All Forum Posts by: Lindel Turner

We started using google docs for recorded keeping purposes. We like if. as far as tracking construction. I have 20 units under construction. I don't feel it's needed to track anything. I keep a journal for important po# and important phone calls. Personally I wouldn't see a need to track anything until I got over 40-50 st a time. Basic spread sheets should be fine. Unless there's something out there I am missing out on.

I agree with richard Beatty

I also had to install a 2 hour rated firewall. Not difficult.

First check zoning. In my area you can't get a second meter without a second address. You can't get second address without going thru city planning. Only other option is to split the utilities as mentioned earlier.

Shop around to different banks. Listen to what they are saying then question them. Some loan officers are not experienced. Educate them, if they don't meet your needs move on and talk to someone else. It will help educate yourself in the process.

Give it 90 days rent it. Sounds like you have good equity. Use it as leverage to buy another.

Walk away

Once upon a time sherwin Wiliams made Walmart paint. E 15 years ago. Not sure who makes it now. That being said I let my painter decide after I gave him three choices. Cheap cheaper cheapest. We wet with that until the company changes their formula. They all do it after so many years. We paint new construction with eggshell finish. Covers better than semi gloss. We have been using a color called Oregon coast for about 5 years. We like it tenants like it.

1. Failure to specify a limit on repairs listed in the contract. Other agent knew what he was doing for his clients. They knew I wouldn't walk out on a 409 k deal over 7 k in repairs from now on I specify a repair limit or it's sold as is. 2. Not increasing my insurance coverage over time. One of my properties burned total loss. My property doubled in value over 15 years. Took 150k to replace insurance was 79k. 3. I let a tenant replace a faucet and paint. During the eviction I couldn't prove we exchanged a portion of the rent for his work. I lost The past due rent but tenant had to move. My three biggest failures I learned from.

Circumstances arise that they may pay large amounts in advance. I have never had more than Bree months in advance. I would give them a discount on the last months rent. Make sure your lease will not allow them to sub let. Be sure to get all occupants on the lease. And tenants will be responsible for cost associated with evictions if they don't comply with terms of the lease. That way you can deduct it from that lump sum payment.