All Forum Posts by: Frank Geiger

I am kind of everywhere between 1% and 1.5%. I haven't found any 2% properties in good areas.

Standard answer is what does your lease say. It probably states something like "Tenant must give 30 day notice to Landlord. If 30 day notice is not received, tenant will be responsible for that months rent" or something along those lines. 

My brother owns a successful construction business about 2 hours away. Like you said, he isn't hurting for work so it wouldn't be cheap. You can hit up a local REA or BBB. Let me know if you can't find anyone. He may know someone that can help out.

Happy Thanksgiving! I probably would have made many more mistakes without the help of BP. Hope everyone has a killer dinner!

If you are looking for affordability, a handyman isn't the person you want completing all these jobs individually. They are expensive labor. It is better to give the scope of work to a licensed GC and have their laborers do it or handyman may cut you a deal on the entire project. I wouldn't pay hourly like others have stated.

Give them the entire scope of work and make them bid on the job.

@Jason V. couldn't agree more. When big repairs happen, they almost all happen at once. Sometimes it's a challenge not to invest with that lump sum of deployable cash.

Curious. Did the tenant come after you for the car?

Unless you bought that much under market, you won't have any equity to refi cash out. Did you increase the value through rehabbing? You are better off saving the 20% or raising the funds.

You need permits to add porches and bedrooms. Your bedrooms won't get counted as legal bedrooms on the listing. I am not sure about the porch. Some places may not require permitting for the porch. Check with the local planning commission. 

You can write up a new 4 month lease when their's ends with the new rate of $1980. This will be much better for both parties. They get to stay till they want, you get increased rent, and it's much easier to rent Northern properties in the summer. 

If they haven't missed a payment and are good tenants, I think its a good idea.

Looks like you can still make this deal work but the CAPEX and repairs are low and you left out lawn care/snow removal. If it's in a rough area, I suggest budgeting for evictions, etc as well.