All Forum Posts by: Tami R.

Look the old cushion comment about roofing. We own large roofing company and the roofers are always stopping on the streets getting cushions from old couches. I always have to remember this is a business. Run it like the executives would run Wal-Mart or Apple. Sometimes I feel sorry for someone like an old lady and think I wont charge her the pro rate of the 3 days or deposit, etc... but we (i) need to. Also for the keys, we have over 200 doors I was tired of hundreds of keys so we have been slowly going to the keypad entries. My staff have a code, subs (plumbers, electricians) have a code and the tenant have their code for the property. I can easily change the code if needed takes 2 min and then we have 1 master key.

We love Disney and go 10 days a year. We considered buying but decided against it 1. Not quite ready for long term rental 2. Fierce competition Also when we go out there I want to be able to go to different areas and not be committed to one property. Maybe 15 years we will think different when the kids are older.

I own a roofing company and do over 600 roofs a year. And even on my own roofs I would never roof over ever. Tear off the existing weight install. See if theres anything that needs to be addressed and install proper felt, etc shingles. And if you get a warranty it wont cover going over.

That's been the one challenge we have about 200 doors. I like to keep track of all my expenses per door so it's been a little challenging but we are putting together an inventory book. For example its costing a little but I am going to keyless door locks now once a property goes vacant. We have a master code, a code for our maint guys hvac, plumbers, etc and then tenant has a code. I buy the locks on my personal Amrican Express so I get my points rewards and when my staff takes a lock we just cut me or American Express a check so i class it to the correct house on Quickbooks.

We purchase a lot of everyday purchases like doorknobs, locks, fire alarms, paint brushes. Co2 detector etc at Menards. I feel like our staff are always going to Menards to get more and more and wasting time even when they dont try to. I have found Amazon prime has been an asset for us and I have been buying in bulk and stocking. Anyone else do this and if so share ideas on what are items that you stock at your offices and do you use Amazon?

I agree but if he pays the month and you get a tenant the next month you cant charge him in the state. I feel like the state of Iowa is tenant friendly state and you better be really promoting that vacancy.... you are 100% right it's hard to rent in Iowa in the winter. We are pushing houses and apartments now knowing we have about 5 weeks

Breakdown the last part for me... I am confused on the shorter ammortization part. $35,000 FIXED at 5.375 for 72 months. Fully amortized. I’ll finance all of the closing costs (doc fee, flood fee, mortgage recording fee, title opinion, abstract update for final title opinion). Monthly payments are about $585. Short amort on this one still has a debt service coverage ratio of 1.25 at $1100 per month and jumps to 1.82 at $1600 per month. Pays off in 6 years or less if you paid extra on it and frees up the property to be used in other purchases.

Buying a 4plex all 1 bedrooms from this older guy. 45k I am putting 10k down to my bank and my bank sent me an email and had the following offer... can someone breakdown the last section for me, I guess I am not familiar with shorter ammortization technology and how it works::;;; $35,000 FIXED at 5.375 for 72 months.  Fully amortized.  I’ll finance all of the closing costs (doc fee, flood fee, mortgage recording fee, title opinion, abstract update for final title opinion).   Monthly payments are about $585.   Short amort on this one still has a debt service coverage ratio of 1.25 at $1100 per month and jumps to 1.82 at $1600 per month.   Pays off in 6 years or less if you paid extra on it and frees up the property to be used in other purchases.  

I agree what has been said Along with owning rental properties we own a large construction company. Getting good help is hard and our company along with other reputable companies are so far back that when a landlord calls and says they are thinking about buying a house and they need estimates we honestly would like to help them but we need to focus on our customers that need work immediately. You could also look at a handy guy or a one many guy depending on the work but a 5 bedroom house might be a little bigger than what you want for the first one.

Depends on the Grade of the property and also where location is.... basement apartment etc. Basement also gets ceramic tile C D neighborhoods are tile or laminated wood Some elderly apartments have carpet and linoleum We still have bedrooms with carpet but try to make the kitchen and living rooms tile or laminate wood. Right now we are so behind in construction because of flooring