All Forum Posts by: Brian Van Pelt

If you are charging $40.00for 5 mins work, that's $240.00 per hour. Where else can you earn that kind of money.

You renant sounds like a keeper.

@Jim Scholten

. Increase your Income
. Win the Lottery
. Purchase the house with someone
. Lower your expectations

@Daniel Jewell You are only hearing what you want to hear. What I've said is USE.A.LEASE. Standard leases hold up in court. Hand written leases can be picked apart by a first year law student. 

In a Lease your address would be "1234 UseALease Drive Warrenton, VA - Room 1"

Then use an addendum to the Leas to list anything not in the Standard Lease. 

@Nicole Heasley Beitenman said she "I still used a standard lease."

Lawyers,Realtors,Landlords and use in your words "predone pieces of paper" or Lease Contracts which is the technical term because they have been tested in courts and have been found to be enforceable.


 

@Daniel Jewell

I would change EVERYTHING, first off you wrote it like you were writing a will not a lease , Take time to read a Residential Lease and you will see the difference.

If you had to take someone to court for any reason (lack of payment,parking,damage,smoking, etc) the first thing a Judge would ask is who is the Tenant and who is the Landlord, then the Judge would ask for you to to show him in your document where it shows Landlord and Tenant. While you look at it over and over and over for the two most crucial works Tenant and Landlord the Judge will bang his gavel loudly and shout "Case Dismissed"

Seriously Landlords are not Lawyers, use a Standard Lease , they hold up in court.

@Deangelo Mack

https://www.biggerpockets.com/files

@Account Closed, You should call a realtor.

@Daniel Jewell

There are soooooo many things wrong with this agreement I don't know where to start.

I recommend you use a standard residential lease agreement, with an addendum for things like common area use, parking etc.

@Sean McCluskey

As of 5/2019 "No matter what kind of real estate business you are in, you can deduct all of the mortgage interest and property taxes paid on your investment properties, just like you do for your personal residence. "

This means there is ZERO cost to you for Monthly Taxes on an After Tax Basis and for the RE Taxes % of Assessed Value

Sure you pay on a monthly basis, but it's like putting money in a savings account, it sucks while you have to do it, but you don't complain at the end of the year when you do your taxes.

I factor all my calculations on a After Tax Basis which is the true measure of the delta of a deal.

But if that's your comfort level it's your comfort level.

@Account Closed

I would never buy and OPT

At a cash flow of 200 per month it would take you 10 years to start getting any kind of equity in the property,

what's your market ?