All Forum Posts by: Bryan Sowieja

My reasoning: Larger Body Types = More wear and tear on the property.

It looks like this has already been discussed, without resolution,  on bigger pockets: https://www.biggerpockets.com/forums/52/topics/187...

The overriding theme seems to be to not discriminate based on size.  In my opinion it is no different than discriminating against smokers.  Neither are a protected class.  Though both Fair Housing, and ADA protect the disabled and an arguement could be made that an obese person is a disabled person.

Hello.  We make our application accept/deny criteria very clear to our applicants.  We would like to add a clause that states something to the effect of:   "Your application may be denied if you or anyone residing on premise weighs over 300 Pounds.

Any advice as to the proper way to write this statement?

Any reason we should not add this clause to our accept/deny criteria?

Thank you!

Bryan

On a Cashout Refi, how do we account for closing costs on the general ledger?

Property A was refinanced.  Property B was purchased.  Both are rentals.

The proceeds from the property A loan paid for the property A closing costs.  The Property A loan proceeds also supplied the down payment and paid for the closing costs of property B.  No cash was taken in pocket from the closing table.

What is the debit and credit for the closing costs of Property A?

What is the debit and credit for the closing costs of Property B?

Thank You.

Bryan

Without cashflow, nothing else matters.

This would be on a rental that we currently own.  Instead of a full blown cash out refi, we would prefer an equity loan.

Is anyone doing second mortgage on NOO properties? I am in Minnesota and the subject property is a single family rental.

Thank You.

Bryan

I am asking for feedback regarding the use of S corp rental cashflow and/or profits to fund a personal life insurance premiums.  Can you help?

Asking the forum to share their favorite Rental Property/Landlord Checklist:

I'll start:

New Tenant Move In Checklist: All these items occur after the showing and before they get keys.

Signed Lease

Signed Utilities Agreement

First Month Rent and Security Deposit via guaranteed funds prior to obtaining keys

Re-Key apartment and provide Keys

Move in Letter

Move In Inspection Checklist Email

Smoke Detector Email

What tips can the forum offer to move from: "manage my own properties" to "manage the properties of others".

Looking for Property Management startup Checklists, such as:

• New Business Checklist: What steps need to be taken to go from "manage my own properties" to "manage the properties of others".
• What business systems need to be in place on day 1 of business?
• New Owner Checklist

Thank You!

Bryan