All Forum Posts by: Wade Sikkink

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Just for reference on the potential income from the laundry.  We have a 14 plex with a laundry in the basement.  No other laundry facilities in the town where the building is, so pretty much a captive audience.  It pulls in between $250-300 per month and we periodically have some maintenance that has to be done on the machines.

I signed up to try it out.  Data entry was difficult and lengthy (14 units).  The accounting function sucks.  It might be "free" but it's not a good product.

Great Place Properties, Lynn Fisher.  Top notch.

https://www.rentgreatplace.com/

Why wouldn't you just set up an LLC? Seems like you're going to operate in that manner. If you are going to maintain separate accounts, etc, then just take one more step in that direction and set up an LLC to own and operate the properties.

As for the name, the only issue could be if someone has already registered a business called LO Properties.  Otherwise, there's no issue with using "properties" in your company name.

@Greg H. is correct.  The co-signer is 100% responsible for everything, including paying rent and damages.

Couple things here.  Always collect a deposit.  It doesn't matter how nice or wonderful or well put together someone seems.  Always collect a deposit.

Be wary of co-signers.  We've had some bad experiences with co-sign situations in the past.  We've found that the person agreeing to co-sign maybe trying to get the person out of their hair.  They don't want to deal with them anymore so they are willing to co-sign to get into a different situation and not be the co-signer's problem anymore.

Good luck.

Make your offer contingent on a full inspection of the property.  If they inspection results are not to your satisfaction, then you walk away.

I would guess that if it's a single mortgage for this property it will be considered commercial.  It's 8 units total.

It doesn't have to be in your lease to require it.  The tenant has to return the property to the landlord in the same condition they received the property in.  If the carpets were newly shampooed when they moved in then they need to shampoo them when they move out.  We require all tenants to shampoo carpets before move out and provide a receipt showing that they actually did it.

We note the condition of the carpets on the move in inspection sheet.  Now if this was an inherited tenant, you may not have such a sheet.  You can tell the tenant it's a requirement and see if they try to call your bluff.

Good luck.