All Forum Posts by: Paw Nouri

not St Pete but that’s been my entire strategy for years is to add a bathroom for forced appreciation. now more than ever is it needed with how high things are.

if you add a pool, your neighbors will hate you as it’ll bring down their home value

get an umbrella policy to protect yourself, see if you need a rental license in your municipality. an LLC is only for insulating you for liability and anonymity, it will not save you on taxes and you really dont need to worry about it with one property imo . you cant protect a single property from lawsuit, insurance is what covers you just make sure you're up to code. insurance will always look for a way to get out of covering an incident.

if you register, you’ll want to report the income. if you make less than expected after deducting costs, then it’s time to raise rent. you wont be able to reduce more to reduce other income streams since you're not a full time real estate investor

in the future if you ever sell, because it’s a rental now you will owe capital gains on the property. 

philly is probably like ohio and not california with it’s YoY growth being tied to inflation. with that said your profit is mainly going to be the equity you build from your tenant paying your mortgage. the money earned monthly should be saved as youre doing in case you have a capex repair/replacement come in like HVAC, roofing, etc

i advise you pay for an hour to speak to a CPA to better your options.

good luck

also for the love of God, do not get a tesla system lol they are legitimately the worst. they have terrible customer service and their product is not good. look reviews and comparisons up.

we did LG panels and enphase iq8+ microinverters with enphase batteries

LG panels are superior, their microinverters are not. Enphase has the best microinverters on the market.

do your research and you’ll be fine man

 

We always have to ask ourselves what are the incentives that we’re presenting to tenants and people in general. When you include utilities in the rent, you incentivize them to be wasteful. e.g. leave water running or leave AC on. It’s human nature. I’d recommend talking to an electrician. If you’re local to the home, then there’s a device you can attach to before the meter and you can measure electrical usage. Water since it is cheaper cost can be included, same goes with gas

Success will always be determined by flexibility. You're already understanding that the math ain't mathin 😂 BRRRR like anything else only makes sense when the numbers allow for cash flow. Because cash out refis are not the same as typical refis, they already have a higher rate attached to them and if the lender knows it's an investment property then good luck getting it to the cash flow.

There is only so much that individuals can afford to pay for rent. That’s why you’re starting to see crazy regulations come in e.g. Santa Monica and California in general.

Rent controls and additional tenant protection was always going to be a response.

Right now i'm just finding multi families that net positive for me. when rates drop, i'll worry about BRRRR again

@Ryan Mitchell send me a DM. I’m in Kent and my family had rentals in Ravenna and Akron near downtown/59. Right now, we have some rentals in Ohio and a couple in Southern California.

I’m looking to pickup a duplex right now. Lets chat more and see if we’d be a good fit.

Quote from @Daniel Loane:

Hi Biggerpockets community!

I have bought a SFH in a B neighborhood in Parma Ohio and plan to use it as a long-term rental. The property is rather old. I am not planning major updates at this point and hope to rent it out for around 1300$. The inspector pointed out multiple items but I am stuck to take a decision on two things specifically:

(1) The side entrance is missing flashing over the awning. I got quoted 250$ from my handyman. Is that a fair price and does it seem worth the investment?

(2) The back deck and staircase going up to the second floor isn't properly attached to the house. Repairs & material are quoted as 550$ to (a) use proper sized lag bolts to secure the back deck to the ledger board and (b) install 2x4s to sides of railing to reduce gaps. Is that a fair price and does it seem worth the investment?

Very grateful for all the advice from the community!

Thanks!

any issues with decks you fix right away. as far as fair pricing goes.. my rule of thumb is unless i know the work being done and have something to reference, always get 3 estimates, no matter what 

agreed on the flashing. i’d personally say do it. my first rental had a basement flood the first month, so i’m hypersensitive to water and any path it may enter a gmhkmk

Ahh that’s incredibly unfortunate. Agreed, read the contract and understand what’s covered. If there wasn’t damage coverage by the state, I would be much more hesitant.

there’s a funny debate on this. we put it on one of our rentals in SoCal and it’s netter us in a positive way and made us more attractive to prospective tenants.

that being said, IF it were truly lucrative I think we’d see more corporate apartments like Greystar and Redwood installing solar panels.

If you do install, make sure you figure out what tax credits you qualify for etc and make sure your output is covered by the panels for day AND night. theres no sun at night.. so make sure when they design they dont hide that. the salespeople are shady with that aspect and it’s annoying.

My favorite areas for NE is Rocky River, Lakewood, Shaker Heights, Wadsworth, Fairlawn, and certain areas of Cleveland

Columbus I typically stick to Grove City, Hilliard, Reynoldsburg, and a few areas north of Polaris in Deleware county.

Happy hunting