All Forum Posts by: Josiah Pisel

@Account Closed I think if your expenses on the quad exceed the cash flow then you would be able to use the remainder deduction toward the SF flip profits.

@Simon Gill

Ive done a few remodels and new construction projects with Ikea cabinets, I think they're great. Construction is particle board (which I don't feel that matters), what is important in cabinets are the moving parts (hardware) and Ikea use good quality harware. 

The assembly is easy (once you have done 1 or 2 cabinets). Another thing that I value is that Ikea isn't going anywhere, So whether its you or your tenant using the base cabinet drawers as a stair case one is going to break eventually and when it does just go grab another one at the store,  or if its a manufacturing defect Ikea will replace it (25 year warranty).

I personally don't care for the finishes on the drawer and door fronts (I like the look and feel of real wood), and to address this issue you can use a company like http://www.semihandmadedoors.com/ they will make real wood doors and drawer fronts that are designed to use the Ikea cabinets. And the fact that when you buy Ikea cabinets you buy them in individual pieces means that you don't have to buy the door and drawer fronts, so save the cost and put that money toward a nice finish (if thats you thing)... I'll get off my soapbox now...

@Steve Haight  Thanks, looking forward to meeting others that are passionate about RE as well as networking!

@Account Closed maybe I can put something together there in Billings. Ive got a few plates up in the air at the moment....

@Hilde M. L.

Assuming the house is less than 10' from lot lines, you may want to talk to the planning/building dept. regarding a Variance. If the city was willing to give you one this could allow you to have the house less than 10'... Just a thought

@Patrick McGowen Thanks for reaching out. Ill be at the Nov. 14th meeting.

@Ethan Kanning I was just looking at RE in Billings thinking about a apartment complex (5+) seems to be a bit more affordable than here in Bozeman, maybe a little easier to make the numbers work. 

@Grant Francke

As @Mindy Jensen stated you have to honor the lease, they run with the property. Even though both parties (you and the tenant) have to abide by the lease, that doesn't mean that you can't implement new expectations (as long as they don't contradict the lease). Many landlord don't establish what their expectations are in the beginning and it ends up costing them in the long run. Let the tenants know in the beginning that you are proactive in all aspects of managing the property (rent collections, evictions, maint......). Once you have established what the expectations are its usually pretty easy to keep both parties happy

@Daniel J. I used to have appraisers calling my office (Property Management Co.) all the time wanting rental info i.e. rental rates, size, locations.... I would contact a few management co.. They will be your most accurate and knowledgeable, they have a plethora of useful info for investors (what tenants are looking for, what brings in the most $ per sq ft...). In hopes of getting your business I think that they would be willing to share their info, at least I would.

An appraiser would also be a good lead, however, less likely to get free info out of them

@Nicholas Junker Thanks for the heads up on Meetup, I'll be sure to go. I'd love to get together sometime. Thanks for reaching out!

I always charged a security deposit that was equal to one months rent. When we would sit down to sign the lease (11 pages I believe) I would explain to them that the security deposit was not to be used as last months rent, if for whatever they need to move out before the end of there lease they would be responsible to the end of there lease term, however, we would (on their behalf) actively market and try to get the unit re-rented ASAP. Due to the costs associated renting a place (advertising, time, driving....) we would charge a "Lease-Up Fee" which was $250. This fee was taken out of there security deposit. Tenants were still responsible for leaving the premises like it was when they moved in (less any "normal" wear and tear) i.e. replacing light bulbs, having carpets professionally steam cleaned, dusting... anything that was detailed in the move-in inspection report (usually several pages, depending on the size of the home.) We would coordinate with a vendor to have any items that were the tenants responsibility (assuming the tenant didn't take care of it) fixed or replaced, we would charge a $25 coordination fee with each vendor that we needed to coordinate with. 

Once everything was ship shape and the unit had been re-rented we would return what was left of the security deposit providing the previous tenant with a detailed accounting (with attached receipts) of all the charges that had been made against their deposit and usually a check for the remainder amount.