All Forum Posts by: Peter M.

@Peter Morgan Most places require a permit for water heater replacement so you will get it through the plumber who installs it. Most landlords who are handy do it themselves sans permit. Home depot, lowes, or a local plumbing supply will all have comparable units. Just be careful with the gas if you do it yourself, lots of liability if you do it wrong

@Peter Morgan Just tell them you don't accept section 8. It's not that hard.

@Jake Greener The only way to gain experience is by doing. Start by just renting a room in your house if its all you can afford. Or try reaching out to property owners to see of they will let you manage it for them. Local laws will dictate if this is legal though. Best would be to buy a property and start doing it. I had long term rentals for 8 years before doing airbnb, it is a completely different animal.

@Edwin E. Property tax rates are the same but as a primary residence you may be eligible for discounts like homestead, veteran, over 65 etc-depends on local laws. Rental properties can't claim those deductions so the total tax owed will be more. Check the county appraisal district website for the address and it will show you what its currently is assessed for

@Dannielle Johnson It can be difficult if you need financing as a new investor with little to no net worth or history as an LLC. Usually you buy in your name then transfer title to the LLC. But if you can buy cash then ya, buy in the name of your LLC.

@Evina Nonato I agree with John, none of those ideas are great ROIs for a rental. You might even be able to get a faux decorative grate to put over the hole instead of trying to patch it. If secured properly and reinforced underneath you shouldn't have an issue with tenants falling in or messing with it. If you have to spend money it should be on mechanical systems, safety, or something that will allow you to raise rents.

@Khaled El Khoury One thing to consider is Texas, Florida, and Arizona which everyone is recommending, all have one thing in common-oppresive heat. Moving from Canada will be a big shock. I had the opposite issue when I moved to NY. Too cold. All I'm saying is dont just pick based on what looks best on paper. Go somewhere you actually like.

@Russell W. That's crazy. The addendum says you have to pay for it but does it prevent you from passing it onto the tenant since they brought them in? And it is in your interest to get them out quick because it can quickly spiral out of control especially in multifamily. So I would pay for it but then pass it on or take it out of the deposit if you are allowed to.

@AR Ham Clean and re-rent as is. You really can't see much damage from those pics. And it doesn't affect the usability of the countertops.

@Jesse Hunter Get quotes from both. You might be surprised in the price difference but you might also get different opinions on what would be best to do. You also might want to ask a structural engineer as it might still be structurally sound in which case you can just do a cheap aesthetic fix.