All Forum Posts by: Patrick Daniel

@Greg Bohn yes as @Angela Smith mentioned, That is how the local government will tax the property.

For a very general example, If your tax value is $100,000 and the local tax rate is 1.2%, then you will be taxed $1,200 for that year. Then there are other rates that you could be assessed based on your specific subdivision or credits based on your specific circumstances. 

Tax value is just one thing to look at. The public assessor records are good to ID what the permitted SQ. feet are, sometimes it will show the total bathrooms and bedrooms as well, depending on the county, as well as recent sales and what the yearly taxes are. 

To best identify true value, I would look on the MLS or utilize an agent to pull comps for current condition and ARV comps.

What are your goals for this property?

Are you looking for large multi-family (Commercial) or up to 4 unit (Residential Unit)? I would leverage realtors and PMs for trends in your markets. Also, look at permitting in your target market to ID who is building and what businesses are moving in that will spur growth, or that will ID possible over-building.

What does the lease say about the tenant being charged for repairs above normal wear and tear? 

Follow whatever that says, so in the future when other items are damaged, you have not set a bad precedent. 

The numbers you came to seem more than fair. If you are too lenient with how you enforce, your tenants could identify that as you not valuing your property.

Follow the letter of the lease (Assuming that it is enforceable according to your jurisdiction). 

You cannot force the boyfriend to live there, but you can hold him accountable for the payments being on time as stipulated in the lease. 

I would tell them that there are to be no half-payments and that only the entire payment will be accepted when due. 

They were grown up enough to decide to move in together and sign a lease stating they would pay the rent, so they are grown up enough to figure out how the payment will be made now that they don't "like each other"anymore.

Great episode, as usual. Another great example of using your sphere to find deals. It doesn't just have to be through agents or wholesalers.

Side note: I always listen through the end of the episodes, but especially the last several with David's nicknames for Brandon in the sign-off. Top Notch!

Call Alan Holden with Regal CSI LLC. He should be able to help. If not, he will find you someone who can help.

Welcome, Stephen! I am in the Pensacola area as well (AD Navy). The podcast and forum are great ways to learn! We also have a pretty great investors Guild in town for when you want to start networking in person.

I remember hearing some people use the two inspections for "Health and Comfort" inspections, and then also doing a "fire alarm" and "plumbing"   inspection. It gets them in there up to 4 times in a year if need be. As far as I am concerned, any tenant that I need to inspect more than twice a year, is a tenant I would rather not keep.

 Michael, what are you seeing as average response rates with this series? 

My wife is a graphic designer and would like to design our mailers herself, but I don't know of there is any value in that vs the tried and tested.