All Forum Posts by: David D Painter

In the past I have always been able to easily get temporary power. Sometimes it required a temporary pole. 

I would have no problems giving a W 9 to a tenant. I already give them out regularly in my business. Good luck!

Ed Foy of Springborn & Foy in FDL is good, by the book and his prices are reasonable. Good luck!

My realtor is the perfect realtor. He sends me a link or calls with anything he thinks I could be interested in then just leaves me alone. If I don't respond he knows I have no interest and leaves me alone. He doesn't care what I offer as long as I offer. He generally offers his opinion only when I ask. He doesn't waste my time. There is zero pressure with him. In 8 years he has only "pushed" me to view 1 home that I wasn't interested in and I am glad he did as I made an offer of 75% of an already reasonable asking on the spot. He gives me his opinion on what a house needs to get top dollar in our market without guesssing renovation costs. He doesn't bog me down with paperwork that I hate. He works magic in getting homes closed fast for me, usually in less than 7 days of acceptance. He manages to get answers on offers within 24 hours as he knows I am impatient but I try not to be unreasonable. I consider him a good friend but we don't chum around. I can view a home, make an offer and be done in 15 minutes with this guy. He sometimes make me aware of listings often before they hit MLS. We work like a well oiled machine.

@Steven Payne  I buy really bad ones. They are my favorites!  Generally in those because of bad urine stains plus odor I usually am forced to cover hardwoods. It is sometimes impossible to save them.  Your sheet vinyl will likely have to be removed and the underlayment needs to be sealed.  In the bad ones, every surface has to be covered or the smell will keep coming back. Good luck!

I buy cat pee houses.  As @David Niles said use an oil based primer sealer like Kilz on walls ceilings and floors followed by 2 coats of finish paint and it works wonders.  Good luck!

Yes, you have to declare it on your taxes.

I now look for just bedrooms for rentals.  I don't want any extra room that can be used as a bedroom.  I have found I get good, long term tenants.  800 square feet or so and I have very low repair and RE-hab costs, usually 1 or 2 tenants and very low turnover.  Good luck!

@Nate T. I can't help your lease but FYI, insurance could be a little troublesome.  I own a home that is rented by an Adult Family Group Home covered by a residential lease in my state due to our regulations.  Most insurers viewed it as a nursing home quoting rates of $10k annually for a home valued at $129k.  It was difficult to find an insurer to finally provide full coverage at under $2k, about double normal rates for my area. They are good extremely long term tenants.  Good luck.

It's probably a good idea to have the funds in your name before making an all cash offer. Around here I make an offer at 9AM, gets accepted at noon and I provide proof of funds in my own name by close of business. Some banks holding REO's will require proof of funds in your own name just to make the offer. For offers with a financing contingency the process is much slower but generally you have a fairly short time period to provide earnest money. Good luck!