All Forum Posts by: Mark Urich

We are required by the city in which we operate student housing to provide the floor plans of each of our properties upon submission for rental permits from the city.  If the city does an inspection of our property and the floor plan on file does not match what the city has on file we can be issued a violation.  These properties are new purchases in the past few years and what the city has on file is what the prior owner submitted.

We would like to get in front of this requirement by providing the floor plans of each property with the rental permit application.

Is there a web site, software, or company, etc. that BP members know to gather this floor plan data by location?  Looking for direction.  Thanks in advance.

Thank you to everyone for your replies. I was able to resolve the issue with the property management company!

Mark

Hi everyone,

While looking over a monthly statement I realized there was a security deposit paid indicating a new lease had been signed. I called the property manager and they indicated that one side of the student rental duplex I own was rented for the 2020 - 2021 school year.

The yearly income is $500 less than the 2019 - 2020 school year. I was never contacted about the unit being rented or the $500 decrease in monthly rent.

Is this standard practice or is the property manager required to notify me?

Mark

Hi everyone,

I have been using the BP calculator to evaluate deals which has been great. I closed on a rental yesterday and wanted to update my report.

In the closing documents I received credits for rent, property taxes, and the renters security deposit. How should I take this into account to calculate an accurate Cash on Cash return using the BP rental calculator? I purchased the property with cash.

The selling price was $134,000

Closing Costs $1,283

Security Deposit $1,500

Rent Credit: $4,504.15

Yearly rent: $11,250 ($937.50 monthly) in a college town therefore rent is paid upfront each semester.

Thanks for your help!

Mark