All Forum Posts by: Bryan Cork

@Ian Tvardovskaya “Your honor, Ian told me to do it!” 😜 That sounds reasonable. It seemed a little overkill to sign a new lease at this point. Thanks for the advice, and good luck to you!

@Ian Tvardovskaya So if you were in my shoes you would just wait until renewal and change it then?

I purchased a townhome earlier this year as a rental, and have since created an LLC to put the property into. The person who created the LLC for me said that we would need to get a new lease signed by the tenant because the LLC is now the true landlord. Is this correct? It’s not a huge deal if so, but I wanted another opinion on the matter. Thanks!

@Christopher Freeman Hey man, sorry to hear this is such a pain in the *** for you. I have been in the residential telco business since I was 21 years old and now I’m 41. So needless to say I’ve seen it all. The best and most reliable answer is to drop an Ethernet cable into that room from your main router. The tenant can buy there own wireless AP if they wish or just hard wire whatever device they want to stream Netflix. If you have an attic or crawl space this will be fairly simple. And if installed correctly this solution will last for years, unlike most WiFi hardware. Also I doubt it’s a bandwidth issue in the sense that you just don’t have enough. Some structures just create WiFi shadows that you have to deal with, or run an Ethernet cable to compensate. Keep it simple and good luck. If you want to talk on the phone about this PM or email me and I’d be glad to talk to you about it.

@Nick McBride I’m no expert, just an average guy trying to wrap my head around this concept myself.......but I’m doing the same research you are. So in my mind as long as you are comparing similar properties ( this duplex vs that 4 Plex, or sfr vs sfr) CAP rate is the best measurement IMO. Especially in small multi family properties because it takes into consideration extra operating expenses like utilities that you would need to pay. It really is the GRM plus an extra consideration for set expenses.......it’s not used to determine value per se.......but used to judge one property vs another in terms of potential cash flow. And like earlier said, you need to gauge the CAP rate vs neighborhood etc.

Any lawyers out there with an opinion?

@John Underwood I thought of that, but it’s tricky. Who would pay for that? We don’t know who is responsible to pay at this point, and the answer to that question is sitting under my property........ I suppose I could refuse them access and push them to do that, but I want to be a good Nieghbor myself, and that makes me uncomfortable honestly.

Ok the scenario. Recently closed on an investment townhome with a nicely landscaped back patio.......a small but clean little trek deck and some nice pavers that created an attractive useable space. So then I get a call from an electrical contractor stating that the unit next door is having some issues with their power and they have located that the problem is under my deck, and they will need to remove boards, dig it up, and do a repair. However, a couple of small twists in the story make me nervous. One is that apparently the homeowners are responsible for the maintenance of the power line from from the transformer, so it’s not the association with deeper pockets who is on the hook, its the nieghbor . Second this electrical company has already fixed this issue in my yard a few years ago so this “might” be warranty work because their first splice may have gone bad. So, I have given them permission to do the work, and made it clear that I expect the patio to be made to look like it does now after the work is completed. But my nervousness kick in because of the company pays to remove the decking, digs up the splice, and determines that it’s a different problem and not warranty work, now it’s my neighbor who is on the hook, and responsible to pay the bill of repair, and responsible to get my patio put back together. This seems like it could go very wrong...... Should I get a contract written and signed by all parties to protect myself?

@Kevin Fox Thanks for the info.....good stuff to think on.......

@Bryan Zuetel Thanks for the reply. I agree that investments don’t need to be nearby, however there can be positives to having your investment in the place you live. Also even the best of family members can make the worst business partners :)