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All Forum Posts by: Mike Hanneman

Mike Hanneman has started 20 posts and replied 539 times.

Post: New flooring

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

As far as prices go per square foot. Look at Lowes or Home depot, I just picked some up for $1.20 sq ft. There was cheaper but I went with a decent product with a warranty, that believe it or not actually works. Unless you rent to some really bad tenants you should get at least 5 years out of the carpet.

They also offer really good deals on installs. Sometimes free, I just got mine installed whole unit for $97.

I went the plank laminate route but has anyone ever tried to replace a damaged spot in the middle of the room? It was a major undertaking.

Post: LLC to start, then Series LLC

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

@Rob M. you are not protecting the banks asset because the bank is the first lien holder, meaning they get their money first no matter what. You are just seperating your own assets that can be touched should a law suit arise. Only assets in the LLC would be able to be sued against.

Post: What is your preference on loan amorazation and why?

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

When I'm getting a loan I want cheapest payments so 30 yr is what I go after. This way if I get into a tight spot or need to allocate money else where I can with the cheaper payments. I can always pay more on my loan but banks don't like it when you pay less then min. amount.

Post: Questions on loans/attorneys/CPAs and more...

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

First thing you need to do is start reading some books. Look on here for books about real estate. Next for the financing part you need to go to the bank/lender abd see what programs they have for you and what info they will need from you. It will be easier doing that then all of us here telling you. Ask about first time home owner programs as some states, counties, and cities have different programs.

Next you want to have a real estate agent if you are buying a property they don't cost you anyhting as seller pays the commission on these deals. Ask your friends who they used for an agent and they will guide you through the buying process for your area.

I can't stress enough about learning though. You'll want to know your potential area and the ins and outs of real esate before buying. Even if this is just your personal residence it is smarter to know these things as you will be making the biggest purchase of your life. You should be educated on the subject.

Post: My living room floods regularly!

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

Ask the landlord or property manager to break the lease due to you having to live in these conditions. If they won't let you then you need to threaten to sue. Look into your state tenant laws and see what florida has in them about habitable conditions. But as what others have said, with-holding rent will only hurt you. If you do withhold rent expect an eviction which then you would have to fight in court. You should win but you still have to explain that if it goes on your record.

Post: AC repair

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

You are already $275 into this AC. You need to look at buying a new one. Have the repair guy estimate what this repair will cost and if it's over such such amount go get a new unit. If this is a window unit $300 - $400 will get you a pretty good one.

Post: Tenant Abandoned Apartment

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

Also it has been 3 months!!!! why are you just now finding this out? This is a big deal for a landlord to not know their property/unit is vacant for 1 month let alone 3 months. You need, in order to protect yourself from a really bad experience, to either hire a real PM or not be a landlord. At least not a long distance one. Think about selling this property and getting one closer to you.

Post: Replacing toilet guts before renting

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

The orange big box store sells a brand new water saving toilet for $30. 1.28 gal per flush. The older ones average around 3 gal. Takes less then 30 min. to replace a toilet... just saying.

Post: Bakken oil field mobile homes???

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

I think you could be able to get them cheaper if you called them up and threw a price out there. I too wouldn't buy them for $20K. Most of those man camps are deserted so they should be willing to get them out of there cheap.

But you need to look into what it will cost to get them to you and setup properly, that's where you might find out these aren't that great of a deal.

Post: I need to find a good inspector

Mike HannemanPosted
  • Investor
  • Coeur d'Alene, ID
  • Posts 551
  • Votes 218

If you used an agent they should be able to give you a list of them. If not ask people you know in the area are might have to use the old fashioned way, looking them up in a phone book or online. I found the best inspector that I have ever used by looking her up on my own. All the others were almost a month out so I called around to find one that could do it sooner. The most detailed one I have ever used.