All Forum Posts by: Kyle Meyers

I'm not a CPA or tax adviser, but I believe it is the same tax treatment. If your LLC is in the business of buying and selling real estate, it would be ordinary income.

I took a look at the average rents for an area I'm interested in getting more rentals and the increase in rents from a 3 bed to a 4 bed was dramatic. There aren't a lot of larger homes for rent in most markets so you can get a higher rent. I would think, and a few people mentioned above, that because these larger houses are harder to find, the tenants you get will stay longer too.

The paint is not a factor in the purchase. I factored in the cost to paint the entire place when I made my offer, my question was more about whether or not I would have to paint it. It seems most people believe painting it will bring a higher quality tenant and/or help get it rented faster, which was my first thought as well.

Thank you everyone for your thoughts.

I just made an offer on a property I will rehab and rent out. The property has a blue kitchen, the cabinets walls, and ceiling are all painted blue. My first thought was that I would have to paint it a neutral color (probably white), and I made my offer with the cost of painting factored in. However, I have been thinking about it and wondered if it would really need to be painted (the blue paint is in good shape) or if I could rent it out as it is.

Has anyone rented out a unit with a bold paint choice? Does it take longer to rent or do you rent it at a discount?

What state are you in? In Indiana it is a 10 day notice and can be sent by certified mail or posted on the door.

I am about to make my first REO offer, any advice on getting it accepted or what to expect would be greatly appreciated.

I read a BP blog post about how to get my offer accepted, and I am planning to remove the inspection contingency, make an all cash offer, large escrow deposit, and offer to close in 5 days. Is there anything else to show I am a serious buyer and want this property?

I agree, Rick at erentpayment.com is great to work with. He has walked a tenant through the payment step by step on the phone before. I don't think there is any service out there that is a lower cost for one or two units, and certainly none with the same features (late fees, etc.)

I just used EchoSign to sign a lease amendment with my tenant, it worked great. I did not use an iPad, just emailed them the document through the EchoSign system, and got back a signed pdf a few minutes later.

I would change the due date, but be strict with the late fees then since you did that for her. I changed one of my tenant's lease to be a bi-weekly payment since that is how she gets paid and it worked well. I would prefer to be able to count on consistently getting the rent in on time over collecting some late fees.

A true NNN lease would make those the tenants responsibility, but it is not too uncommon for capx to be the landlord's responsibility. Depends on what you can negotiate.