All Forum Posts by: Colin Williams

I've heard of states that go way out of their way to protect tenants. Is there a state that would be considered "landlord friendly"?

@Uchenna A. Another thing to be aware of when dealing with inspectors, they can make up codes to suit whatever it is they want. You can fight some things and win, but then you run the risk of upsetting that particular inspector. Do it might not necessarily be code, but just what he reacts to see. It just seems ridiculous.

@Uchenna A. Is that code specific to Maryland? I'm s plumber in Massachusetts and that is definitely not code here. I've never heard of such a thing. Removing a disposal from a rental is definitely a priority, and I typically tell customers not to install them.

Removing a disposal and correcting the plumbing is incredibly simple. It should take under an hour. If done properly, the money spent up front to remove it, will save you money over time.

Call other plumbers in the area to see what they say.

@Colin Williams sorry for the typos. I did this from my phone with auto correct

@Joe S. I'm still learning about this while LLC thing myself, but in my research, I've found that Texas has the option of funny a Series LLC. The BP Podcast Ep. 109 with Scott Smith was a really good one in asset protection. He goes in depth about how to set up the operations company, with "child" LLC's that are all separate entities but all still fall under the operations LLC. Each LLC is held by a land trust to protect anonymity and it looks like you own nothing, but taxes are all filed under that one operations LLC instead of doing taxes for each. It's pretty interesting.

@Jason Barber I liked the BP Podcast Ep. 434 and 435 with Scott McGillivray. He did exactly what you're talking about.

@Mariel Painter-Chapman With it being a flip you don't want anything to look too strange. The kitchen is that thing that people will remember and take note of. In my opinion number 2 makes the most sense. Keep everything simple, plenty of storage and counter space. I don't think you should cut into your profit for number 3 just to save the window.

@Danni Green you could look into hard money lenders. I think with your family having a good reputation in RE and you being able to die that it's a good deal, you could qualify. I am working with Lima One and they have a few good options. Get the work done and then refi into a conventional loan to get out of the higher interest.

@Gerardo Vasquez my concern about trying to refi in 6 months, would you have enough equity in the first property. What kind of LTV conventional loan could you get when trying to refi? If with the FHA loan, you only have 3.5% in equity, I'm not sure you could get a conventional loan.

@Patrick Gledhill I think it depends on location as well. We AirBnB our house in the summer because we're on a summer vacation island in Mass. We can make almost twice as much in a week vs. a year round tenant making monthly payments. It is definitely more work, but for us it makes sense.