All Forum Posts by: Benjamin Haberman

@Chris Jensen we actually flipped one on same street that this one is on. It closed last week. But that house wasn’t in the flood zone. This one is. It’s crazy lol

@Jason DiClemente it would be a stretch. Surveyors take forever around here.

@Jason DiClemente I’ve reached out to multiple brokers and they all require a flood certificate for insurance quote

Hello BP,

I am currently under contract with a flip in a flood zone, which will require flood insurance. We are buying from a bank so they do not have any information on the property. With that being said, I will need a flood elevation certificate to get a quote on flood insurance. The target buyer for this flip is a first time home buyer and the flood insurance can range anywhere from $500 to $5000 a year. So it's a gamble. If it turns out the flood insurance is big $ it will eliminate a large pool of buyers :(. Should I be concerned with this? Anyone have any experience with this? We purchased the property for $55, Renovations will be $55 and sale price will be about $180-$190. The flood insurance requirement is a downer though...

Any help would be much appreciated,

Ben

Best,

Ben Haberman

Originally posted by @Account Closed:

Let me say this about people who may have problems running QuickBooks on their computers.

QuickBooks is HUGE.  It takes up a lot of disc space on your computer.  

A computer needs not only disk space to hold a software's data, and then your entry data to boot,  but you also need a lot of  memory disc space in order to work on your computer.  There is a lot of stuff going on behind the scenes. 

This is why we see Computers selling for like 4T Disc Space, or even 4 Trigabytes of Memory, As we get more advanced in this day age, we expect a lot out of our computers.  

If people have an old  computer with very little memory or disc space, QuickBooks is going to freeze on them.  

That maybe what is happening. 

Nancy Neville

For the record, this thread is incredible. I've learned so much.

As of right now I am managing my properties with :

Quickbooks Online- It's 2018, we can't keep running from subscription based models. Yes it seems expensive but it's the cost of doing business. When multiple partners/bookkeepers/accountants are involved in a venture, it brings transparency by adding people as users. It allows you to check your business on the run with mobile app or any computer via a web browser. QBO is extremely efficient in helping me managing my properties. It's very user friendly too. I know they are trying to roll out bill pay feature that costs a dollar per bill paid that seems like it makes a lot of sense too. Considering the cost of a stamp, time, envelope, paper, and printer ink...

Cozy.co- phenomenal website. Great for tenant screening, property marketing, and rent collections with auto late fees. Great site. I wish i could collect all my tenants $ through it but unfortunately some of my section 8 tenants will not use.

Google G Suite- Everyone talks about excel, but i highly recommend Google Sheets. Way more practical. Create a google sheet and share with partners or friends. Scan in vendor bills into each file within Google Drive. Google Keep is great for tasks/quick notes. Google Docs is great for word docs... Need to have one on one meetings with partners to go over spreadsheets? Google Hangouts is incredible! Google Calendar app is the best. Google was a game changer for me. I thought Google was just a great search engine and had no idea of how powerful it is for business.

If I said I have mastered my property mgt I would be totally lying. It's actually the opposite. I feel like I have so much to improve. 

Account Closed- Do you invoice your tenants for rent? I was doing this for a while but started to confuse my self into thinking that it didn't make sense to do this. But from some of your posts above it seems like you did. I look at tenants as customers in the sense that I collect money from them every month. When I send out invoices, I expect them to be paid and I am more used to a system where I receive payments through quickbooks from that tenant/customer. Is there anything wrong with invoicing your tenants every month? I've owned other businesses for years and invoices I feel are the easiest way to track tenants paying on time. When it's time for a late fee do you mail out a late fee invoice too?

Thanks again BP for a great thread.

Originally posted by @David Cruice:

If you want to do it right (which you should do in this case), you'd have to put in a new common-area meter that both owners would be responsible for splitting.  Either that or you drill another well.  My suggestion to you would be to consult with the local building department.  Their plumbing inspectors will put you on the right track.

Thank you very much! 

@Dean Letfus business card idea is brilliant. Love it.

@Scott Weaner i am glad I’m not the only one that thinks this. What a racket. We have home inspectors (who have no business mentioning the word mold), throwing around the word mold like it’s no big deal. People immediately throw their Arms up when they hear mold but i would bet a majority of these people have no idea what the problems are with mold. Mold is a huge money maker And has been branded as such.

@Cisco Hood I am almost positive they don’t have a police force that specializes in people who rent out their homes after purchasing. I could be wrong though. I wouldn’t sweat it!!!

Hello BP, I just acquired a property with 2 units on it that i will be renovating, condo ing them out, and thEN selling off each unit. This property will have a septic system for sewAGE and well for water. I’ve already spoke to an engineer that said i can do just one septic system for both units, so i have that figured that out. Now i just need to figure out if I can do just one well that supplies both units. The only tricky part here is i need electric obviously to power the pump on the well and I’m not sure how that would work if there are 2 units. Since i plan to condo them, i don’t want to make it an issue with one unit paying for the electric on the pump that powers both units. Any thoughts or ideas would be greatly appreciated. I