All Forum Posts by: Dustin Beam

@Brie Schmidt or any other mods

I apologize, but can you move this to the "Landlord Forums & Rental Property Questions" forum? I accidentally posted it in the wrong place.

THANKS!!!

Hello beautiful people of BP,

I've recently acquired property and would like some advice on people with more experience.

Item 1: Flooring

The property I have has an upper level and obviously a lower level. My intentions for the property are to try to make it as low maintenance as possible within reason. So, I'd like to remove fans, garbage disposals, etc to reduce calls and items to replace. As far as carpet, I'd like to remove it and put in laminate wood flooring. It should look great, be low maintenance, and last for years. Is this a bad idea on the second floor as far as noise to the tenant below?

Item 2: Parking

I've received a cal on this. There are 8 spots to park for 8 bedrooms. So obviously each unit gets two spots and no spots for visitors. What is the best and/or lowest maintenance to identify the spots? I'd try to avoid painting the lots w/ strips and apartment number because it seems like it would wear off soon and need fixed. I'm currently thinking  of signs showing what each spot is reserved for. Thoughts?

Thanks for any replies, this are relatively trivial items, but I'd love to hear from anyone with an opinion.

I know lots of people use percentages to calculate expenses like capx, but it doesn't make sense to me.

A 1000sqft home in different neighborhoods could have vastly different rents and property values but very similar capx values.

In my spreadsheet, which may not be perfect either, I have a list of the total amount of items [like fridge, roof, carpet, etc] that have replacement cost and average life span. I then break that down into a monthly cost.

Decide what your minimum returns need to be, evaluate the property, and offer based on those numbers. 

I'd rather miss out than pay too much. 

 The good news is that it doesn't appear that anyone is blaming you, which of course they shouldn't be. 

As was suggested, if you haven't already, I'd be speaking with an attorney and see what recourse you could seek. I'm generally not in favor of litigation, however, you're entitled to more than the dollars you've spent IMO....assuming you don't end up with the home.

Whoa. In the end, how could you be blamed? Or could you?

Good luck, that sound like a nightmare. Oh, and aren't title companies responsible for making sure everything is on the up and up?

Hey @Chris Kovarik I just used a bank here in the KC metro where we closed last week. Closing costs were somewhere in the ballpark of $4k, I think, on 3 buildings. It was a commercial lender, borrowed under an LLC, 20% down, low 4's interest and my net worth is nowhere near $1M.

Feel free to message me if you want to know the bank and loan officer I used.

@Gino Zahnd @Katie Harlow Does Cozy offer minimum payments? I tried to see on the site, but maybe I missed it. As you probably know, many landlords need the full amount because accepting partial payment can delay evicting a tenant if eviction is needed. I wouldn't want a tenant to do a one time payment of $20 and my hands get tied for an additional month. 

That seems really steep considering the rent roll. Just curious, how much do you think it should/could rent for?

@Account Closed sometimes when you ask for advice, you're not going to hear what you want.

The good news is that people are responding because they want to help you. The other good news is that there is more than one way to skin a cat. People often refer to "creative financing". In my eyes, financing is the biggest hurdle in this game. So when people ask how to play in the game without money or credit, well the hurdle is a little taller now isn't it? 

So advice to save money and work on your credit would be like telling an athlete they should train before the main event. Isn't that fair advice? I have an uncle that won the golden gloves in boxing way back in the day. My dad said my uncle told my father that he knew he had to knock his opponent out to win because he (my uncle) was out of shape. Take that for what it's worth. Had my uncle been in better shape, he may have won easier, but he won nonetheless even though not as prepared as he should have.

Good luck!