feel free to reach out if you have any other questions!

Take Care,

Hey Jeffrey,

Sounds like quite the utility puzzle! I am sure there will be several different ways to slice up the 4 pieces of pie here but I think I would go to a different structure where all tenants are charged a flat rate for utility usage.  Take the last 12 - 24 months of utility charges and divide that number by the amount of bedrooms.  Once you have your per bedroom number, charge each unit based on the amount of bedrooms within.  You will most likely have to adjust this number with inflation and energy cost fluctuations every time your re-lease, but should save you some headache along the way.  Just be sure to mention in your adds that utilities are included in your rent and you should still stay competitive in your market!  Ultimately, as long as your end price is reasonable for your market you should not lose any tenants as they will have to pay market rent somewhere else also!

I hope this helps! Good luck :)

I agree with Eliott, get with your favorite lawyer and just have him put in writing the agreement that you currently have verbally.  As long as there is signed documentation between you and your partner, there should be no issue later if there was a falling out.

Good luck in your adventure! I just moved out to Colorado from Nebraska earlier this year, I hope you are staying warm!

Take Care,

Thanks again for putting together such a great meet up!  I have been to 2 events now and can't say enough about the value provided between the presenters and the attendees.  Keep up the great work!