All Forum Posts by: Luciano A.

I bought them on Supplyhouse.com We had our AC guy install them. The install itself is not hard but you need to cut freon line and install which requires someone licensed. I think we paid a few hundred dollars each to install. So far it has been working well. One unit can cool the whole apartment. It uses 110 so good savings for the tenants on the electric bill. Very quiet units. 

Hope this helps

Nowadays window units can cost hundreds of dollars and they can break down if not cleaned regularly. You might want to look at those mini-split ductless units if you have small units. I recently rehabbed a 6plex that had window units with these ductless and they were much cheaper than a full HVAC unit. They provide both heat and cool. And fairly easy to install. A little more cash up front but with tax credits and having tenants stay longer it will pay off in long run.

Best of luck

A few things to consider about Texas...... the property taxes out here can kill a deal. Make sure you calculate your taxes based on your purchase price as the county will adjust after it's built. And verify new flood maps to make sure it is not in a flood zone. As mentioned be a good idea to find yourself a buyer's agent that can give you rental comps and advise you versus the seller's agent who can help you with the transaction but has a duty to the seller not you as the buyer.

Unlike in CA where you can make money buying in phase one you might want to look at how many of the proposed builds have been placed under contract. You would not want to buy in a new subdivision with many empty lots sitting waiting for a buyer. 

Best of Luck

If you are interested in a property to purchase and I am assuming its listed then call the seller's agent and ask if they have the builder's contact info. Another way is to search the tax records if the home is not too old. But another option if the house is near you ......... use an app that will help do 2D and 3D imaging. 

Best of luck

As @scott M mentioned about the insurance and licenses but also code would require to have in a basement for fire and emergency evacuations. An insurance company can cancel your policy if they were to do an audit. For the safety of your future tenants and for your own peace of mind I'd invest in it. The upfront cost is a lot cheaper than a lawsuit from a tenant who lost a loved one in a fire.  In addition, the replacement of windows will help your hvac system not work as hard. 

We use our property software to allow tenants to pay by logging into their portal to set up an auto draft or one-time payment as well as sending money into our business account using Zelle or going into the bank and depositing their rent into our account using provided deposit slips so we can know who paid what. 

The key is to be firm on your late fee policy. One $50 late fee after the 3rd is a quick way for a tenant to not be late again. This is especially true when your tenant moves in. The first late fee we waive but we send a kind reminder that if they pay late again they will incur a late fee.   

@Tony Serrano

So Cal is a large area so not sure what city you are targeting but CA is hard to cashflow unless you have a large down payment. As mentioned above you can go with a hard money lender. They can give you 6 months to a year to pay them off. They look at the asset you are wanting to buy, the ARV and they will look at you and what experience you have. If you are going to buy and flip you might want to look into a hard money lender. The FHA 203k is more for owner-occupied purchase and rehab. So if you are going to go with that type of loan make sure one of the units is available for you to live in and make sure you are up to the task of starting a flip with a small multi-family.

Best of luck 

@Dylan Katz

I have properties scattered throughout the city. I know the book you are referring to and he had some good points as I recall. I have allowed prospects to view a unit without having one of my team members present especially with COVID but here is what I do.

Install a keypad door lock that you can control using your phone rather than the traditional lockbox. Costs $100-$250.

Before a prospect gets a newly generated code via text to their phone we have them email us a copy of their ID, have them put up a $200 security deposit which they get back within 24hrs using our online payment and we verify them using Social Media. This takes just a few minutes. 

We also have two cameras we install temporarily while a unit is empty. One inside the living room and the other outside facing the driveway or front door. These cameras can be viewed from my phone. And they send me alert of movement as well as allow me to talk to them over the built-in speaker. 

They have 1 hour from their appointment time to go view before the code becomes invalid. 

In all my years we have not had anyone break in or steal. The lock will notify you if it hasn't been locked properly, and your cameras can alert you if there is any movement inside the property or out front when no one is supposed to be at the property. 

With these precautions you can allow prospects to view your property at their convenience and freedom to look around without the landlord standing behind them, following them from room to room. 

We do full background, credit/criminal, employment, and rental history verifications. The idea you need to meet them in person to get a feel for them I think doesnt always work out as planned. After all, the person you meet is in their "job interview" mode so they will be professional and have their best foot forward. 

Best of luck 

@Thomas Ingrao

Didn't read all the posts but if I were you I would dump my current agent. I would call the listing agent directly and ask if they can submit an offer that will not include any buyer agent commission and that your offer includes taking the property as-is with no coming back after you do walk through with contractors. 

Another opinion is to give them a higher price and then use your inspection period to ask for credits or bring attention to the issues you found and ask the seller if they could help out by reducing cost. 

If sellers are in a home then I am sure money is not a big issue. Maybe you write a letter to sellers telling them you are just starting out and would love to bring back to life this duplex and would be grateful to them if they help by taking a lower price. 

But if you are handy then I would jump on the deal. It has been a long time since I have been able to buy properties in the $20k area. 
Best of luck

Luciano 

@Ricki Lacefield

You would have to look at the lease agreements and see whose lease is expiring soon. BUT if you are getting an FHA loan they will require one of the units empty if I am not mistaken. So speak with your agent and find out if anyone's lease is about to expire. If they are on a month to month then you will just need to decide which unit you want to live in then ask the seller to give that person notice to move out in 30 days.

If I was in your shoes I would ask the seller to give me the last 12 months rent roll and see who has been late the most if any on their rent. And I would ask who has lived here for a while. Tenants who have been there for many years are a gold nugget. They will stick around if you treat them right and take care of the property.