All Forum Posts by: Dan Perrott

I always install new.  In the long run I have found that it is cheaper.  I also have negotiated builder pricing at a couple of my local appliance stores.  I get them cheaper than I can find  on internet or advertised sale prices.  This business is all about building relationships.

@Bill S. - thank you for sharing.  Sometimes we pay a heavy price to learn.  Thank you for saving us $ through your experience. 

My biggest lesson was a $7000 unplanned expense when I learned that the entire sewer system under the house was filled with roots so thick that I had to pay for complete replacement from underneath the house to the street.  I now pay someone to inspect every sewer line prior to a purchase.  I now pay $50 to prevent repeating the $7000 problem.  Sometimes you have to pay to learn and to earn. 

@Alec McCullough Welcome to BP! If you want to connect in Indianapolis you should attend an REI group. My recommendation is to attend INREIA which meets every 2nd Tuesday of the month. Check out myinreia.com.

Happy investing!

@Raquel Baranow I agree with many that have stated - "It's only paint." 

Deduct the cost to repaint from the security deposit since the lease specifically said no painting.  The aunt and uncle are responsible for the actions of their nephew.

I also agree with others to make sure you follow-up in writing that no redecorating is to occur without written consent from you.

Good luck and don't fret the small stuff.  At least they didn't decide to have a camp fire in the middle of the bedroom!  That is a true story from one of my tenants and is another story for another time.  Paint is cheap!

Good luck!

No - it does not work that way.  You need to talk to your tax accountant to get the specifics.  Closing expenses, operating expenses, and depreciation are the biggest areas to write off.  There are limits to the amount of loss.

Better to talk to an expert.

Doing Business As - understand.  I needed to set one up so that I could open up business banking accounts and have a registration with the state as a business (sole proprietorship).

I'm sorry but I don't know what a DBA is. Can you please explain what the acronym means?

@Amy H. - First, welcome to BP! 

I don't concentrate on the month of the lease.  I concentrate on the quality of tenant based on a tenant screening process (including rental criteria) developed over many years.  I start the lease on the first day I possibly can after I turn over the property (cleaning, painting, maintenance, etc).  Turnover is usually under 3 days.  I have very low vacancy with very low tenant turnover.  I have in most cases had the unit rented prior to the old tenants moving out.  In the winter months, I usually start the rental listing/application process a at 6 weeks lead time instead of 4 weeks out.

First - welcome to BP!  This is the place to get answers to any of your questions.

The number 1 book to read is "The Millionaire Real Estate Investor" by Gary Keller.  It will help you create a plan to success.

@Kim R. - First - welcome to BP.  You have found the best place for asking these questions.

From my experience, my handyman provides the little items.  Caulk, nails, screws, etc. are usually provided on the small projects.  I emphasize small projects when a tube or less is required.  or when a couple of screws are required.  This is the easiest way to manage the jobs.  Throw the handyman a little extra $ every now and then to cover these expenses.