All Forum Posts by: Steven J.

Seems like it might be something that was missed in the contract either by your or the PM company. Does seem excessive but Kim does make a good point above. Sounds like this company offers a lot of quality services if they are doing all that. I've never hired an outside company to manage for me so I'm not sure what constitutes quality.

I'm very surprised the PM company recommended not to go after damages when its that much. I can understand not going after a few thousand but 14k sounds like something else. And I do have to agree with someone above who said that it should be 14k for those damages. Doesn't sound like its enough to constitute that much in repairs unless its high quality finishes or something.

I would certainly call a housing agency and ask to be put on their lists and be willing to take sec 8. IMO, they can be just as good as non sec 8 tenants, its just a matter of doing the same screening process you've always done. A plus side to sec 8 is that when you find a good one they tend to stay a long while. They should be having an annual inspection from an agency representative so that helps keep things in okay condition, and they have quite a process if they need to move or change. All those hopes to jump through are super inconvenient so its just a bit more motivation for them to stay. Some of the best tenants I had were subsidized and they were pleasant to deal with, responsible, and didn't cause issues.

If you're going to start your own inspection business then yes get the proper certifications and such but if you're investing I wouldn't bother with it. you'll learn how to do the inspections your self over time or hire it out. Otherwise, you're paying for training, and annual certifications (of some sort) that aren't going to bring in much profit.

I've recently set up my solo 401k to use as either a personal loan to myself which I pay back over 5 years at 1 point above market rate (got to pick that myself). Biggest limit there that you'll need to keep in mind for what you're doing is that a solo 401k allows you to borrow 1/2 of your account up to a max limit of 50k. Not much if you're doing big deals but I'm working individual mobile homes so it was more ideal than the SDIRA which is up to any amount but only for 60 days. Check in the fileplace a document I uploaded called 'comparison of self directed 401k and ira.' I put it together myself comparing the two because I kept getting the information confused but I think its correct for the most part.

I recommend heat tape for sure and on the really cold days do the dripping. I try to drip a faucet that is the further away from main line in so that it in theory goes through as many lines as possible. I also check my heat tape every year (they don't last for ever) and I would replace at 5 years at most if not earlier. And do make sure you read the instructions on those because they can cause fires if installed improperly. It'd be a shame to lose an entire property because you were too lazy to install a $30 product properly.

I'm pretty big on using the special offer APR cards but not really the cash back stuff simply because it means I have to use them. It works out alright if I happen to know a big $4500 purchase is coming shortly in the next 90 days but that does take some careful scheduling.

You can certainly give 30 day notice to those on a years lease as long as they are within 30 days of their lease being renewed. If they are renting for a year at x amount then it will be that amount for that year. 

Agreed, the GIS information is highly helpful in any county and almost every county has that information. Start by mailing out letters to these leads and keep in mind its a number game. Experts in wholesaling say a 2% return of phone calls per mailing campaign is a good turnout. 

Once you have all the owners information you can certainly go door knocking and ask in person. 

Wow, gotta say this thread has gone in so many directions! @Anthony Conway you make a great point about how contractors can pay the TAxids of workers and you wouldn't know if they are legal or not. Understood and fair and thanks for sharing. I knew this but didn't realize it before until you put it that way.

More importantly, I've got to agree with others that, unfortunately, a policy is a policy. Its put in place by us landlords buts it enforced and often at the cost of us by the government. If I were to find out a an applicant were an illegal immigrant when I have a statement in my lease stating (roughly) 'tenants doing illegal things may be evicting' then yeah, I'm not going to risk it. Even if that illegal person manages to fill out an entire application and pass a backround test and I decide to rent to them, then okay! They went through the policy and provided information - thankfully, in my applications there is a clause stating how misinformation can get you into trouble. I feel like this discussion has been a back and forth of those who have a 1 page lease agreement and haven't been hit hard yet and those with a 10+ page lease agreement who aim to cover their butts.