All Forum Posts by: Bryan Devitt

@Robert Lei you're essentially kicking the can down the road a couple months until you get back, I don't see a problem with it. It isn't ideal but neither is not being there. You can't do anything except hire a lawyer from where you are, so I think this might be your best option financially IMO. Eviction will cost more while you're not there and then it will be vacant longer to top it off. Give her the M2M and tell her if she doesn't pay rent immediately then you'll start the eviction paperwork. If she pays then go with the plan and if she doesn't then you're just a week behind where you are now

@Lee Kozokas it might be the worse flooring for a rental ever. It scratches and dents very easily, and you cannot refinish it to fix it, so 1 bad tenant and it is junk.

@Dave Neeley depending on where you are if you out in electric baseboard you're probably going to get tenants complaining about the bill and demanding a bailout because they didn't know what it would cost. Mini-splits are also an option. Much lower maintenance costs, half the price of baseboard electric to run and also provide air conditioning.

@Eric Ippolito get a new loan officer. He is either incompetent or a liar, I wouldn't do business with him in either case

Section 8 not getting involved unless it is for non-payment is ridiculous. Does CT not cover damages if they trash the appt? Is there any kind of security deposit? If they only deal with non-payment, but she pays 0% WTH do they even do with her case? Just inspect so they can write up everything you need to fix for her? 

Don't do it!! They hire the cheapest contractors they can get. If the contractor needs work that bad right now, they aren't someone you want working on your property. I hate Home Advisor for what they do to contractors, but they're your best bet. You'll get a couple of quotes and you can check the reputation and reviews of the guys actually doing the work instead of getting whoever shows up that day for the big box stores 

When I click it is still upside down. If you paint the cabinets yourself it is going to peel or flake off. They require a ridiculous amount of prep and knowledge to be done right. The counter depends on the market, rent and property class. Paint the walls and the sink should always be stainless. Make sure it isn't cheap crap or it will dent. If you get something white it will stay that way for all of a year if you're lucky. 

How are your properties structured? Are they in an LLC or corp? I don't know of any benefit to sending 1099s to contractors that do work directly for you but I might be ignorant to some benefit. As to where the line is where it is worth it, that really depends on what it is and where it is. If it is a low end property then I would worry less but if it is a high end property then it's never worth the risk to me.

This is a perfect recipe for how to go bankrupt trying to be a house flipper. This is not the time to do long term flips, esp if you're a rookie. Get in and out as quick as possible. When you do all of the math even if you make 2x or 3x the money you initially planned, if it takes you 6-10x as long, it isn't worth it. That is assuming you don't run into issues with construction, permitting, etc 

I am not an accountant, but I am a contractor that deals with these taxes every year. You're not subcontracting the the work to them, so you don't need a W9. They're used to issue 1099s, which are used for subcontractors. You're just hiring them to complete work just as if you were having them do the kitchen or bath at your own house. With that said, have you considered how much longer it could take, how inferior the end product could be, what happens when something goes wrong and he doesn't have insurance and all the other issues that will make it not worth it to hire an amateur contractor?