All Forum Posts by: Chris Egan

I usually buy the cheap stuff off the rack at Mrs B's or somewhere like that. Then I have a guy that does the install for me he real reasonable and quick.  I can send you his contact information if you want it. 

 Anthony,

Congrats, I could give you an opinion on the ARV if you would like. Let me know.

Nice job, what part of Omaha is the duplex in?

lol @Ben Zimmerman I just had a closing today with a couple the relocated to Omaha from Phoenix. They were so excited to be here in Omaha so it must not be that bad. I love Phoenix also, but we have some great things going for us here in the Midwest. Our housing prices have remained slow and steady over the years and we get great cash flow. So if you are looking for a good market to buy and hold Omaha is a great place to consider.

I don't think I would be very cooperative with this tenant. I have a clause in my lease that states that the appliances are there for the convenience of the tenant but are not warranted by the owner. Tenant is responsible for repairs to the appliances. Of course I take care of electrical, plumbing, HVAC repairs, ect. This way I don't get the call about the burner not working or something like that. I also am clear on that up front when they sign the lease so they have the right expectation about how this works. We do not have rent control where I am at so I am not sure how that works but in Nebraska a dirty stove would not be a reason for a tenant to withhold rent. 

I took a continuing education call a few years back from one of the big property management companies in my area and he totally changed my opinion of pets. He said that they found they were turning away really well qualified tenants due to their no pets policy. So they decided to start allowing pets but charge for them. Of course this is state specific but here you can only charge 25% of the deposit as additional pet deposit and the security deposit can not be more than 1 months rent. However fee's are not regulated. They said they charge the normal security deposit and then an additional upfront pet cleaning fee plus pet rent. I have adopted this policy and have found it to work really well. I charge $200 upfront and then $35/month pet rent.  

I have a very similar investing plan as yours. I have always been told never to take out more than a 15 year mortgage and get it paid off as soon as possible. I like the idea of having my properties paid off as soon as possible. I work as a realtor and my wife is a teacher so we don't need the cash flow now. Our plan is to save money out of our income and put 25% down and buy them on a 15 year mortgage. We plan to buy 1 a year. I understand that with the low rates its probably better to take the 30 year but I think having them all paid off when I am in my 40's will make me a happy guy.

@Anthony M I am guessing he gave them a good deal hahaha

Not screening tenants! My first rental house I bought about 8 years ago. I saw it thought it was a good buy, bought it cleaned it up and put it up for rent, how hard can this be really?!?!? So this nice young couple comes to look at the house and told me about their hard luck in the past but now they are back on track and they will be the best tenants I ever had. So I think they seem nice enough should be able to pay the rent (I hope). I didn't run a credit check, background check, employment verification, Ok I didn't check anything. So they move in the first month a check comes in the mail on time for the full amount no problem. The next month the 1st rolls around and no check. I wait a few days still no check, a few more days still nothing. So I'm not quite sure what I am supposed to do now so I figure I'll call. Both numbers are disconnected. Hum, well I suppose I will stop by. So I go to the house in the afternoon. There are 3 cars parked out front and one in the back alley. I park next to the car in the back alley where there are two people in the car. I rolled down my window and asked if they were visiting Mike the tenant. She says to me who's Mike? I told her that Mike is the tenant that lives here then she says no my son lives here and his name is not Mike. Then she rolls up the window and drives off. So I am thinking this does not look good. I go up to the door and knock. A girl opens and says who are you? I tell her that I am the property owner and ask who she is. She then tells me that she is a friends with Mike and that he rented the house to her a few days earlier before he went to jail. So I go in the house with her. She tells me her boyfriend, his brother and their other two friends that are a couple are living there along with the 2 pit bulls, 3 snakes, and a cage full of hamsters All in my 2 bedroom, 1 bath 800 square foot home. I talked to an attorney the next day and he advised me to get them out asap, and they did move within a few days. Needless to say my tenant screening is much stronger today.