All Forum Posts by: Albert Blair

I need some advice Fam. I have a rental property that I am rehabbing to put it on the market to rent. The last tenants did some damage to the interior of the house and repairs like, sheet rock, fixtures, paint, etc. need to be completed.

 I live in Georgia and the hurricane destroyed the roof. As a result, a new roof was needed. The roofing company I hired also does restoration for homes. The roofing company want to rent the house and will do all of the renovations while staying in the house, as workers from their company will be staying there. 

While they are living there and doing renovations, I will discount the rent and apply the discount to the renovations. For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.

How should I write up the lease agreement as far as collecting the rents? Should I write the $1000 or the $2000 on the lease? Has anyone ever experienced this sort of situation? If so, how did you handle it?

Thank you.

Nathan,

Thank you for the information. I will definitely look into your suggestion.

Hello BP Family,

I have a couple of issues that I need information on turning over a single-family home. This is my first time doing this, so I want to understand the most efficient way to do so. I understand that I need to either rekey the house or change the locks out completely. Which is more beneficial and cost effective. If I do change the locks, will I still have to rekey them to prevent having three sets of keys? In addition, I do want to get some type of temporary security camera for the property while doing some minor rehab fixes, Are there any suggestions for temporary security cameras?

Thank you all

I believe there are many positive reasons to get a license. However, I think it depends on how many properties that you are planning to purchase a year. In addition, you would have to disclose that you are an agent when purchasing properties for your portfolio. 

Thanks everyone for the information. I will definitely take what everybody has said when I make my decision. Oh, by the way @Luke Carl I was the one that you caught me yawning at the masterclass yesterday. My name is Blair. That was very informative as well. Looking forward to part two on management next week. Thanks again everyone.

Hello,

Anyone that has an STR in the Destin area can you please provide information. I see homes and condos available in the area. What are the pros and cons of owning a condo or home in the area for a STR.? It seems that the condos are right at the beach whereas the homes seems like you have to drive to the beachfront. Thank you for any input.

Hello @Doug Smith, Thank you for the information. I didn't know that about the SBA and other banks. This has been very helpful. 

Yes, it definitely was a mind set shift for me. It helps you think of another way to look at money and how to make money.

Matt, are you on a wholesaler's list? I would try to get with a person or company that advertises that they buy houses and see if you can get on their mailing list of when they have properties for sale. It might be difficult since you are new and probably won't get the best leads, and you will probably have to do some fixing up on the property. In addition, you probably won't be able to a get a conventional loan for an off-market property. Good luck.

Emily, an LLC. main purpose is for asset protection. I've heard the argument that if you don't have a large amount of assets to lose, a good umbrella insurance policy should suffice. However, once you begin to scale it makes sense to have an LLC. On the other hand, if you just want to have one in place before you scale is alright to have but not necessary in my opinion.