All Forum Posts by: Mike Dorneman

@Michael Sarkissian hi Michael- Simple answer, you don’t. What you’re talking about here is a write off to offset your rental income. However, you won’t need this write off for many years because you’ll have the cost of the actual property to offset your earned rental income. Make sense??

@Brandon Butler Have you had a negative experience with other title companies when processing an investment? Personally over worked with many title companies on various deals (all investment properties), and they all been good. Don’t get me wrong, I have my favorite but never really had a “bad” experience with any as an investor. Is there something unique or specific you are looking to have them do as an investor??

@Usman K. While some may disagree, I say as a new investor, buy in a neighborhood you are very familiar with. Understand the “class” A,B,C, etc... know what rents areas well as vacancies. Aim for a property that requires mainly cosmetic work. Try to keep the rehab simple and on budget. Run your numbers, then run them again, them have someone who’s actually been doing this for a while run them 😁 Most importantly, Jump In There! Avoid the paralysis by analysis. Best of luck!

@Courtney Hebert I would Never allow a prospective tenant inside alone. What if something happens and they get hurt or damage the property, you would be negligent. As for go wings, I approach them just as a realtor might with selling a home. I first however verify income requirements and conduct a throughal phone screening. Only after that do I schedule a showingZ I usually schedule 6 showings back to back on a given weekend day. I allow for 30 minutes and make it very clear that if they are late, they will not be able to see the property. If a prospective tenant can’t make the appointment on time, their priorities are off and paying me on time won’t be top of their list either.

@Robert Larue checkmout Zelle, you should be able to do it through their app.

@Mike McCarthy thanks Mike, I’ll check it out!

@Thomas S. Thanks Tom. I’ve done that in the past but as I continue to scale I think I need a better solution.

I’ve simply had tenants make their rent payments into a dedicated bank account in the past. I’ve gotten to where we have multiple doors at the same monthly rate so I need to transistion into an app to help me manage and identify who paid rent. I have a few tenants that are “technically challenged” and I’m anticipating some challenges with getting them on board to use a payment app. Any suggestions for the simplest rental payment apps (from a tenant perspective)? Thanks!

@Mark Wurtemberg Local to the area in which you invest. Most local and even some regional banks, will only lendnwithin a specific radius or with specific counties. I use two local lenders, one will only lend within about 30 miles of their “home branch” and the other will only lend within the 2 counties they have branches. Great as long as the deals you’re targeting fall within those boundaries, not so much if you are looking elsewhere.

@Joseph Puthusseril I usually go with water proof vinyl. Ranges anywhere from $1-$3 sq ft and holding up very well with tenants. Install is a breeze which helps especially when doing it yourself. I just finished a livening room / dinner room (about 450 sq ft) in a about 6-7 hours.