All Forum Posts by: Account Closed

@Da Shiek Woodard why not both?   Can you purchase and rent the rooms out?  Or possibly a multi family and rent out the other units.  Don’t know the cost of the DC area.  

 I’m actually switching a property over to professional Property management due to my time is worth a lot more than the percent of gross I have to give up.  I consider it much easier to manage one property manager than it is to manage dozens of tenants. 

In the world of social media and YouTube and even BP I am (should be this next week or so) selecting a CPA firm that can handle my growing business and help strategize my tax plan to ensure I can capture all possible deductions/exemptions etc annually.  I’ve been doing my taxes myself for 20 plus years and handing it over is something I need to do to maximize my time and other people’s  expertise.   

Honestly the best one is the one that works  best for you, because if the idea of calling or emailing them is dreadful I’d find a new one.  I’d say it’s a “team” effort but I think it’s an overused word.  

@Lisa D. good call to pass. People that rent know the drill, proof of income, credit check, etc... if someone balks at those simple things it’s time to find someone else.  

@Nathan Gesner wow how far we have all come.  

Luckily, or sadly, I don’t have that much of a exciting story. Didn’t start living as a renter until got married at the young age of idiotic and so had a simple time as a renter.  

Actually my biggest oops was I sent my rent checks to the wrong address (inverted the numbers) so he didn’t get the check and started calling. I then sent the missing check and next months... funny how when you send someone 5k they waive the late fee.  

I did build a Temp wall in one property to make a fourth bedroom. But removed it before moving out, they were non the wiser.  

Are you trying to win them over for what reason?  You trying to get them to loan you money? You need them to partner with you for some other reason?  They have deals to wholesale you?

All you are trying to do is get mental support for something you see and believe will give you what you are looking for.  If you want mental support come here to BP and the members will give you legit support. 

My family doesn’t know what I do for a living or that I invest heavily in real estate.  I’m an adult and don’t need their approval.  If I spent my time trying to get their approval I’d never done my first deal and would never be doing the deals I am doing in the future.  

 Security deposits are returned after you deduct damage and other things. Such as fixing the locks and repairs besides normal wear and tear.  

@Sami Gren I would pass.  Just not enough history for me to be comfortable renting to someone.  

Depends on the state.  It honestly stinks when a tenant will do this to a landlord.  You said you are doing rehab so would they have lost the majority of their deposit anyhow?  

Depending on the state it may not be worth it. But in reality have a process and stick to it.  I learned the hard way of not putting the eviction notice out immediately and it cost me additional months of lost rent. 

They will stay until they have to vacate and then leave with nothing on their record and you out months of rent.  Good luck keep us posted.  

 You should break it all out separately. Taxes, insurance, then mortgage. Because what tax number you using?  What insurance number?   What about closing costs etc?   Is the rent for all four units or just three of them?

this could be a deal, but you are not including numbers openly, which means you are/could be doing fuzzy math.  

How’s this deal look after you move out and onto another property?  

What state is this in?  What about other Lawncare, snow removal.  

Like I said fuzzy math.