All Forum Posts by: Josh July

I want to know this too because it is something I'm curious about to, expecially since professional tenets who know the system often force landlords into bankruptcy due to not paying rent and trashing/not respecting the landlords property...

Originally posted by @Richard C.:

Join a credit union.  A small one with limited membership, preferably, or one of the big national ones.

Pull your credit reports from Transunion, Equifax and Experian.  You almost certainly have some sort of credit record, and you need to know what it is. You can pull your reports once a year for free.

Almost all credit unions have "credit builder" programs.  Basically a small personal loan that gets paid back over 12 months or so.  Get a loan for $1000, put that money plus another hundred or so in a savings account at the same credit union, authorize the loan payments to be pulled from that savings account, and forget about it.  That will ensure you an active line with a perfect payment history, and start you on a relationship with a credit union.  Progressive Credit Union is a small NYC credit union that gets good reviews.  Municipal Credit Union is a large NYC credit union that gets good reviews.

Get a credit card.  You need a real card from a national issuer or bank/credit union, not a store card or something.  If necessary, you can start with a secured card, which is a card where you give them say $500, they give you a card with a $500 limit, and after a year or so they give you your money back and you keep the card.  

Thank you, I am also interested in getting my credit built up since I'm just a young college student and I would like to have a fair credit history/ credit score to allow me to get a home loan as soon as I'm ready to buy a multifamily rental property; once I save up enough capital and have a good enough credit history.  

Originally posted by @Ken Wang:

Thanks for the constructive reply @Josh July! Yes, I saw the product from Roxul, but not sure how good it is. Since you recommended it, should be good. It is a good thinking to add sound proof for the laundry room. I haven't thought about that. thx again!

https://www.youtube.com/watch?v=YitQQJrksYI "How to Soundproof Ceilings Between Floors"

 This video will give you an idea of how to sound proof your ceiling(best to use 5/8 drywall), also depending on your city codes you might have to have a fire barrier doors for your entrance and of course in any home at least 2 exit points and a window in the bedroom (or you can do a studio style apartment layout to get around that if it is too expensive or not really possible). Not to scare you from transforming your basement into a rental, but there are regulations to add protection and security for both the tenets peace of mind and the landlord's peace of mind. A basement rental property is one of the best ways to cut down your mortgage payment and give you financial freedom and helps you get the experience of being a landlord-its house hacking without giving up too much of the luxury of owning your home....

Originally posted by @Ken Wang:

Thank you @Josh July, the basement is already finished when I purchased the property. I am planning to add kitchen\washer\dryer and possible another room in the basement. I do agree with you the sound proofing could be done better. After I discussed with one GC, it will be a lot work to open the ceiling and do sound proofing. The water heating system is in the basement which is the major source making loud noise due to fan operation. We will try to sound proof for the room hosting the heating system but probably won't be able to completely eliminate the noise... any suggestion? 

 my grand parents used to have a basement and I used to stay down there almost all day and I would hear literally almost everything going on. I would say it might be better to sound insulate the ceiling if you have any doubts because it keeps your nose down for both your tenets and yourself; also  you most likely be forced to tear down the ceiling drywall and replace it with fireproof/fire barrier drywall and installation because the city most likely might force you to add fire separation since it is now going to be a multifamily. For sound inslation, I would go with something like rock wool because it helps reduce noise and adds fire separation(http://www.homedepot.com/p/Roxul-Safe-n-Sound-3-in-x-15-1-4-in-x-47-in-Soundproofing-Stone-Wool-Insulation-12-Roll-RXSS31525/202531875) and I would also insulate the water heater room and laundry room with rock wool too to help reduce noise 

Originally posted by @Kelly Conrad:

Originally posted by @Josh July:

Have you considered moving the back wall(the wall the fridge is on), that way you have more space and add the dishwasher; but, honestly don't think a dishwasher is needed unless the property you are looking at is outdated and the other homes have dishwashers. The real question you have to ask yourself is "is it worth the money and time to do it, and will it help sell or lease the property for a higher amount? "

 Hey Josh! Which picture are you referring you? I'm not sure we could really move the wall on either floor, as the fridge is against the outside wall of the home. But, maybe if you could clarify a little on what you mean, that would be awesome!

Thanks!

 I was referring to the 2nd picture but honestly if the house has a porch you could steal some porch room to extend the kitchen; although, realistically if the house doesn't have a dishwasher now it probably doesn't really need on but more cabinet space and counter space would help buys/renters see it more welcoming and useful. Have you considered removing the dining area and adding more cabinet space and just adding a breakfast bar and some bar stools?

hello, keep listening to the podcasts and also read the blog/forum post too...

I recommend watching" income properties" on HGTV to help you get some ideas on waterproofing and sound proofing so that when you find the right contractor you can give him so ideas on what you are expecting

I would not rely on what the site says because they can claim that they are licensed and a accredited course but in reality they could be lieing/false advertising so be aware of that only rely on personal references and not really on online reviews because they could also be fake/payed reviews

sounds really expensive given that it is a raised foundation, is thier termite damage ?it seams like a fairly simple job add some more structural support (hire an engineer to help you figure out the best way to add support), I would recommend replacement of rotten and damaged beams and put the whole house structure on steel beam supports.

I would say to not increase the rent so much all at once only, unless they are tenets that cause major problems or don't respect your property very well. if they move out you will end up with down time of no rent due to fixing anhydrous damages due to negligence/lack of proper maitance and of course normal wear and tear (new paint exterior/interior, counter-tops grout/ tile , general updates like appliances)