All Forum Posts by: Kevin Nichols

If you are painting doors, remove them from the hinges and paint them outside in saw horses. Reduces dripping and easier to see what you missed.

No you don't have to be a resident.  Usually takes about 7-10 business days to get the paperwork back from the SC SOS, once you file.

Thomas:

Any local attorney can set up and LLC for you that fits your needs. Usually costs about $300-$400 plus the $110 filing fee with the SC Secretary of State.

You won't be able to purchase the properties using the LLC, you'll purchase them as an individual and then deed them into the LLC.

Some REI say that each property should have it's own LLC, as a way to protect LLC assets against possible future litigation. I don't know if that's a good "best practice."

Thx,

Kevin

I own a web design agency and haven't had b-cards in 3-4years. We bought a duplex in early December and while working on the renovation,been approached at least 10x by potential tenants and they all asked for business cards. Bought some and now hand them out like candy. Kevin

@Jordan Thibodeau Perfect...thank you.

Kevin

@JT Spangler I just removed 2 layers of linoleum in a small 9 x 12 kitchen and it took me 2 hours to get it up. The adhesive must had been 30+ years old and smelled like ammonia.

Craigslist it and any other demo you have to do, it will save you tons of time. I've learned my lesson.

Does anyone have a good "operating procedures" for new tenants? Like a standard 1 page list of do's and don'ts, contact info, payment procedures, late fee info, etc.  

This would be a quick "read" that is beyond the regular lease agreement they already signed.

Anybody?

Kevin

On Dec. 1, we closed on our 1st property...a duplex, where one of the tenants had moved out Nov. 30, poor timing for the PM to do a walk through and dealing with security deposits, etc.

We ended up pulling out all the carpet and since we are self managing, let go of the PM.

We've been working on adding laminate floors, general clean up and have been to the unit about 4x to work.  In those 4x, we've had 10 people ask us when it would be available.

I bought a set of washer/dryer units for $200 on craigslist (Newish units) and we'll be finished this weekend doing it all.  

We ended up going up $70 more per month....$545 for the vacant unit. We screened the new tenants last week and signed the lease this weekend...in 19 days.

The existing tenants are very nice and even planted grass in their 1/2 of the yard....straight down the middle!  :)  

The Numbers:

Duplex price:  $53,000
Down payment: $13,250
Income: $1020/month
Expenses:
$3500 mortgage
$1035 taxes
$500 insurance
$1100 maintenance
$1200 capX

29% COC

So far, so good.  The deals are few and far between and it seems like every time one comes along, somebody is hold cash and ready to pounce.

We've just started REI and have one duplex. There are a number of investors in our community and many have "wanted to sell their properties," but it appears the prices never meet the 50% or 2% rules in place.

I've had one wholesaler who was selling at retail prices and two other landlords who's asking prices were at retail level or more. Zillow is a really poor barometer in our area for housing prices, but it seems all these investors price based off of that.

Thoughts about purchasing from investors? Is there a better way to approach this?

@Bill P. We asked because my attorney asked about this.