All Forum Posts by: Ed O.

Google voice.
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Evernote - great, free place for collecting notes and information.
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Ben D.
Liability protection comes down to a person's comfort level too. I talked to a local RE attorney that is an investor, and he flat out told me he leans solely on his umbrella policy for protection.
I prefer a properly operated LLC (again, opinions differ) along with a solid umbrella policy. The challenge with leaning only on the umbrella policy or liability policies are that the insurance companies, if you can believe it (ha ha) have plenty of loopholes in policies to give them an out.
I do know an ambulance chaser that told me generally, they look for the policy limits and no more when they land a client.
Jon K. Generally, (NOT an accountant) when selling a home that is not owner occupied for 2 of the last 5 years (doesn't have to be continuous) you will be subject to taxes on the sale. Whether it's in an LLC or not, as far as I know, wouldn't change whether or not you'd be taxed.
As it pertains to RE taxes, they shouldn't go up based solely on who owns it, a person or an LLC. Does it happen? I'd bet it all that it does. Landlords are treated adversely in many communities, only for the fact, that they are landlords. I have experienced it too many times.
On the transfer, at least in my area, you simply pay a recording fee and doc prep fee (if you need someone to prep the docs for you). I'd guess the cheapest way might be to have a title company do it.

This has to be a scam. They're not on the same continent. Don't waste your time. How did you find them - spam?

I have gotten into these battles before. Like you, I won the battle. I proceeded to end up losing a small war. Inspectors have a tendancy to be begrudging. I sat down with the inspector's boss and a stack of genuine, indisputable evidence. The big cheese acted as if he cared, and then (never mentioned it) retired a month or 2 later. Needless to say, the next inspection was awful. They all speak amongst eachother and it's a good bet you won't catch many breaks for awhile. I would speak to the supervisor that saw the baloney you dealt with recently and reuqest that he handles your inspecitons from this point on. I don't know that it will do much, but if it's as bad as you have made it sound, the harrassment it pretty clear.

Learn the appeals process in your state before proceeding. They'll probably try and get you either way. I appealed my RE taxes and worked with a company specializing in the field and reaped great benefits. It's amazing how corrupt the assessor and his cronies are. Most of my assessed values, were cut in half or more (appropriately) by the assessors after a fight from a professional in the field. I made similar arguments to which they completely dismissed.. Consider working with a pro on it if you end up needing their services.

On the tub/shower, try the Mr. Clean magic eraser if you struggle to get it clean. The product really is magic. I was shocked at some of the things it made look like new..

Find someone and pay them pretty well hourly or offer a good flat rate per inspection with your requirements, etc. Tell them that if they're still inspecting for you after 6 months, they'll get a small bonus and then after 1 year, etc, a bigger one. Got to keep them chasing the next bonus to increase the chances of a good person staying around. There's plenty of good people that could do this. College students, perhaps a tradesperson, firefighters (work 24 off 48)... Do you have your long distance properties inspected prior to purchase? If so, maybe the inspector could work a good deal for you for a set number of post purchase inspecitons. Even if not using a home inspector for prepurchase means, one could be quite valuable for what you need. An appraiser may be interested in doing something like this as well.

Also, if your volume is great, have more than one person doing this for you, in the event that they suddenly quit, you'll have at least another option.

The areas I'm in all require them. Fees range from $35-$275. Outrageous. In one area, they walk into the house, find a smoke detector and leave. What a joke.
That being said, I think reasonable inspections make sense. There's a lot of fools putting people in harm's way by moving them in to units that have serious safety concerns, like loose hot wires, no smoke detectors, failing exhaust ducting and more. It sucks for newer investors learning the ropes, but, like I said, reasonable inspections can be beneficial for all.

A "guru" I learned from puts an interesting spin on renewals by calling them "anniversaries." I like this. We don't have renewal dates, we have anniversary dates. It's a simple little spin that goes a long way. Also, when tenants request upgrades, we try really hard in a lot of cases to put them off until shortly before renewal time and call them anniversary gifts. Works extremely well. They get something that makes their home nicer, I get another year. It can be something as simple as a new light fixture or even a new appliance. Cut it up by 12 months and match it against a turnover.
Personally, the more inferior the unit, the more we're willing to do. Additionally, extending a lease can be accomplished when allowing a tenant request, like a small pet or additional roomate, etc.

The most common requests I have been recieving has been for new floors. I have been replacing carpet with allure floors where possible and it's been a win-win. Tenants are typically pretty rough on floors and the cost of doing a half house one year and the other half the next is nothing compared to a turnover, so we're usually ok with doing it. By splitting the floor job in half, you've pretty much extended the lease by 2 years.

Dale Osborn

My bad. I forget to clarify. The monthly bills, per SFR, will go from 30 a month to $80. In some places, the sewer bill will be greater than the re taxes. In neighboring / less corrupt areas, sewer bills are around $20/$30 quarterly.