All Forum Posts by: Jeffery Griggs

Full disclosure. We only have one rental a SRF. Looking to add another soon. The utilities are in the tenants name and their responsibility. I'm in AL so no snow removal. 

This is a common practice in SRF. It is also common in multi. Listen to the podcast 182 with Jake & Gino. They talk about RUBS. You can search split meters on the forums. Many landlord will install separate utility meters in multis to off load this expense. 

You also have to take into account what the market expectations are where the rental is. If you don't know that now you should find out before you buy.

Tom welcome to BP!!. If you've been listening to the podcasts you've probably heard @Brandon Turner say everyone has some Unfair Advantage. One of yours is a massive amount of driving for dollars. Take note of the address...voice memo, handwritten, etc whatever works safely. You can even take pictures if the opportunity presents. Evernote would work great for this. Now you have a marketing list. You can mail by hand to save $$. You're a sales guy if it looks like someone is home make a cold call.  Just take action. If you can find the deal you can make the rest work out.

"A journey of a 1000 miles begins with one step"...keep putting one foot in front of the other.

Hi Brad. Welcome to BP. Your assumptions on vacancy rates & maintenance are more conservative that the the proforma. That is good and more in line with what I would use. You are also wise to add in the capex from the start. 

A question that I have is why are you paying the utilities and landscaping? I would have the tenant pay those. I would include clear language in the lease that states their responsibility for the lawn & snow. If you remove these from your calculations the COC is 13.9%

Hi PJ!! Welcome to Bigger Pockets. We are just down the road from each other. Let me know if I can be of help.

@Ryan Savage connect with @Upen Patel

@Kyle Skelton Welcome to BP!! This is a great place to learn and meet others. I recommend listening to the podcasts. That's how I spend my work commute.

Congrats!!! That is a fantastic...

@Craig C.  I agree with @Kyle J. At some point you have to take action. It's kinda like dating...at some point you have to try to kiss the girl...you can never be 100% sure what her reaction will be but you can be 100% sure that if you never try you will remain frustrated. 

Check out this post I came across. It is a fantastic story of taking action even when you don't know everything.

I am a big fan of action. I spent too many years reading....

@Adam Schmidt have you searched here https://www.biggerpockets.com/files

@Jeremy Taggart congrats on the triplex. Here are a couple of things to consider along with the break even and total saving over the life of the loan. 

1. What do your reserves look like. If they are low it could be worth it to keep the $600 available if needed.

2. Can you use the $600 to make more money over the next 6 years? If you can then the real break even point is further out in the future.

Like most things there is not necessarily a right or wrong answer. It is usually what makes the most sense for the current situation.