All Forum Posts by: Juan Espinosa

By the way cute pit. I have two of my own, both rescued. 2 girls Diva and Jawsly. A little off topic.

A slab is a single piece of wood without any hardware or hinges. Sometimes they can be difficult to install. It all depends if the frame is still square.

A pre-hung door comes complete with frame. All you have to do is remove the old frame and door, square up, shim, trim, and your set.

I would go with a solid core door. They are more expensive but pay off in the long run. Depending on the damage they take, you can always sand, patch, and repair much easier than a hollow door.

Since the solid core doors weigh more than a hollow door, if the frame is weak, over time the solid core door will pull the frame uneven. Especially when you have tenants pulling or slamming the door.

If this is an isolated incident then maybe all you need is hollow core door, which is much cheaper.

Hope this helps.

I have looked into these types of homes in the past and most listings say "need TLC." That TLC is usually foundation work, which will run at least $15K. Also needs major mechanicals and a new roof, there goes another $20k. Plus another $20K in general repairs. That $1,000 house just cost you $56K. Oh, by the way, the going rate for homes in that area are usually $30K - $45K, doesn't sound like a good deal now. If the ARV was closer to $75K - $85K, then it might be worth the hassle.

"Intelligence plus character- that is the goal of true education" Martin Luther King Jr.

After all expenses including the 50% rule, cash flow is $650 a month, for a 2 flat property.

I use a Android app called Landlord Condition & Inventory by Thoughtful Apps, to conduct pre and post inspections. You can customize it for your home including number of bedrooms, bathrooms, etc. It only cost about $9.99. And its only a one time fee. Plus you can create a final PDF report about your findings. There is no extra cost hidden within the app. I haven't found anything for iPad yet.

Most importantly, you should have a record of when they first moved in to compare the condition. If you don't, then use your best judgement. I'm usually more concerned with items that will cost more to fix, rather than pointing out every little smudge of dirt.

Allow yourself plenty of time to go throughout the entire property, because this is your one chance to find any problems before handing them their deposit.

Happy tenants are great, even when they are leaving, that just means you did your job!

Hope this helps.

Thanks Jerry W great info, will look into!

My father is retiring soon to Mexico, and wants me to take over his rental property. The home cash flows very well, but he owes as much as the home is worth. And I'm currently maxed out on getting another loan. I currently have 3 SFH which I am either the owner or partner.

I would be taking over as if I were the owner. Paying the mortgage, collecting rent, handling expenses. And I would also keep any cash flow at the end of the month. (Some might be asking why would my father give up this cash flowing property so easily? Simple, he is 74 years old, he already has a house in Mexico, the cost of living is very low there, and most importantly, he is a great father.)

My questions are

What can I do to have my name on the deed itself, in case of emergency?

What other steps can I take in order to protect not only my assets, but those of my father as we'll?

Any help would be appreciated thanks!

I have 2 properties that are currently rented by section 8 tenants, like Brian said, the key is keeping on top of things that may result in bigger problems in the future.

I have rented to section 8 for years without any issues. You just have to screen everyone the same whether you accept section 8 or not. I have found that most section 8 tenants, want to leave on good terms, since their address history follows them around. If they screw over their landlords, they jeopardize being on the Section 8 program. I don't necessarily agree that they all don't have money, they do pay a portion of the rent and section 8 covers the rest. With all properties, you will get good tenants and bad tenants.

I live in Kalamazoo, MI and I have 2 properties in Chicago that I manage myself. I have found that you need great contacts in or around said properties in order to make it easier to manage. Plumbers, carpenters, electricians, or whatever service you might need when something breaks down, are always needed at a moments notice. I have compiled numerous contacts in these industries, whether by word of mouth or hiring them for a job. Having local, city, township, or state phone numbers handy is always a plus. Including gas, light, sewer companies numbers. Downside to all of this, you will be constantly on the phone and you will have to rely on other people for everything.

Or you could just hire someone to manage your properties for you. I have no experience with management companies, but you can find great info on BP on that topic.

I have found that even though I'm 2.5 hours away from my tenants, as long as there is a systematic way on how you deal with issues, concerns, or whatever may happen, it's actually not that bad. In order to start a system for handling any issues, you need a lease that spells everything out for your tenants so that everyone is on the same page from the start.

I found a relative, that I trust, who is just getting into REI so having him be my middle man has made it much easier. Plus it gave him a intro into REI.

Most importantly having great tenants is key!

Hope this helps!