All Forum Posts by: Jimmy Lieu

Hi Bridgetta,

Wow, what a great answer. Thank you so much for helping answer my question and that definitely clarified things a lot for me. I guess I had the words repair and cosmetic fixes mixed up. I meant to only write about cosmetic issues only. Yes, I would 100% repair anything that is broken and make sure everything is functioning as it should be. My question definitely only was pertaining to cosmetic issues.

You answered my questions really well! Some examples could be like the interior painting doesn't look to amazing or kitchen cabinets seem a bit outdated. As stated in your answer, you would fix these cosmetic issues then to get top rent?

However, where do you draw the line? How would you know whether to go for the $75 chandelier or the $500 chandelier?

Also, I don't want to overimprove the property as I've heard that's not the best thing to do.

Thanks so much.

Hi,

I recently just learned about umbrella insurance. I was wondering, if I am about to start my house hacking journey, should I have an umbrella insurance or LLC or both? Or should I not have anything at all?

I want to sign up for an LLC but some people have said lenders don't really like giving loans out to LLCs? So I am really conflicted on what to do.

How do I know if fixing a cosmetic issue or doing a specific rehab would increase the rental value of a property?

For example, after I close a property, I will be fixing everything on the inspection list. However, inspectors don't report on cosmetic issues. Because of this, I will be bringing in contractors to find the cosmetic issues and write itemized bids for how much it would take to fix.

My question is how would I know if fixing a cosmetic issue would increase the rental value of a property? Some people I've talked to have said that they will only do a repair if it will increase cosmetic issue or reduce turnover. My question is how would you know that?

Or is it one of those things that you need to look at other rentals in the area and see what type of finishes they have and match them?

This is a great question, I want to know more about this as well.

I don't think you can kick out the tenants - they still have a lease agreement. You can offer them cash for keys which you pay them to leave basically or you can wait out their lease term.

Hi Kenneth,

 This is great info. I did not know FOIA Requests exist. Just wanted to make sure but this is free? And I can get it for any property in any state?

And can I only get this when I have the property under contract I am assuming? Thanks!! 

Hi,

Is it possible to find building permits for a property? Such as look up how old a roof is? When it was last replaced? Or when the HVAC system was replaced? Etc

I want to be able to find out how old some of the things are on a property so I was wondering if this is possible at all to find online. Or is this something I would need to ask the listing agent for?

This is great advice! I'm actually planning on implementing this type of house hack in Columbus OH. Would love to talk more! 

I don't know if this would work, but I feel like you can bring in a contractor/structural expert to take a look at it and see what they think about it before paying for an inspection. And if they take a look and don't think anything of it, I would go ahead with the inspection.

You have to stay under a 50% DTI but 40% if possible. For example, if you make $1,000 a month from your current job, that means you can only afford a property with a mortgage of $500/month at max.

I don't believe any lender will give you financing if the mortgage takes up 60-65% of your income, it just would be too risky from their side. However, I'm not an expert!