All Forum Posts by: Peter M.

@Horacio Gutierrez Yes that is correct. You could also set an LLC up as a partnership which gives you a K-1. 100% of the K-1 income will count towards DTI for future loans.

@Marissa Liesenfelt with STR its all about getting it on the market and the reviews so we set a budget and deal find on FB and Craigslist but you need to make sure you're getting quality things too. But if you have to go over your budget a little to make things work together i wouldn't stress. Its all start up cost that will get depreciated

@Bret Habura Don't put any value in that number. Most are tire kickers. One nice feature for potential tenants is that they can fill out one application and pay one credit check fee to be sent to landlords for one month. So they do that and just shotgun blast to see what they can get

@Noureen A S. Hire a company to mow twice a month and add it to the rent. I used to do it as the tenants responsibility and they would inevitably forget. Less hassle and your property always looks good.

@Joe Zinger Ya HVAC is a pretty good racket. Cost me $240 for someone to replace a capacitor 2 days ago...good thing we can write it off.

@George Martinez You need to be cautious about posting things like this because you may be violating fair housing rules. If they both qualify the same you need to go with whomever submitted an application first.

@Joe Zinger Honestly everything is made at about the same 3 factories so it really doesn't matter. What matters is the warranty and if they install it correctly. Make sure the lines are flushed properly before they pull a vacuum or you end up with a frozen evaporator from debris restricting the lines.

@Shawn Ricehouse I use Ola tax out of Fort Worth. I think its worth it but its been tough getting reductions the last few years because values have been going up so quickly. But if they can get them lower ill gladly pay 30% of what they saved me

Property inspectors usually have a form they fill out with all the information and pictures of what was inspected. They will give you recommendations and tell you to get everything checked by a professional in that specific field (i.e. roofer, electrician, HVAC, pool guy, foundation). You could spend a fortune getting more inspections. Its all about liability and a home inspector isn't going to put their career on the line and give you and solid answers unless they are 100% sure. So try to use an experienced one and just do the inspection with them. You'll learn a lot and theyll end up answering more questions than you would ever have known to ask on your own. 

Just sell the property and be done with it. There really isnt much you can do about what you overpaid him. Does he still expect more payments? If so you may find yourself in an even bigger legal battle or mechanics liens. Going forward all change orders must be in writing and you should have provisions for missing deadlines in the contract. I've been bit before in a similar situation but you learn as you go. Also, never pay the full amount until all the work is complete.