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All Forum Posts by: Heath D Wallace

Heath D Wallace has started 9 posts and replied 42 times.

Post: [Calc Review] Help me analyze this deal

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9

View report

*This link comes directly from our calculators, based on information input by the member who posted.

How can I get this to Cashflow?

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9
Quote from @Nick Rutkowski:

@Heath D Wallace Cats can damage your property if not maintained correctly, if your apartment has carpet then cat urine is can get soaked in it if the cat pees on your floor. It stinks and is hard to get out. However, you'll never have to worry about a rodent problem in your house because you have the best rodent exterminators in the market. At least in that apartment. I charge a $25/mo per pet. Aniciplate scratched moulding and the pee, that's about it. 


 I always thought cats were pretty good with using the litter box.

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9
Quote from @Dominic M.:

@Heath D Wallace operates as a property manager? Just want to make sure I'm understanding correctly 


 As a property manager or a realtor.  

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9
Quote from @Dominic M.:

@Heath D Wallace operates as a property manager? Just want to make sure I'm understanding correctly 


 As a property manager of a realtor.

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9
Quote from @Dominic M.:

Application/Screen every tenant

IMO I wouldn't allow pets since it wasn't leased with pets

Otherwise a non refundable pet fee

I would charge at minimum 350 upfront per pet or not allow them at all


Thanks for your input. Do you know anyone who operates near Bristol, VA and surrounding cities?

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9
Quote from @Dominic M.:

Application/Screen every tenant

IMO I wouldn't allow pets since it wasn't leased with pets

Otherwise a non refundable pet fee

I would charge at minimum 350 upfront per pet or not allow them at all

The Realtor who sold me the property and helps me find tenants, suggested $500 nonrefundable deposit for 2 cats and $25 a month each.

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9
Quote from @Vince Scipione:

It is in your inbox Heath, Granted this is a standardized PA form,  it gives you a good idea on how to draft one. I am sure if you search for standardized RE rental forms in your state you will find one very similar. Hope this helps. 

 They have all rental forms for each State in the Manage Properties section of BiggerPockets website.

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9

Yes please send sample.

Post: Adding a person & 2 cats to lease agreement

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9

My tenant of 1 year wants to add a partner and 2 cats to lease agreement. He's been good so far.    Should I charge any extra for the person?  How much should I charge for the cats? 

Post: First BRRRR in Bristol

Heath D Wallace
Posted
  • Investor
  • Fort Worth, TX & Bristol TN
  • Posts 42
  • Votes 9

I'm not sure yet.