All Forum Posts by: Phillip Hunt

James,  from your pictures these are very old cabinets and it will be a challenge to find drawers with a bottom center drawer guide.  These are a perfect example of cabinetry that I usually tear out and replace,   You may have to invest in new doors and drawers, to match your cabinet body which would require new drawer guides as well.  Or have them custom made by yourself or a competent woodworker.  In any event it will cost some money, and it may be in your better interest to replace the cabinetry.    

Max, most of your HD cabinetry can be upgraded to solid boxes for an additional price. 

Aniko

When I started my buy and hold business I attended a seminar where a representative from Nevada talked to us about the advantages of a Nevada LLC. I am from Arizona, He talked about how much more difficult it was to be sued with an LLC from Nevada and that the anonymity of the owner of the LLC was kept secret.

I liked that and decided to go with Nevada for my LLC.

What he did not mention was the cost for the LLC was twice that of Arizona and unlike Arizona the LLC must be renewed every year for $350.00. I was quite upset when I found this out and am now considering transferring it back to Arizona. When it comes to Nevada I am afraid that is all the info I have experience with. Good Luck.

I collected a deposit, He is not allowed to rekey the doors, I have an eye witness that he packed up a moving truck and left.  There is only a rug and a couple of boxes of clothing and a small charcoal grill left behind.  According to the lawyer I have to send a certified letter of abandonment to the property for the property the tenant left behind, which the tenant will never see, as the tenant told me he was moving out of state.   Tomorrow I plan on getting a locksmith to gain entry and replace the locks.  So I can prepare the property and put it back on the rental market. 

Is there anything I am forgetting? 

I have my first problem with a tenant. 

My tenants lease ends on February 1st, however he has not paid January's rent.  Most of his possessions are gone and he rekeyed the locks.  He told me he would be back on the 12th which is today however, he has not returned and he will not return my phone calls.  What do I do.

Wow, I disagree with everyone who has written in on this one. I have three rentals, a SFR and two 2/2 condo's. I put disposals in all of them as well as W/D and every other main appliance. It costs me about 150.00 dollars for a disposal, that is nothing. For as much as I use mine at home it is a must. Why would a landlord be so cheap as to not install one, especially for a long term tenant? Quit squeezing the pennies and put back into your investment.

Hi Kurt,  I only own three properties and they are basically in the same shape yours seem to be.  I can only tell you what I would, and am doing.  Considering it takes me about 30k to buy and rehab another property, I would chalk this one up to being finished.  Now I would bank the positive cash flow, continue to save my own money, and when you have 30k, do it again.  Until, it comes to a time when you want to focus on paying them off rather then acquiring more.  From a buy and hold investor point of view.       

Welcome Julie, I came extremely close to joining FB.  They provided an ample amount of education, but when it came down to having any of their investors funding anything, I ran into a brick wall.  All they wanted from me was more and more money.  I gave them the boot.  This happened early this year.  I have since gone out on my own and now have three properties which I bought, held and rented, providing me with positive cash flow of 14%.  The market in my area is over populated with flippers and the stock of suitable homes for flipping is all but exhausted so I went with the buy and hold strategy, it is working.  Good Luck and watch out for FB.    

Here is another picture of the same property, sorry I couldn't resist.  All of the work was done by myself. 

This is a picture of my latest property that I finished earlier this year.  The cabinetry is American Woodmark purchased from HD.  The granite was purchased from Chirco Granite here in Tucson.  As far as the style granite, I chose the cheapest granite that went with the color scheme I was designing.   Laminated wood flooring and mid to high end stainless steel appliances.  It took four days to rent and the tenant is long term.  The rent is what I asked for and the tenant did not try to talk me down and she is very happy with the property.  Of course I live in Tucson and know the local market well.  What works here may not work in other locations around the nation. 

More attractive and easier to rent are two phrases that, to me, mean higher rent.