All Forum Posts by: Jeff Brower

1. Here is the language I have in my lease. 
2. GROUNDS, LAWN AND SNOW:

The Residents agree to maintain the lawn and grounds as necessary. Grass shall be cut periodically and shall not be permitted to grow in access of 8”. Leaf cleanup will be done in a timely manner and lawn must be reasonably clear of leaves prior to anticipated snow accumulation. Resident shall contact the city to gain information regarding scheduled leaf pickup times. If the rented unit is a multifamily (duplex, etc), Residents agree to share these responsibilities with the other occupants of the building. If Resident does not maintain property to these standards, Property Manager will arrange a contractor to tend to the grounds and Resident(s) will be held responsible for the costs. The cost will be due along with the next month’s rent payment.

Snow removal, if required, is the responsibility of the Resident. Upon accumulation of snow and/or ice, Residents shall remove the snow and/or ice from the sidewalk in a timely manner as required by the city ordinances and place down salt if necessary to prevent ice buildup. If Resident is unable to remove snow accumulation or ice buildup, they may contact the Property Manager who may recommend a contractor who can perform these duties at the Resident’s cost.

Be ready for 90% of the messages to read 'is this available'? I put in the message that if they ask 'is this available' then I will not respond as I will delete the ad the minute it is rented. I also list my criteria right at the top and people ask questions that are already answered. I know if they are asking me these questions then they did not read the ad. 

A big one for me is putting 'please do not message after 10pm or before 8am'. You will get messages at 3am waking you up, I have to silence my phone at night for these reasons. 

I wouldn't bat an eye at this. It is a safety item that is becoming more and more common nowadays. I would save my battles for the big stuff, not two screw holes in a wood piece of trim on the exterior of the house.

@Mark Ferguson @John Warren thanks for the book rec john, just purchased.

@Yisell Perez I think one thing to be prepared for is the lack of income in the first year. as you grow your business you will get more deal flow, but in the beginning a lot of people expect to make a lot of money and dont. I think I read that 87% of new agents quit within the first 3 years or something along those lines. Always be lead generating. One great month of commissions and no lead gen makes the next two months pretty dry. 

Out here east of Cleveland in Lake County it is very hard to find good multi's, even harder to find them where the numbers make sense. I am focusing on SFR's now and hope to buy a couple per year for the next few years, then maybe make the jump into larger commercial multi later on after I have built up a portfolio. Like others mentioned above on SFR's I like being able to have the tenants pay all of the bills, do the lawn and snow removal, etc.

My lease requires it. When I enter them into my online payment system (cozy) there is an option that actually makes them upload their policy. 

I agree with the answers above. I think in the long run you will be better served hiring a company as you know they will be reliable. I would also recommend @Gwen Fyfe if you have any bedford specific questions. She lived and rented a multi right in the heart of bedford and therefore knows the local details probably more than anyone else. (Hi Gwen! I see you moved out of the 4 unit, hope all is well with that place! I just moved out of my duplex in willoughby as well. Fulfilled my 1 year fha requirement and on to the next!)

You dont necessarily need an attorney, but it would be wise to have one review the documents if you are new to the process. If the seller is an agent, then they should know everything needed for the sale.  The only really essential people to have involved is a title/escrow company. Below are some excerpts from a letter that I used to send to sellers who were trying to sell without an agent with details on what to look for. It contains some info on documents needed, details in an offer, etc. 

Forms that may be required by the State: (may need to be given to the buyer)

• -Residential property disclosure form (must include all known defects, can have ramifications if all issues are not listed.) 
• -Lead Based Paint Disclosure form (required for properties build prior to 1978). The EPA pamphlet can be found easily by searching google. Here is the link: https://www.epa.gov/lead/protect-your-family-lead-your-home

Some documents you should look for if an offer is submitted to you via a licensed agent:

• -Consumer guide to agency relationship. This is needed if a licensed agent is representing the buyer. If an offer is coming direct from a non-licensed person then this would not be required.
• -Agency disclosure form (stating who is representing you (yourself), and who is representing the buyer). This is needed if a licensed agent is representing the buyer. If an offer is coming direct from a non-licensed person then this would not be required.
• -Affiliated Business Arrangement form (used if a Title Agency has a relationship with a real estate broker). This is needed if a licensed agent is representing the buyer. If an offer is coming direct from a non-licensed person then this would not be required.

Common items contained within an offer document:

• -Price including any seller paid closing costs if applicable
• -Sale/ possession Timeline
• -Items included and/or excluded in the sale (example: lawn mower, chandelier, etc)
• -Financing contingency
• -Title Agency information
• -Escrow instructions (who will pay for escrow, owners policy of title insurance, commissions, recording fees for the deed and any mortgage, etc)
• -Inspection contingency info, responsibility, and timelines (general home, septic, radon, pest, well flow rate, etc)
• Locality Point of Sale instructions (if required in your city, I can send you info if needed) and responsibility.
• Addenda (final walk through, included property disclosure and lead based paint disclosure, agency disclosure form, FHA/VA home inspection notice, etc)
• Earnest money information (who is holding earnest money, which is normally a broker or title agency, and what will happen to this money if the sale falls through)

The above items are the basics of a sale, but this is not a complete and comprehensive list. Even if you are working directly with the seller, then you will need to get in touch with a title agency that will assist in handling/allocating funds, and perform the deed recording at the courthouse.

hey @Adam Craig, cool to hear that you are pulling the trigger! I know you have been thinking on it for a while. While I cant offer much knowledge in this area, our commercial director at KWGCNE Rick Osborne may be able to offer some insight. I can give him a call and ask if he has any thoughts, or can give you his contact if you want to shoot him a quick email. 

I buy mine with the intention to hold forever. When you gain enough equity you can refi or get a heloc and that money is TAX FREE. Vs selling where you pay capital gains. 

Would you rather sell the goose and take a few golden eggs now or keep the goose that lays the golden eggs forever?