All Forum Posts by: Dustin Beam

Last update for this property. I've rolled almost all profits back into this property over the last year and a half. I just went under contract in order to do a 1031 exchange. Forgoing those profits ultimately worked as far as IRR goes. I should be able to purchase property roughly double what I paid for the 12 units I'm selling. Of course, now I have to worry about finding the next "good" deal. And in my short investing career, that is the hard part. Wish me luck! :)

 Just had someone else clean and I was happy with. Pm me for his number. Tell him I sent you.

I've only used her once, but she did a good enough job. Her price was reasonable IMO. I have a 2 bed 2 bath she and her co-worker (employee?) cleaned for $150. However, that seems to be based on time, not a flat rate. She gave me her price, but there were a couple small odds and ends I requested that were no completed because "her time ran out". Not a big deal though.

Anyway, I wouldn't hesitate to use her again. Her name is Michelle "Queen of Clean".

http://www.thequeenofcleans.com/

Congrats, that is awesome!

As far as I know. But maybe there's an exception? By definition, an LLC is a company. So I don't know that a company is going to get a nice 30 year fixed rate at a personal mortgage rate.

If SFH or MFH was an obvious choice, people wouldn't be doing both.

There are pros and cons to both.

Besides, would tenants pay for maintenance? I wouldn't want that decision in their hands. 

Example: Tenant A is moving out in a couple months and unfortunately rain water has started to pour in. But, what do they care, they'll leave soon. Let it rain, let it rain. They move out, and you have 100s or thousands of dollars in damage that could have been mitigated had you known early on. 

Congrats!

I assume they are on month to month leases? If so, simply try and determine which tenant is best and give th 30 day notice to the other via mail (signature required?). 

I would send the other a letter of your expectation and requirements so they know what to expect.

I will be the first to tell you I don't have all the answers to this, but I'll help as much as I can. I have 3 fourplexes with basically 900 sqft apartments.

My "rehabs" so far are basically re-paint (walls, not trim), do minor repairs, replace carpet w/ LVT (about 650 sqft), replace carepet on stairs, and replace the countertops w/ pre-fab laminate tops from big box hardware stores.

Materials and labor come in around $4500/unit when I do that. 

Big kitchen or bathroom renovations will drive that cost way up. Labor and material cost could be way different for you than me (good or bad), so take my number with a grain of salt.

 This is good advice IMO. She appears to be exactly the type to lie on her tax returns, which gives you lots of leverage when negotiating (if she did lie). What you can be pretty certain of, is that people will not report more than they made.