All Forum Posts by: Josh C.

Maintenance is 3-10% of yearly rent, not 3% of purchase price every year. Unless it's houseboat or something. :)

Where in the world are you buying your insurance? That's insane.

George P. Get them to sign a lease. Hilarious!

There has been some great advice above and it just goes to show what an awesome community this is. I'll try not to repeat. Great quality impact and drill cordless. CORDED saws, (or cordless and 10 batteries and hope you are only cutting chop sticks) Nice framing hammer ( get anti-vibe, and it doubles as a sledge) Non contact voltage detector (these cost $10 and will literally save your life, even if you don't do rehab it's just nice to know what's live and what's not.) Personally my job deals with electricity so I am very comfortable doing all my own electrical. I think a newbie could run wire for a light fixture or outlet (just a few parts, box, connectors, wire nuts, romex), but maybe you shouldn't put in a new panel. With the invention of PEX plumbing I don't know why everyone doesn't do simple stuff. Push on and crimp fittings make it so simple to mate to existing copper and then do whatever you want. I hadn't used PEX before and I almost paid a guy $400 to run a new toilet line. $35 later that same day I learned installing same supply line. Just remember light ruins PEX so wrap it up. Flooring and cabinets are easy, but also cheap to hire out. Personal decision. Good luck!

Yes. I just closed on a duplex for 52k a couple weeks back. Walk into local banks and introduce yourself to a loan officer. The terms I got were 5/1 amortized over 15 years with 30% down. Not the best, but for a commercial loan for only 37k not too bad @ 4.25% Good luck

using the 50% rule it seems a little skinny. Once you throw in debt services and higher turn over rate in 1 bedroom units, not to mention you have lots of cap ex exposure based in your description you could get really tight. I am also from the mid west and get about that gross rent at a property cost of 75k.

Also, make sure you aren't paying utilities.

If you are are small fish like me, you can save money doing your own. Secretaries website is easy enough. If you just want something more professional, separation legally from yourself, and do it for separate taxes purposes (like me) save the money. Although, even better advise than that might be jump in and do a deal. If you screw up something royally anyway it's your butt on the line at the end of the day regardless of what entity you put it in. Small guy advise. Also get umbrella.

Shawn Holsapple thanks for the reply. Yep please pass along carpet guy. Thanks for the input everyone. This site is great.

I have a rental I am currently rehabbing and was wondering if anyone has ever used that carpet with built in pad that you just tape at the edges. I hadn't seen it before and since I am only doing 2 bedrooms with it and it's a buck a ft seems like a deal. I would be concerned that it might come up where hallway meets door, probably a seam, but I no clue. I am laying vinyl click together planks everywhere else.

@Matt R. I know of several banks that require 0 seasoning period. Even my Chase guy said he'd have no problem. Up to 70% appraised value is the best I have seen though.