All Forum Posts by: John Patton

Mileage is huge expense. 2016 IRS rates are $.54 a mile so if you do 8000 miles a year that's $4320. You also have to show personal  mileage also. The best thing I did was get a credit card in my company's name as a business account and then at tax time just pull up a summary and assign the expenses to the property or the overhead of the company. It much easier to keep up with the company's expenses. Good luck JP.

George, I have seen some of these listings posted by this person and have thought who would buy these properties in these area for the prices he is asking. In my humble opinion, these homes were way over priced and at best C type SFH's. Sorry about your experience in the Birmingham area. Their are some good folks here. I don't do that but if you need someone to eyeball some property let me know.

Good luck. JP

What county is it in and how much timber acres are on it?

I do a pre- screen by phone before even showing the property. I have use these questions couple hundred times with only two blowbacks. I just ask up front do you mind if I ask a few questions. It works.

New Prospective Tenants Questionnaire

What is your name__________________________________________________________

When do you need something?________________________________________________

Who will be living in the property with you______________________________________

If you have a pet, we do not allow pets

Are you currently Renting and were_____________________________________________

If so, how long have you lived there_____________________________________________

Can I ask why you are moving?__________________________________________________

How much is your current rental payment? _________________________________________

When I check with your landlord, will I find that rent is played on time? ___________________

Can I ask if you are currently employed? _____________________________________

Where do you work?__________________________________________________

How long have you work there?________________________________________

Can I ask what type income you make?___________________________________

How about your spouse/partner/? What is their name?_______________________

Do they work?___________Were?____________? Income__________________

Do you have a car payment and is so how much?____________________________

Do you have a cell phone contract and if so how much?_______________________

How about other long-term debt?Credit cards / student loans___________________

How is your credit history?______________________________________________

When I pull your credit report history, what will I find? __________________________

Have you ever been evicted from a property?__________________________________

Have you or any person living with you been convicted of a felony?_____________

When do you want to see property and important to have spouse at same time?____________

Depends on who says its a B neighborhood. Some of the so call "B" neighborhoods in Birmingham are close to being C "hood" areas. Just my thoughts. JP

Filters cost about $18 a case

I give free air filters to my tenants. This happens 1-2 times a year. It gives me a reason to show up to the house, of course I give  the 48 hours notice by text  as required by state law. Filters are another avenue for someone to inspect the property.  Good luck JP

Hi Brandi, glad to have you on board. You may want to look at the local Birmingham AIA group. We meet once a month with over 300 members. Talk with Jack Eyer. That's were I started about 10 years ago. Let me know if you need help. Good luck JP.

Just did what your are thinking. A friend wanted to flip a house. I created a partnership than ends when home sells Looked up my secretary of state if the name was available for a future LLC. Got federal ID number and open checking account with both names. Looks like from buy, rehab, contract and closing about 13 weeks. So now I am pretty sure will go S corporation next 2 weeks.

Good luck JP

I may have interest. What address?