All Forum Posts by: Peter Mckernan

For me it's the small things that are not repairs more like an easy fix by a tenant and not knowing what to do in the situation. Making sure the tenants coordinate being at home for the handyman/contractor when they are showing up (happens more often than not the tenant thought they didn't need to be there for access lol). The last thing for me yes getting people to sign the leases when they are suppose to sign them to get the rent bumped up.

The things that help on the list you gave. PM software, the software will put a checklist for what has been done and what has not been done by the handyman etc. There are plenty of softwares that remind you and the tenant that the lease is coming up for expiration. 

Not concerned, I would just pull it off their app, or get them to give you the current employer from them to run all that stuff (employer check on your own). Rentspree does their checks, or verifies the employer and current landlord via their application process.. I do not take that as a verification, the verification that I go off is the one that I do physically for my clients, and my own units. 

The nice thing on this is that it is a private money loan so it really is up to you/them on what they want and you want. Sometimes people want something so high it does not make sense and sometimes they don't care... I would suggest 9-10% with no points and if they want some points I would suggest starting at 1 point. The market rate for something you are talking about right now is about 9.85%-11%, 1-2 points, and doc fees totaling about $1k-$2K.

Most people that are new in my experience are getting referrals from other mentors, friends in the industry, or meetups.

The pest company might be the wrong company too hire.. I have had a gopher issue one time on a property, hired a company that said they would take care of it.. Paid them three months of work, still gophers. Get another couple companies out there to really dig in since the tenant moved out you can really get to the bottom of the issue. There is probably a nest somewhere close or in the walls, I would do a deep dive on the issues and fixing them asap. 

This can still be a deal, within your inspection phase you can still dig deeper on the moisture. If the seller says that's on you for those types of repairs. Couple things, maybe bad window, or it might be placed years ago and the stucco has some issues with it.. You should look into this and also dig deeper on your inspection phase of the moisture issue. 

Get a mold sample, and test it in your inspection phase, then bring it to the seller say hey! This is a real issue, you need to fix it prior to closing by a licensed remediation company. 

I would really think about getting in front of a couple realtors that do flips themselves and get deals. Also, wholesalers. The other option, getting on an MLS drip search from an agent with all these keywords you want would be super easy and fast.

practical stuff: get permits done and then get the GC to do it. If you cannot run ducting to the room side it's a room with no attic, think about running a 1 head unit for a mini split. 

functionality stuff: does it flow right? Would it look odd if you did add this room, or is there a good design to the house where this would be flawless. For resale, the odd non-functional stuff that people see take longer to sell and sell for way less than sellers except. 

The best way to learn this is to get a few GCs, and start to check jobs out with them on the MLS/on-market. You will need to probably pay these people if they are just bidding jobs for you randomly for you to learn and not do deal.. If you are using one or a few, I would be upfront with them. The guys I use, I use them on a ton of jobs and refer them out too so they are getting paid by my jobs and others, so when we call they go out and give free bids all the time. If you are farther away from doing a deal, then I would tell them your goals and plans to get to start doing deals but this is a learning process.

The timeframe to get the numbers down is not quick so be patient and be sure to continue to do it you'll get better at it the more you have under your belt. 

If you are just using Zillow go to just land that has sold in the area it will give you an idea if you match lot size, view, etc. The other option, get that realtor to pull the data off the MLS as they have access to it and will give you even more info for lot pricing for sales.