All Forum Posts by: Ron H.

I contacted Zillow and they removed my phone number from my listings.  Intent was only for full time property managers

Quick flip you owe self employment tax plus tax on 100% of gain. Rent for a year,  you only pay long term capital gains tax.  Live in house for 2 years, no tax on gain less than $250k/$500k

Make sure you look at why a person has a low credit score.   If they have evictions, car repossessions, etc then automatic no. If credit is low for unpaid medical payments or student loans with no missed payments for housing, auto or other life necessaries they "may" be ok.  With these conditions I will accept a lower credit score but only with last months rent payment, which I normally don't require.

What to do?  Don't close.

My FL rental renewals are at 60% to 100% increases this year for SFH. My personal residence is up 40%. This is with heavy shopping around.

For my B class SFHs, I have everyone fill in a short Google docs pre qualification form. Maybe only 10% of those responding actually meet the qualifications spelled out in my ads.  I then do 1 on 1 showings, having each applicant text me immediately beforehand.  I am from 30 to 75 minutes away from any of my houses.  No shows stopped occurring once I started requiring them to text me 1 to 2 hours ahead of time.

Tenants are told up front and it is written in the lease that utilities must be in their name before they receive the keys. I have only had one tenant so far that didn't transfer ahead of time. He was at a house to move in and a call to the electric company verified that utilities had not been transferred over yet.  He wasn't happy about having his move in delayed a few hours while he arranged the transfer.

Sounds like poor communication on the part of the property manager.  I haven't had many tenants inspect both the water heater and furnace in houses to confirm whether they were gas or electric so they might not know who to even call for utilities.  Tenant should be notified who the providers are and move in expectations up front.

I fix or replace all appliances except washer/dryer.  I have several sets of older washer/dryers. At movein, if the tenant requests a w/d and I have a spare, i will furnish one free with a lease addendum that states they are provided as a courtesy and will not be repaired or replaced if they fail.  If I happen to then find a very good condition  cheap w/d on craigslist I might replace it but I don't tell tenants this up front.  I can (pre pandemic) always find an almost new pair for < $300 total, just not always in a particular week.

Calculating monthly mortgage payment based on a known interest rate, loan amount and percent down is a simple math equation. All the calculators i have used have been accurate to the penny. The hard part of course is guessing what your exact interest rate (APR) would be ahead of time along with your closing costs and monthly insurance and property tax rates (if these collected/held in escrow) These items can vary quite a bit between lenders.

Repeating:  Don't believe any number given to you by the wholeseller..  verify all numbers yourself.

Review the actual contract you are being assigned, not just a contract written to you by the wholeseller. 

Verify that the owner contract shown to you from the wholeseller is the actual contract.  I had a wholeseller show me the original signed contract but "forgot" to show me the amendments that were added.

Talk to the actual owners.  Wholesalers despise  this though. 

Like with any home purchase, always do a walk through right before purchase. Had a house where contract said all appliances stayed.  Walked through the night before Nd house was stripped.  Owner said he was told by wholesaler that it was ok ???