All Forum Posts by: John Santero

It all depends on your end game.

TK markets opportunities for those investors who rather let someone else do the heavy lifting and they are able to get (after their due diligence) a better rate of return then other investments that they know. Maybe they want to diversify into other investments rather than stocks and bonds and dont want or no need to find/rehab/rent a property. A good TK player should leave some meat on the bone to make the investment attractive so that that investor will come back to him for more--- They can still buy right, get a good return and be passive.

It is recommendable that your tenants asked to add their friend to the lease. He probably would be staying there anyway and it is hard to monitor who is living there rather than visiting. 

Than the fact that the friend told you upfront what was going on is another plus.

I would write down any concerns you have- neighbors, noise, damage, etc. and state that you will allow it if these added rules are followed or the friend has to go- ie- any police calls etc. 

Maybe get an additional deposit or increase rent a few bucks too- but I would give him a chance. good luck

I buy and keep gift cards ranging from 10-50 bucks good at local restaurants. I figure if they helped me out, I should tip-nothing big, just a thank you. Plus it is something that they remember for the next deal...

Big question that a lot of us landlords struggle with. I have done it both ways and am actually in the middle of figuring it out again!!

I figure - if I can keep someone fairly busy- lets say 20-25 hours a week, than I go with keeping him on staff.paying around here 12-15/hr is fair. Problem with that is keeping him busy within the scope of his knowledge. EVERYONE says that they "do it all", but you really need to verify that. sometimes you get sub par work that you dont know about until weeks or more after you paid the guy.  Make sure you are covered for workman's comp in your insurance or have them cover it.

I use only licensced electricians and plumbers-that have insurance and bonded.

Other times I call and get bids from local guys who have their own tools and insurance and can pay for materials they need and add it to the bill. I know I am paying alittle more for the service, but if you get one or two good crews- most of your problems are solved.

What are your thoughts?

I went from being a landlord to becoming a bank. Now thats fun.....

Now a days you have to fund the first deal in order to close the second without using the seconds funds. There are transitional lenders if you need that one day money. I use FIRST TILE on Broad street here in Chattanooga. Let me know if I can help

If I can help you out in and around Chattanooga let me know. I can see if I can meet your requirements and conditions on long term holds.

for sec8 you have to adhear to HUD guidelines. screens on the window-egress regress issues, windows a proper size and can open. If your propoerty passed a CO mostly you are OK . Plus the usual stuff like smoke detectors etc.

As far as bullet proof- laminate/hard wood or vinyl instead of carpet. Used appliances are OK. Tile in the bath. Calk and seal bath fixtures. The water heater needs to drain out of the house (not just into the pan) that kind of stuff...

the tenants are double screened- once by me and prior by HUD section 8. If you have that kind of government assistance in your area, seek them out and review their programs. They subsidize the rents up to 100%.

The down fall of cash cow properties ( aside from depositing checks every month-lol) is the maintenance. You need to bullet proof the property to the best of your ability.

Welcome to BP- I have been doing RE within the Chattanooga area full time since 2003. I you need an extra pair of eyes I would be willing to help you out-good luck!