All Forum Posts by: Prashant P.

This one would only apply to if you own multiple properties but standardize everything. Install the same appliances, light fixtures, carpets, tile. Eventually you will generate your own parts warehouse. Again long term.

There are certian utilites that you should keep in your name due to possible lien issues.

In your next lease, I would increase the rent to inlcude the water charge. What I do is average the water usuage for a year and add that amount to my rent. In my lease I mention that the X additional dollares is for water payment.

Just like a rent payment, I have a late date and a late fee.

I would pass on this. Yes you could ask for bank statments but you would also have to verify what other payments she has. For example, car and loans. Since she is looking for another job, she might find one where she has to move. So you are back to square one.

I would find another agent

The maintenance issues are common and you just have to eat up the cost. If you did the work yourself your maintenance costs would be a fraction.

I would talk to your PM about the communication. Basically tell them you need better communication or you will find someone else at the end of the contract.

In my opinion, having two units is not going to give you too much leverage since they most likely have investors with tons of properties.

Have you considered finding a local handyman and setting up a contract with him? You get the calls and you dispatch him to do the repairs.

You could might be able to build even faster if you used modular construction and still achieve a custom house. A factor that may effect time would be inspections because we all know the goverment is slow.

Heck the Chinese put up a 20 story building in less than a week. We will see how long that stays up.

maybe the buildings are condemned. I saw a HUD listing for a property near me for $2,000 but it was condemned

If you think the property is a great deal so will another investor or person. So if you are serious about the property and have done your homework, then there should be no reason why you shouldn't place a offer on the first day.

By the time you are done reading this post, the property may be under contract.

You cannot qualify for a first time home owners loan and be an LLC. If you are an LLC you are a business and will require commerical financing which in most cases is 25% down and are differnet terms than a non business loan.

From your posts it sounds like you are worried about all thr problems with being a landlord.

If you conduct the due dilligence when chosing a tenant alot of the problems can be avoided. In fact, you can actually find great tenants you will pay their rent on time and in the future may be potential buyers or references for you.

Part of being a landlord is dealing maintenance problems. If your heat stopped working in the middle of the night or a pipe burst you would call someone to fix it. The tenant is doing the same thing, except they are calling you. You cannot fault them for maintenance issues, in most cases.

Emily's response above is correct.

You may want to consider the size of all three bedrooms and baths. I would check comparable homes and see what the average size of those rooms are.

You would hate to put in all that money into adding a bedroom and bath and end up having the smallest bedrooms on the block.