All Forum Posts by: Brian Walsh

We are looking at a house (a long term hold) to purchase. I found out that it is in a flood zone. Would you buy it ? I would appreciate any feedback against of for buying it. 

Has anyone ever used Drexel Brothers as a lender ? If so any feedback would be appreciated. 

You might want to use a move in / move out inspection form in the future. It is standard practice for us when a tenant is signing a lease (always at the unit) to do a walk through of the property. This way you can address any issues right away. 

In regards to the light bulb we always make sure all light bulbs are working before a tenant moves in and have a clause on our lease that holds them responsible for changing them while they live there.

In South Carolina there is a clause that you can add to your lease. If it is in the lease in bold print you do not have to give any additional notice to start an eviction. We have never started an eviction without attempting to work it out with a tenant and emailing/calling them several times but it's in the lease if we need to use it. Below is the exact wording that must be used per the South Carolina Landlord Tenant Act.

1. If you do not pay your rent on time. This is your notice. If you do not pay your rent within five days of the due date, the landlord can start to have you evicted. You will get no other notice long as you live in this rental unit. Tenant Initial ( ) ( )

We use Buildium Property Management Software which allows us to simply click a button and email notices to any of our tenant that have not paid yet. It saves a ton of time and we don't mind doing it on a Saturday mornings. 

I was 34 and had no cash of my own in the deal. I was able to get an investor to put up $65,000.00 on a property we bought, rehabbed, and have rented now for the last 4 years. The deal is structured so we split ALL NET PROFITS 50/50. There is no monthly payment due unless the property "makes money". 

We have purchased 4 properties to date using this type of financing and 4 others which we have used different methods to finance. 

It's a very simple no risk 50/50 split.

We own rental property in Greenville County South Carolina and they cash flow very well. There are a lot of opportunities for "low to mid" grade rental properties around here. Thanks to BMW, Michelin, GE, and other large scale employers we have a large tenant pool and typically have a very low vacancy rate. 

Everyone will of course have different opinions but I would go with the duplex. If your flip dose not sell you could get in trouble quick(or it could sell and you make a lot of money). If you have a duplex and rent out one or both sides you have a better shot of being successful. That's just my opinion of course. I have sold a few houses but prefer to hold long term if possible. There is really no wrong answer. Run the numbers and know the market. Worst case if you go to flip a house and it dose not sell you can rent it. 

I also accept rent payments this way and have run into this myself. The way I look at it is if the payment is in on or before the due date then it is on time. I have tenants that work second or third shift and utilize the drop box all the time. 

I agree that you don't need a signature. That's what my CPA told me. You should probably ask yours to be sure.

As far as the contractor or multiple contractors not giving you there EIN/TIN. I would say the best thing to do is document (in the form of a timeline) for your own records exactly what has happened and the steps you took to get there info. If you are ever audited you can provide the timeline as proof of your attempt to get the info and ask for leniency .