All Forum Posts by: Account Closed

OK, i'm trying to wrap my head around this one..and it's late, so forgive me if i screw it up.....but if a property is in your personal name, you can manage it..not sure what the point of having an LLC is at that stage though for managing..why not put property in LLC..then you must be member of LLC to manage it from what i understand..curious what attorney advised you, or what was their reasoning, for having a management LLC but no property LLC..tenant lawsuits will be brought against property owner, so it seems you're still at risk

from the picure you've painted, i'd guess that ther's gonna be some damage..there now ya know..no need to worry about it now...file the writ ASAP so you can get in and fix everyting and start making some money again

in case everyone hasn't swayed you already, let me add one more voice...SELL!! there's a lot better opportunities to utilize that cash in this economy

So you want to be all in on a house for 70k and you want rents at 20% of that to cover for 50% rule?? that means you're aiming for a tenant to pay around 1,166.66 in an A or B area for only 70k? i think you're being a little unrealistic for Charlotte..can't speak for atlanta as i don't know that market as well..

you said fuse box..did you mean breaker box? if not, i'd definitely plan on upgrading electric service..

Yes we baited the heck out of each apartment.. Combined with a quarterly spray, it seemed to control the roaches... I was told it's best to bait near wet and hot sources.. So inside cabinets, vanities, under sinks, behind appliances, inside all outlets and switches behind the plates..

Brian I think you forgot to account for hardmoney points and interest, as well as other holding costs... 15k is great... However if danny is off by 10k it isn't so great.. Not saying this is the case.. And I hope it's not.. Good luck Danny

hm..this is a tough one..not so sure i want my tenants calling me the best landlord in town..bc that'll just mean i'm the biggest SUCKER in town! they only like you til they're out of money.then you're the jerk...i've had tenants yell at me things like "i'm only one month behind..you act like i'm a few months behind!"...or i remember the one tenant, who yelled at me "what kind of @sshole evicts before christmas?!"...so no, i don't care if thoes people think i'm the landlord in town..i provide a clean, durable apartment that meets code at a fair, market price...i think that's good enoughfor me to sleep at night...for whatit's worth, i do have tenants that refer their friends/family to me, and i've had code officers call me to buy certain properties, so i guess word does get around a bit that i'm fair and i make repairs in a timely manner..but do i really care at the end of the day?? not so much, bc most tenants will turn on you the second they're out of money

good luck danny..hope it works out..seems thin though, no? especially with hard money.just my opinion.hope you prove me wrong

Are you having to reframe the exterior walls? My gut says there's a lot of framing you won't have to redoon the exerior walls if it's only 50 years old--i'm sure you'll be redoing interior framing when changing floor plan. How about exterior material...stucco, siding, brick? Is that being replaced or no? Fixing a foundation is one expense. Repouring an entire foundation is a whole nother. In certain areas here, when building new, you have to conform to new setbacks (yes they actually changed in some areas) so that could negatively affect your foot print and square footage. I'd look into the setbacks for that lot when building new. The permit process is quite lengthier for plan approval in my area than just an upfit/gut remodel. Not only that, but here it requires engineered plans ($$$).