All Forum Posts by: Peter Mckernan

Are you just replacing the condenser, or are you replacing the whole thing (ducting and forced air unit/heater). If you are just doing the condenser, I just did one for 8K for a 2,000sf house in CA. I would suggest as someone else mentioned, get more quotes.. You might be paying 4-5K more than you need to. 

I would personally open a business operating account from a DBA or LLC and put the SD in there for the rental.

I would say that 605 credit score is a huge factor. More of a factor than 2.8x verse 3x or 2.5x rent verse income. I would have a higher bar for credit score and depending on the revolving debt, I would have a lower bar than 3x if need be in the situation. You have to factor the current average income in your area too. If your average income is let's say 90K, but two cities over it is 130K.. You need to reflect that in your tenant acceptance (not saying to accept someone lower than your standards). It is all a factor, and of course anything can go haywire, you are just trying to mitigate the factors for it going haywire at all..

If you are siting on the market at a price of rent and those standards for longer than 30 days in CA in most areas, you are either over priced.. 

 Yes this is a good list, there should be some good resources from this guy too

https://www.instagram.com/the203kway/?hl=en

There are a lot of people that use Zelle, but if you are getting property handled by property management there is a lot of easy ways they do it through ACH! 

Bonuses are always better than doing a penalty.. That inspires the contractors to do it quicker and better.. That is a solid move.. 

1. If contractor is not getting material, try getting material shipped to project if people are there every day, decreases drive time for materials and slows the project

2. Have a templet for the stuff you will be doing on materials so you can order it right away once you close, no delays on materials (mainly focused for finish materials). 

3. No dump runs, all in big roll off for trash.. Some people seem to like a dump run to get things offloaded, the rolloff is way better and saves travel time

4. Damaged material, be sure to change on the fly if material in shipping gets damaged and you need to pick something else out instead so that it does not slow down the project. 

I would average it out over the 4 people, or just raise rents to cover the utilities. 

Depends on how the wholesaler/seller wants it.. Typically a lot of wholesalers, it is verbal, then if you are going to get it you get an official offer to sign and submit with the amount of EMD you need to put in. You don't put that EMD in until that offer is accepted by the seller.

I always go with some that is willing and ready as a tenant today that is qualified! They need to be qualified to your standards to make this a good decision. If they are I would not wait a time period to get someone in there to rent out the place. I am renting out that property as soon as possible.

I would move forward with small claims with this person and if they cannot afford the bill out of the gate, send them to collections and recoup. That will be the best move!