All Forum Posts by: Benjamin Lemieux

Thank you all very much for your insight, and suggestions. I will be looking into these days. I appreciate you all as active members of the community sharing your knowledge with me!

All my best,

Ben

Hey everyone, 

I was curious if anyone had a list of what they charge for cleaning fees when a tenant moves out? Do you have an itemized list if a tenant moves out and leaves things dirty such as?

Stove - $50

Fridge - $75

Etc

Maybe you all just hire a cleaning person instead and let that make the determination? I have heard of landlords having itemized lists, and am looking to include a list in my lease for move out. I am slowly accumulating units, and feel this would be ideal for the future. Thank you for any insight or even a list you may be able to provide. If anyone is kind enough to send something like that over that would very helpful.

Thanks for any help in whatever manner you can!

Ben

Hey everyone,

I’m currently growing my portfolio and want to begin collecting rent on a platform other than Venmo/Zelle I think. Is their an app you all use or do most people just use Venmo/Zelle. I’ll be closing on doors 5-7 this week. 

Thanks

Ben

I appreciate you taking the time to respond and give your insight Steve! I agree! He will be out of state, and I will be compensated for the property management portion of the deal before an even split moving forward. Both parties are happy. 

best,

Ben

Thanks for taking the time to respond Greg! He does haha, but your point is well taken obviously. We've been best friends for 15 years. Traveled the nation as musicians, living together, etc. Other financial ventures together in our past/current.

Goodmorning Biggerpockets,

*Note* I intend on consulting my actual attorney this week, but until I hear back my anxiety needs an answer.

Basically I'm questioning if what I am doing is legal. It was the loan officers suggestion. A partner and I are under contract on a triplex. Splitting the funding roughly 50/50. He can't be on the mortgage due to the fact he hasn't had a solid income for 2 years. Very lucrative job but non the less not 2 years. (Partner was backpacking Asia prior for quite some time lol)

I am able to get approved based off my income by myself, but I only have about 40K liquidity I'd like to put toward this deal, so that I have an okay cash cushion in case of emergency in my life. (If I include my retirement I technically have enough to do it, but don't want to create a taxable event.) Our loan officer suggested putting me on my partners bank accounts so we are joint co owners. We have done this. Got it notarized. I am joint co owner on this account. We are not "inflating" what my assets look like just to get approved. These are funds we would actually use for part of the down payment. We could also keep me on this account and use it as the main bank account for the 3 family we are buying. Also this partner would be on the deed of the house as well. Not sure if that matters, but just trying to give a clear and concise view of what we are attempting to do.

If anyone has any insight on whether or not this would be some sort of mortgage fraud I would appreciate it.

Goodmorning Biggerpockets,

*Note* I intend on consulting my actual attorney this week, but until I hear back my anxiety needs an answer.

Basically I'm questioning if what I am doing is legal. It was the loan officers suggestion. A partner and I are under contract on a triplex. Splitting the funding roughly 50/50. He can't be on the mortgage due to the fact he hasn't had a solid income for 2 years. Very lucrative job but non the less not 2 years. (Partner was backpacking Asia prior for quite some time lol)

I am able to get approved based off my income by myself, but I only have about 40K liquidity I'd like to put toward this deal, so that I have an okay cash cushion in case of emergency in my life. (If I include my retirement I technically have enough to do it, but don't want to create a taxable event.)  Our loan officer suggested putting me on my partners bank accounts so we are joint co owners. We have done this. Got it notarized. I am joint co owner on this account.  We are not "inflating" what my assets look like just to get approved. These are funds we would actually use for part of the down payment. We could also keep me on this account and use it as the main bank account for the 3 family we are buying. Also this partner would be on the deed of the house as well. Not sure if that matters, but just trying to give a clear and concise view of what we are attempting to do. 

If anyone has any insight on whether or not this would be some sort of mortgage fraud I would appreciate it.

Scott, these are fantastic questions to add to what I intend on asking. I appreciate you taking time from your day to comment on my questions. I am going to shoot you over a message now because the St Louis county market is where we are actively looking. Thank you very much!

Good evening BiggerPockets family, 

My partner and I have spent the last month or so building a team out of state (Missouri). One part of our team we have not lined up yet is a general contractor. I was wondering if anyone had any good advice they could share for interview questions when looking for a GC. Of course there is always risk with contractors, but want to do my best to make sure I don't lose my shirt. Our real estate agent had a referral list they gave us and I intend on going through it, vetting them through their reviews and then choosing who to interview from there.

Any advice is greatly appreciated. 

Thank you

Ben