All Forum Posts by: Barrett Dunigan

I inherited a tenant with a pet (dog) in a PA triplex.  They were on a month to month, but had them sign a year lease when I purchased the property.  In that lease I charge them a flat non-refundable fee for having the pet.  I don't charge them for the pet month to month.  Their lease is coming due for renewal and I would charge them a flat fee again, in this case only because I am not thrilled with their cleanliness.  If they were a great tenant and kept the unit clean, I probably wouldn't charge the fee again.

I'm currently using CamaPlan.  They're pretty good and do offer different webinars and classes on how to use your SDIRA to be the bank.  As with all of these, it is important to do some research and understand what the costs will be based on the type of investments you are going to make. 

If you have the walls open, think of going larger than 2x4 and use 2x8s or larger.  You could also install 3/4 plywood or kitchen metal (usually seen in commercial projects).  Either way, don't skimp, it gives you a wider spot to hit.  Also add blocking to where you might think of adding future grab bars in the tub/shower.  You have the flexibility now and it's a cheap add.  Just don't use drywall screws to attach the blocking.  They're brittle.

You may already the answer in your Lease agreement (I would say we all have some basic similarities in our leases).  First, the noise from the generator may be covered under  a provision for tenant responsibilities of "no noise" that you could use to put them on notice.  Secondly, you hopefully have another provision that also lists the payment of utilities as a tenant responsibility.  Specifically that the "Tenant agrees to pay on time all utility bills for which Tenant is responsible."  If these are not in your lease, you should add them in the future.  There would then be no need to a future line for the use of the generator, and covers you for other potential issues.

@Lalaine Hagler - Take a look at rentometer as a guide, but also scope around your area.  Use craigslist, Zillow, your local paper, and realtors to do comparisons.

I've also used Wayne Kerr at Kerr & Company for my SDIRA RE.  They have offices in Philadelphia and Marlton, NJ, and are tax and legal.

Good luck.  Looks like you have a few to talk to.

The purchase agreement will need to be signed by the custodian, but this is after you review and typically intial the agreement.  The custodian wants to see that you have reviewed the agreement first.   Your custodian should also provide you with a checklist so you know what to expect when purchasing RE.

Good luck.

Barrett