All Forum Posts by: Josh C.

Not sure why I read it all but I did. So you have a tenant who keeps the place clean and puts up with stupid barking puppies and your super long yard work and has pay rent by the 5th every single month even through the lockdown when she could have skated by and your upset. Plus you can’t charge late payments til the end of the month. Why does his income matter at all? We only run criminal and eviction when adding tenants. She had paid the rent for years.

You have a good setup it sounds and you are looking for reasons to complain.

Bad tenants sell drugs and breed pit bulls in your units. You have a very decent tenant.

@Danny Mittler

It's not just a FHA thing, it's all loans. Banks will hire third party appraisers and value the home. If it just sold for 200k in the last year they will appraise it for 200k unless you made lots of updates. Period. Just because your friend agrees that it is worth 350k doesn't mean a bank will lend 350k.

Make sense?

Seems high for a renewal honestly. We charge $75 for them as it’s literally an email with the owner (you) and a phone call/text to the tenant and then mailing them a new lease with an stamped envelope. Marketing/showings is the hard part.

@Bruce Woodruff

80k is low for rough framing for a 5k sqft homes with likely tall walls and high pitch roof. (We just finished a 3k sqft home with a higher framing coat) I’d be surprised if he can even get the lumber package for 80k. Everything is bonkers right now still.

As said above. You need to go with the inspector and walk with him for the whole 4 hour inspection to learn. Also, a good broker can help you. Termite damage is incredibly common in old homes and likely from 30 years or more ago. Also, structural damage can mean something like a cracked roof rafter which can be fixed for $100 or your footers are falling apart costing 50k. So context is important.

Last piece of advice. 80 year homes that look good and somewhat straight and square are going to be around much longer than anything built in the 90s and 2000s. They built them better and if whatever thing you are worried hasn’t been and issue for the last 80 years it’s unlikely to cause issue in the next 10-20 or however you own it. Knob and tube wiring and old galvanized pipes can cause problems and should probably be upgraded, but the structure is better 9/10 than new stuff.

For personal rentals I use a combination of Xero and Buildium. I personally think Xero is easier than QBO. Never tried stessa. But a PM software is 100% necessary if you have over 5 rentals and value your time. Excel is so manual. There are a couple freebie’s out there is on of the big ones are too much money.

Answer is not some complicated scheme. You need a second and third job and stop all spending that isn’t food, shelter, and transportation. Period. Super easy.

The old dave Ramsey “live like no one else so you can live like no else” is what’s called for here.

I never understood this. Why in tourist areas do you restrict more people coming or larger groups? Not to mention personal property rights and free markets. But that’s another subject. Lol

@John Carbone

Every 100 basis points in interest rate move real estate prices 10%? Not sure about that fact. Maybe some local swinging market. But that wouldn’t be true in most places.

Agreed above, people who spend $400 a night on Airbnb don’t care about pump price. Even at $8 a gallon.

Pay your taxes. Weather from gambling, W2 job, or rentals. Plus if you don’t make that much you won’t be paying much.

This wouldn’t be a local law. It’s a federal law. If you make a buck you better pay Uncle Sam or bad things will happen. Talk to someone who’s been through an audit and you’ll want to pay your taxes for sure.