All Forum Posts by: Cassidy Burns

Hey @Jacob Hollister welcome to BP.  Look forward to seeing how you progress.

@Jeff Sprunger Do you pay the $35 or just pay the full $55 and cut your losses and never use the company again?

Hi BP,

This situation isn't a tremendously big deal but I am just wondering how you business owners out there handle this situation.

-I hired a professional lawn care service to mow my 2 units.  1 Duplex and 1 single family home.  $100 total was the pricing. 

-They sent me an email stating that they were finished.  

-My property manager went to the units and the single family home had not been mowed or even touched and only one side the of Duplex had been mowed.

-I reached out, they apologized and said they mowed the wrong single family home and "forgot" to do the other side of the duplex.  They said they would fix it. 

-1 week later they finally go back again, call me, say they can't do the single family because it will take to long, and then mow the SAME SIDE that they already mowed 4 days before and didn't' do the other side AGAIN??

-I now hired another company to mow the rest and finally got this done.  

The company is still trying to charge me $55 for the mowing of the one side 2x, and saying that they broke their mower on the wrong yard.  I told them I would pay them $35 for mowing the one side 1x and that I wouldn't pay for the 2nd time.  

How would you handle this?  Pay and move on?  Very small town that I am investing in and don't want to ruin reputation!

Thanks!

Welcome @Alvaro Arango.  Welcome to BP.  

Hey BP,

Wanted to get this discussion going and see what your thoughts were?

If the numbers are good, do you always buy???  Why or why not??

Hi BP,

As I start to acquire more and more properties, the efficiency of my records of expenses/income/ROI is getting complicated and honestly not as organized as I would like. Not being a complete expert with excel has been a big factor. Does anyone have any recommendations for the most efficient way to keep track of expenses and figuring out my exact ROI? I am looking for system that I can easily input my records and have it all in one "cloud/system."

Thanks BP!

Thank you!  I really appreciate it.

Contacting an attorney tomorrow.

Hi BP,

I am struggling with the process of drafting a promissory note.  Do I have to have an attorney do this?  I have a few examples of notes that co-workers have sent me but it has all of their information on it.  Any blank templates out there that will suffice for a very simple transaction?

Thanks!

Hi BP,

I wanted to share my current situation. I have owned 1 3bed/3bath condo unit in Washington DC for around a year now, has been great so far. Rented it out for 6 months until my lease ran out, moved into the unit with a roommate, paying 2/3 of the PITI, and now currently exploring AirBnB for the 3rd bedroom.

I have been hard at work the past 3 months, closing on my first Duplex in my hometown Covington, VA.

-Purchase Price: $30,000.  Appraised at $43,000

-Two 2bed/1bath units.  1 completely renovated, 1 needing some TLC.

-Rented the first renovated unit out for $445.  

-Starting basic renovations on second unit.  Basic renovation, paint, replacing floors in living area and bathrooms, painting cabinets, decks, garage.  Going to cost around $5500  Still nervous and overwhelmed since I am managing contractors out of state

-That unit already has a lease signed and ready to go for April 1st for $500/month.

-Total Rent= $945.  

-Total Positive Cash Flow= $450/month.  Possibly a little more but going to make sure I build up a nice reserve for the "just in case" scenario.  

-Planning on refi in 8 months, ARV is Low End= $55,000. High End= $70,000.

ALSO, another single family home under contract in the same town. Covington, VA.

-Closing April 15

-Rent Ready, just need to get appliances.

-Purchase Price: $30,300

-Projected Rent: $625

-Projected Cash Flow: $278/month

-Zero $$$ down.  Investor loaned entire down payment and any rehabs that may need to be done ($10,000) at 5% interest. 

-Bringing Cash flow to: $225/month after interest payment

-Plan on Refi for appraised value of $50,000.  Pulling money out, paying back investor, and still cash flowing $200+/month with zero money down!

Thanks for all the help BP!  Many more to come.

Hi BP,

I am purchasing my first property with a partner, well hopefully! Have to get the offer accepted first. BUT, my partner is bringing the money for the down payment and repair costs, I am bringing the sweat equity, we are splitting everything in the property 50/50. Should we start an LLC for protection and purchase the property under that LLC? Any suggestions are greatly appreciated.