All Forum Posts by: Edward Burns

For most lenders, I would expect them to require some form of verifiable income, just listing income as miscellaneous on income tax returns may not work. But showing income because a trust fund, dividends from long-term stock, distribution from partnerships may qualify.

I might be stretching things, but now days you can build a case that a tablet and even a smart phone are kitchen appliances. I know when I cook, I often pull up recipes from the internet and I'm sure others do also. I also have a wall mounted phone in the kitchen that has a sound booster on it. For the sound booster to work, it must be plug into a wall outlet as well as a phone jack, which according to strict interpretation of the code sections is illegal but recommended by the State (I am severely hard of hearing). So I guess what I am saying is this section of the code is out-dated and I would not worry about conforming with it.

Unless the contractor indicated that there were potential problems with either the boiler or the roof, I would not bring in a specialist. As far as bed-bugs, if you are having a termite inspection done, ask about that and see what they say. Otherwise, it is very difficult to protect against bed-bugs as they are mostly gotten through transfer on clothing etc., so an inspection could show no beg-bugs and a month later have an infestation.

@Brandon Godboldt

Welcome to BP. There is a landlord association in Rockford that Tim Hoffman once told me about. They apparently meet monthly, but I can not tell you much more about them. You can search for him here at BiggerPockets.

Personally, while I see taking another 3-4 years before the status of Rockford settles down, I believe it is a great for real investing in the area both for renting and appreciation currently. Just as you probably know, you do have to know the specific areas of town.

The absolute best method is through networking. Leave your friends and family know what you doing, and state if they know of anyone needing to sell to leave you know. If the lead pans out give the friend or family member a $100 or so.

Keep that electrician's contact information and continue to use him where needed because you got off very cheaply. Most electrical contractors would bill a minimum of 1 hour (which is fair) at about $90-100/hr.

While I agree a persons last name can easily be obtained, I would not give the tenant or the lawyer any information on an other tenant. To do so could result in a breach of confidentiality. In addition, I would anticipate two vacancies when their leases expire.

In addition, older city lots may not reach city size requirements to be buildable today. Both building lot size requirements and set-backs have changed. So knowledge of the city laws and zoning are needed.

If the water is off and the property vacant for some time, automatically figure on replacing the hot water heater and repairing or replacing bathroom, kitchen and outdoor faucets. Most areas have hard water and the scale will build up in the hot heater as the water evaporates from the system thus causing corrosion to the hot heater elements. Also washers in the faucets will dry out causing dripping. If your lucky, you won't have a problem, but I always budget for it and I am right 90% of the time.

There is the possibility that the tenant has not reset the breaker properly. Make sure to switch the breaker to the full off position and then turn it on. Sometimes breakers do not trip completely to the off position. Also but unlikely, check to see if a GFIC outlet is on the line. If a bathroom is adjacent to the bedroom, the outlets may have been wire on the same line.