All Forum Posts by: Coleman Nelson

We have a lease that stipulates rent is $525 per month and the tenant is responsible for all utilities.  This is a duplex with one water meter, and we had submeters installed to divide the cost between the tenants, and we bill the tenants.  One tenant does not like that we have included the water bill with their rent payment and make both due on the 1st, since the lease does not mention the water bill specifically.  They do not believe they should be charged a late fee if they pay their rent on time, but not the water by the 5th of the month.  They have paid on time so far, but it could be an issue in the future.

Should the water bill be subject to the late fee as well, or only the rent?  Is there an industry standard for the length of time between getting the water bill and the due date for the tenant to pay?

 Right now I'm in the process of partnering up with a couple local investors who are looking to move in the next year or two. I'm going to be taking over the management of their 18 units in exchange for some equity in their business. Once this is in place and everything is running smoothly, then I'll look to start building my personal portfolio as well.

Welcome to BP @Terrance Williams! I'm also new to REI, but have been researching the industry for awhile now. My suggestion is to start listening to the BP podcasts from episode 1 and listen to all of them. There is a wealth of knowledge shared there. As you learn new things, you'll have more questions, and you can turn to the forums to get those answers, whether it is searching old posts, or asking the question yourself.

Also, look for members in and around your area, and connect with them.  See if you can help organize a meetup to meet some of the local people.  I went to a meetup last summer with other young, newer investors, and now I'm in the process of partnering with a couple of them that have been in business for a few years.

Good luck to you!

Welcome to the site @Chris Wiedeman. I'm just across the river, but am starting to manage some properties in NW Cincy. Good luck!

@David Kenny I'm in the same boat as you. I graduated with my MAcc in 2012, spent 2 years with PwC, took a job elsewhere, and am now getting into REI. I almost got a financial analyst position with a real estate development company, but they were dragging their feet so I wound up somewhere else.

I'm starting out with property management for a small successful local company and plan to acquire my own properties as I gain experience and capital. Welcome to the site!

You guys have made some high quality homes. After day 1, I can already tell you have some happy tenants.

I would recommend looking into Amerifirst Home Mortgage if you're interested in a bank loan. I used them for my personal residence.  I spoke with Elizabeth Deming from their Cincinnati branch earlier this week, and she explained their 203k and HomeStyle loan options for rehabs.  She seemed to be very investor-friendly, as long as you have the income to qualify for a loan.

My aunt is a paralegal, and she said that George Kolentse was "hands down the best real estate attorney."

I've heard Chicago Title was good, but I don't have any personal experience to back that up.

Hey Jason.  I'm in the same situation as you, but just across the river.  I've been gathering up lots of information and am hoping to do my first deal this year.  Good luck!

Hey Tim.  I don't have any experience, but the east side does seem like a very good, stable area.  I know that @Thomas Sill is a real estate agent that covers that area.  Good luck!

Hey Brad.  Welcome to the club.  I'm over in Fort Thomas and am planning to make my first investment purchase this year.  So I'm a newbie too, but let me know if there's anything I can do for you.