All Forum Posts by: James Vermillion

I agree with Brandon...I believe you will get more reads that way.

Welcome Michael...BP is a helluva drug!

Welcome to BP Stacy. The site is full of great resources (forums, blogs, podcasts, fileplace, analysis tools, etc) so make sure you take some time to familiarize yourself with all it has to offer. Let us know if you have any questions...and don't forget to upload a profile picture.

I just updated to QB 2014 last night, from 2011 via a cyber Monday deal ($150 for QB pro). I will post my experience after I have some time to check it out.

Welcome to BP from Lexington, KY! Thanks for your service and good luck in the transition (I am a vet as well). If you cannot find something you are looking for, just ask...someone here will point you in the right direction. Also, don't forget to add a profile picture.

Hey, Jeff, I remember seeing some of your posts in the past...glad to see you will be more active in the future. I believe you will see more benefits yourself as well.

Jose,

I noticed no one had answered this yet so I thought I would chime in. The biggest thing I can think of prior to going into rentals is to have an attorney review a lease to ensure that all applicable laws and regulations are followed to protect you when you do have tenants. Another thing to consider is the potential costs of setting up a business entity if you plan on holding the properties in a business entity instead of personally.

Aside from that the only other legal fees I can think of would occur once you own the property. For instance, you will likely have to pay an attorney in the event you have to evict a tenant. Also, if you are sued for some reason, you would obviously need legal representation. Hopefully that helps answer your question.

Hey Lisa, welcome to BiggerPockets! What areas of real estate investing are you most interested in? Do you have any experience? Please let us know if you cant find something you are looking for, someone will point you in the right direction. Also, dont forget to add a profile picture.

100% vacancy rate :)

I will take a stab at the questions as well, but I think Jacob did a good job with his feedback.

1) This is personal preference and we have not staged properties up to this point, but I do think there is definite value in staging and it is something we are looking at doing on future rehab projects. Staging does allow you to influence buyers as to the usefulness and practicality of a space that might come into question without staging.

2) There are so many types of relationships and payment agreements with contractors...it is a matter of finding what works best for both you and the contractor and makes you money. Are you saying he earns 20% of profits? This does help align his goals with yours.

3) As Jacob said, listen to the comps. Find out what people are paying for similar properties and why. Typically, kitchens and bathrooms will give you the best return, but each market is different, so some background work is required.

4) If you do not have the time to list the properties, why not use the friend for a discount, but as Jacob said, that is assuming he is good. If he takes forever to sell your properties it might be worth paying the 3% for a top-notch agent...how skilled do you think he is?

5) I buy rehab properties to rehab and rental properties to rent, and have not had a situation where I could not sell a property and decided to lease. You always need to know what your exit strategy is (and of course plan b)...I would significantly lower the price on a rehab to sell it before I would lease it out, but that is just me. There is no right answer on this.