All Forum Posts by: Sunny P.
Sunny P. has started 25 posts and replied 89 times.
Post: New appliance...repair vs. new
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
Tenant called and said the oven part of the range won't turn off...had a repair company look at it and they quoted me $480 to fix it because it needs a new control board..which apparently is $280 PLUS labor
Long story short..it made sense to just buy a new range. I have a stainless steel package so I got a nice samsung and with tax and delivery and haul away it is about $560.
For less than $100 more, I am able to replace with a new one....either way it sucks because the condo is only 8 yrs old and 8 yrs of usage isn't much for ranges...
So my question is, will I be able to deduct ALL of it this year or is this some crap that I have to amortize?
Thanks
Post: Columbus (Dublin) Rentals
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
Originally posted by @Robert Ellis:
Originally posted by @Sunny P.:
Do you guys have a list of contractors that you work with in the Columbus area?
I am looking for a cleaning person, carpet cleaning, painters, electrical, plumbing, etc.
Thank you
Not sure if you got this answered but I have a great all around person that can do most of these things and has done for me and many clients personally that are always looking for new work. They are awesome.
Hi Robert,
Can you connect me to this person? Thanks so much
Post: Invester/General Contractor
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
@Christopher Smith, what kinda deal did you get in Springboro? How's the rental market over there ?
I am in cincy and I would consider Springboro. What kinda price and what kinda rents ?
How do you manage from Cali? Especially, showing the unit, getting it cleaned, handyman type repairs, carpet cleaning vs replacing, to paint or not to paint ?
Sometimes we get a lot of requests for rentals. What kinda info can you ask for what can you not?
Can I ask a potential tenant to submit income verification before showing them the property ?
Post: Do you know of a portfolio lender in Ohio?
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
@Account Closed congrats on your success in Colorado. I am no lending expert but I would think it would be even harder to get a loan in another state because of your unique situation. Have you talked to any hard money lenders?
Post: Just closed my 10th rental in last 7 months
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
Originally posted by @Clara Jones:
Originally posted by @Sunny P.:
@Daniel Toshner I am inspired
so look at this listing..it sold for over 100% of listing price and the total rent is not even 1% of purchase price.. why would somebody do that? What value do they see here?
1%? $1,500/month -> $18,000/annual... almost 10% gross annually
Clara, I think the 1% rule applies to monthly rent. Not annualized
Post: What do you think about this deal?
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
thanks Julie. That was very helpful.
Wanted to update on the HOA financials. There are 76 units total in this HOA and there are other HOAs around and then a master HOA.
As of 6/30/16, reserves were $100,000 and checking acct has another $120,000 for operating expenses.
No assessments have been planned as of now.
Post: Just closed my 10th rental in last 7 months
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
@Daniel Toshner I am inspired
so look at this listing..it sold for over 100% of listing price and the total rent is not even 1% of purchase price.. why would somebody do that? What value do they see here?
Post: Have you been wildly successful with condos?
- Investor
- Cincinnati, OH
- Posts 90
- Votes 5
how often are special assessments done?
bump for the sunday crowd