All Forum Posts by: Peter M.

@Breelon Bryant LVP is the way to go if you can. But there may be reasons to keep carpet. I hate it as well but things like stairs or uneven sub floors may be reasons to keep it. But if you can, go with vinyl planks. Looks great, very durable, and usually easier to repair than title.

@Junior Cordero Seems like there is more to this story but in general no she cant do that. You should have contacted all of your tenants as soon as she told you she quit. You can also file a complaint with your state real estate comission.

@Shivam Patel Furniture, maintenance, repairs. And if you're going to house hack now you have tenants, leases, disputes, not to mention people living there that dont care about the property like you do so who cares if I scratch the hardwood floors when I move in or put 30 lbs of shampoo products on a hanging shower caddy that breaks the shower head pipe and floods the house. All that while going to school? I'd rather call my landlord about a problem so I could study rather than waste time trying to find a good furnace contractor when its 20 degrees outside.

@Shivam Patel Wait to buy, finish school, and take that extra 40k to start investing. There are a lot more costs to owning a home or rental property than just the mortgage and if you are starting our that tight, you're setting yourself up for failure

@Philip Aleman No mortgage company is going to enforce that clause if you are making the payments. Just have him add the LLC to the current policy. Every participant in this industry is in it for the same thing-money. No lender is going to risk disrupting an income stream because the title is held in an LLC for liability protection. Everyone knows you own this LLC because it is done all the time. The bank still has a lien on the property that will get paid off when the title is actually transferred when you sell it.

@Erjia Mao Yes that's exactly right. Buy the property "cash" with your LOC, fix it up, get it rented, then you can refinance it to pay back the LOC. If you buy and renovate right you may just end up with some money in your pocket. Definitely not as easy as this post makes it sound. Remember you'll pay closing costs each time which will add up quick

@Kamal Gill Sounds like this person is trying to pull one over on you. Make an account on petscreening.com and make them fill it out. They cant make changes to an existing lease just like you cant.

@Daryl Leeson I charge a pet fee and require a receipt from a professional cleaning company to get their full security deposit back.

@Mitch Messer Alot of people use the "time to recoup the investment calculation." 2 or 3 years is average but obviously the lower the better. You also have to factor in what parts of the renovation will need to be repaired again in that time frame. So if you can raise rent 300/mo and want to recoup your investment in 2 years, dont spend more than 7200 on the upgrades.

@James Miller I have a troubleshooting tips document I give to all my tenants at lease signing with all of those common things. I explain they should read it before calling or texting. They obviously dont so I usually end up asking them to look at it again and 50% of the time I get a follow up text saying they fixed it. Weird.

The 3 am calls are rare so I wouldnt worry too much. Not much anybody will be able to do besides the fire department. So my only advice there is have good insurance.