All Forum Posts by: Daniel Suarez

Hi all,

Quick question. I live in Virginia and I’m buying a property in Maryland, planning to form an llc for it. I was wondering if the llc should be formed in Virginia or Maryland. Thanks in advance.

@Alyssa Dyer We're doing case by case scenario. We have a PM that takes care of that, but yeah at that price point is hard to find someone that will pass a good credit record test.

Ok, back on the game. Currently 3 vacancies. One of them already signed and is moving at the end of the month. A good lead for the second one, and remodeling the 3rd one. We fully remodeled 1 of them and partially the other 2 (granite counter tops, dishwasher install, paint, epox paint floors but no new HVAC still using window unit) 

We're renting those 2 all bills paid to see how that works out, seems like there are more responses that way. We're adding a clause that if they go beyond $160, they're defaulting to a slightly lower rent + paying they're own utilities (I saw that past bills for a year were around $70 average) 

So far we have 3 vacancies with one filling in this month and a good lead. We have 3 completely remodeled apartments, 3 partially remodeled and 10 not yet remodeled. The average remodel cost is 7k per unit, so I see the cost of 70k in the next copule of years. 

@Seth Ferguson water is always billed to all tenants. Electricity has individual meters, so other tenants won’t be penalized for that, I do see your point. 

@Jonathan W. that’s a great question. Water is always paid by landlord, electricity is not. Maybe the word all bills paid is a bigger keyword in this area. These are 1 bath 1 bed 600sqft. We’re remodeling each one as the current tenant leaves and raising the rent from $450 to $600 or $700 all bills paid.

Thankfully it’s only one apartment we’re don’t that with for now, so I’ll see how it goes. 

@Cassi Justiz Thanks so much. I think that's what we're going to do. We're offer a $160 max with rent defaulting to $600 if they go over it. 

@Bill Kramer, that's what I was thinking. I might add a $100 clause. 

By the way this is Oklahoma City. 

Hey All, 

We have a 16-plex that we are remodeling by improving the appearance and removing window unit and replacing them with mini splits. 

We're trying to rent them from $575 with no luck, but it's much easier to rent them with all bills paid for $700 easily. 

These are 600 sqft 1 bedroom apartments. Do you guys think I'm making a mistake by doing all bills paid to rent it faster? Considering that since the apartment is very small and the electricity chargers might not be so high?

Thanks in advance.

I bought the book on rental properties a while back, that comes with a lot of helper documents. One of them is a lease renewal. I use that for all of my lease renewals.

@Holly Williams that's pretty great!

Still in the process of trying to rent the only vacant unit. It gets a little bit harder because it's hard to get good tenants at this price point. 

We are getting another vacancy on Monday, I'll have to fix that one up as well if I want to rent it faster. I've heard it's not in very good conditions. The good thing is that the current rent for it is $470, if we put 9k into the house (new hvac, granite counter tops, paint, laminate floors) we'll rent it for $600. Giving us a 17% return on investment. I'm a little concern that we might be over rehabing, but at least I can get better tenants with laminate floors and granite counter tops. 

Also what does everyone think of using epoxy paint in the floors compared to laminate?