All Forum Posts by: Anthony Espinal

 As a current NYC house hacking land lord, I also see myself as someone who is super attentive and I like to go above and beyond for my tenants. That being said I'm on the fence with this one. For all tenants I would make sure they are aware of the situation and make sure they're ok. I consider providing temporary hot plates is going above and beyond, but paying for food is a little far for my standards. Decreasing rent based on landlord provided services (hot water) not being available is def your call, you just have to be careful with setting expectations as this might leave you vulnerable for gettin exploited by your tenants. 

Thanks! This is what I ended up doing. I got all the perks and docs when I bought the managing book and it was 1000000% worth it. I just re-worded a few things and made it my own. I absolutely love being able to say “let me submit all your documents to the landlord for approval” then assigning blame to the evil land lord when it comes back as denied. This specific tenant did not meet income requirements, credit requirements, and could not provide positive landlord references. 

Thanks everyone for your input. I just don’t want to waste anyone’s time by having them officially apply and go through the process if I know I’m going to deny them just based on the pre-qual questionnaire.

Hi, 

I’m new to “legit” landlording and I’ve been reading through The managing rentals book. I do have a question that doesn’t seem too clear to me in the book. Does every potential tenant go through the full application process or can you deny them just based on the prescreening? I think at one point I read that you allow everyone to apply and deny based on the application. But that could get pricey if I have to pay for the background/credit checks. In NYC you’re only allowed to collect $20, not enough to cover the standard $35 fee.

Hi, 
I'm currently in the process of finding a multi fam using a VA loan. I found a property that within the budget but it needs work. Unfortunately it needs work the the point where it will fail the VA inspection.

Most obvious issue is one bathroom is gutted. Looks like toilet, vanity and tile around the shower body were ripped out. It’s rough. Aside from that I’m worried about mold and wood rot. 

I’m trying to think of a way I can workout a deal with the seller where the house can be brought up to standard to pass but don’t want to be out any money if the deal falls apart. 

Does anyone have any ideas or has done something like this before?

@Jaysen Medhurst

I haven’t read the book, I’ll have to pick it up. But how do you guys do it? Analyze (on computer) a few properties, select a few that meets criteria, setup viewing (all in 1 day to kill several birds with 1 stone). Then based on what I actually see, have a contractor go in and give me a quote? Or get it under contract then do inspection+contractor walk through?

It’s not entirely clear to me bc of the lack of my experience.

I’m looking to pick up investment properties 3 hours away from where I currently live. I went in person to see and had a contractor walk through with me and give me a quote. Unfortunately, I probably won’t be able to get this in contract because there are several offers. It took a while but I changed my sad mindset into “move on and attack the next” mindset.

The question is, I’m trying to ramp up everything and analyze more than one deal at a time and put in multiple offers. How can I do so without dropping ~$200 per property on a quote? Do you guys normally worry about that after it’s in contract?

@Tyler Wisner

For my first BRRRR deal I'm going the hard money route. Some of these companies won't lend to individuals unless it's within an LLC.

If you chose to start one, I recommend checking out:

https://www.llcuniversity.com

Easy to follow step by step instructions, they also have a video series on YouTube.

@Shane Elias-Calles

As far as starting an LLC, this is probably the best how-to out there.

https://www.llcuniversity.com

They also have YouTube videos walking you through each step.

I have a bunch of stock I was thinking of cashing out to use in RE investing.. bad idea?