All Forum Posts by: Patrick Drury

@Frank LaQuaglia 
the only problem with the landlord being responsible for covering snow removal from my understanding is they are responsible for it, so if a tenant slips you could be liable. If the tenant is responsible and they slip, it's their own fault. 

@Eddie Pietschmann 
You should obtain lists from the county auditors' website.

@Eddie Pietschmann 

The only way to find seller-financed deals is off-market not going to find those on Zillow or the MLS. The best way to get off-market deals is cold calling. Everybody has their own opinions from cold calling to direct mail, and door knocking, but cold calling is the king of finding off-market deals.

@John Graham 
I think buying properties and doing a cosmetic rehab makes the most sense honestly. Why not buy an existing building and just take it from outdated to modern. It's a lot faster than building a house-ground up, especially for you, I assume, since you are a contractor and have crews that will do it fast and at a way better price than for most people. Once you start new builds, you are going to be bleeding a lot of money the whole time till you sell, and you have to hop through all kinds of hoops with the city for code and they are the opposite of fast no matter where you live. Also, with new builds, the upfront cost is so high to make any profit you have to sell when you are done. With a cosmetic rehab, depending on how severe you can hold on to the property and own it as a rental, and still make money through the cash flow. I saw you mentioned doing an STR as well. Those can be very profitable, but make sure you have a specific STR manager. It's not something you want to manage by yourself it's like a small hotel business.

@Sean Beksinski 
Use the county auditors' website where you live to find property owners and call on them! I can't speak about where you live exactly, but the auditor's website is basically public records, has the owner's name, and usually a phone number to reach out and contact them!

@Isaac Hayes 

It depends on the lease your PM uses. I would recommend having the tenants responsible for both. The only exception where you would need to take care of snow removal is if the property includes some type of parking lot. Also, if the PM has it done, they usually just back bill the owner, anyway. If the tenant would like someone to cut the grass, just add it to the lease and charge them for it. 

@Manco Snead 

You are not supposed to, but I quit right after I bought my first rental property with a W-2 income. At the end of the home buying process, right before we closed, I decided I was going to leave my job after I closed and become a real estate agent. I left 2 months after I closed and didn't have any problems. If you plan to leave your job, don't tell the bank that. As long as you make the payments on time and the bank gets their money, they won't care. This is just my experience, though. 

@Bryson Sumrall   

If you don't test for it you won't really ever technically know. As long as you paint over it and disclose, there might be lead paint given the year the house was built as evidence to think there is lead paint. In almost every lease in Columbus, Ohio, there is a lead paint disclosure section stating there might be lead paint in the property because almost every house unless it's a new build has lead paint. No one here in Columbus honestly remediates lead paint they just paint over it for the most part.

@Bryson Sumrall 

I would not make it contingent upon lead paint and asbestos testing. You will just lose every deal you offer on, especially in this market. You want to slash as many contingencies as possible to be competitive. Not sure exactly how the South Mississippi market is though. Just ask for a price reduction if it's evident there is asbestos in the amount it would cost to remediate. Lead paint is in almost every older home, just unavoidable.

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  Hope this helps