All Forum Posts by: John Koontz

@Steven Lowe No, that’s an exaggeration.

Right now, my wife and I have six doors. We don't use any type of online portal for rent, screening etc. We do our own showings and management. Our application process is you look at the property, and if you like it, we have paper applications to either fill out there or take and return. I would like to figure out the best way to have people apply ahead of time. In the past, I have emailed the form and people have had to print it off, fill it out, scan it, and return it. I'd like to have an online form that somebody could fill out and send back to me electronically without having to print it off.

What works for you? Thanks for any advice or suggestions.

x2 on the LifeProof from Home Depot. We’re putting it in all our properties as we replace flooring. Pretty much bulletproof and easy to install. Usually runs right under $3/sq ft., but worth it.

Ugh...you're getting a lot of people that want to throw in their unsolicited 2 cents without answering your question. Yes, you can get a loan against a paid off vehicle then use those funds for RE investing. I know, because I've done it a couple times. The rate I can get on a newer used car loan is pretty much in line with what I can get on a HE loan. Just make sure the increase in monthly payments for your new loan will not push your DTI to high to get approved. Most recently, I took out a loan on my wife's paid off vehicle to cover that last $25k on a flip when I went over budget. I'll pay that back when I refi.

What’s worked well for me is to rent a pro-grade sprayer. Usually runs $50-$80 per day, they take care of the maintenance, and I’m able to rent a much nicer sprayer than I’d buy. I usually spray primer and roll paint on renos. I’m in the camp that they're great for priming, not so much for paining with the additional prep work.

@Nicholas Aiola

Thank you. So...I probably need to find a new tax guy now...

Nicholas, 

I've asked this question a couple times, and have gotten a couple different answers. If I choose not to depreciate my properties, can I avoid the recapture when I sell? My tax attorney says yes, and advises me not to depreciate now because my tax burden isn't that high. A fellow poster, who states he/she is a CPA, advised that depreciation had to be recaptured regardless, even if one elected not to. 

Thanks for all the help!

Check your state laws, as sometimes victims of domestic violence are afforded special protections and rights. Especially prior to evicting, as was previously mentioned. Additionally, often times the order or protection will prohibit the defendant from being at or around the protected party's residence. Both of these factors will supercede any language in your lease. 

As to the deposit, if/when you have to return it, give it in a check stating "Mr AND Mrs Tenant." The bank should, but probably won't, require both parties to sign off on the check to cash it. It'll be out of your hands at that point.

I have three SFR's and have just closed on a duplex, all in west Waterloo. Once I've purchased and gotten the property ready to rent, I haven't had any vacancies yet, but I've just been doing this for about 18 mths.

A little bit of both. On my latest one, I'm hiring a lot of it out, but it's a lot more involved than my others have been. I'll usually do cosmetic stuff, anything heavier I hire out.