All Forum Posts by: Ryan B.

Told him yes, gave a half hearted laugh. Then told him to kick rocks before I called the cops.

"Your paper says you don't take felons. Who exactly do you consider a felon?"

"So what counties do you do a background check in?"

"Can my DUI ticket count as ID?"

"It says small dogs allowed, so can I bring my pitbull puppy?"

"Is it cool if I park my Harley in the living room at night?"

"Do you know if there is an elementary school within 1000 feet of here?"

"Why are you looking at me like I said something stupid?"

I agree with Steve K. Dump him and find a new guy.

I had a contractor that had done work for me several times. On the last rehab he had about 1 days worth of little stuff to finish. He never showed up to finish it and refused to answer my calls. Finished it myself and decided never to use him again. I am closing on another complete rehab at the end of the month and I have a new contractor. The old guy lost out on thousands of dollars worth of future work because he flaked out over fixing a couple outlets.

FMR according to HUD is $895 for a 3 bed in my area. The 3 bed house that I accept Section 8 for, the local HUD office will only pay $625 for due to amenities, age, size, condition, location, etc. Easiest way is to just call the local HUD office and see what they will give for it.

For liability I have $500,000 per rental and a $1 million umbrella on top that covers all the rentals also. The umbrella is cheap, mine runs about $190 a year.

Stay out of the hood.

In low income properties, remove the following:

Ceiling fans
garbage disposal
dishwasher
Carpet
Storm doors
Closet doors
Towel racks
Mini blinds
Pretty much anything that moves or has pull chains

I use the exact same paint for all my rentals
Solid wood doors (a single punch and a hollow core one is toast)
Door stops behind the doors
Caulk the crap out of the bathroom
Make tenants in houses responsible for cutting the grass
Tenants responsible for any clogged pipes unless caused by roots
Tenants responsible for any glass breakage

Uh......no

If that is not motivation to be successful in real estate I don't know what is :)

Make sure to have him sign something saying the upgrades stay when they move out. It would suck if he took the cabinets with him since he supplied them and installed them.

Here's the numbers let me know what you think.

Old house that has been split into three 1 bed apartments. Low income but not warzone.
Asking price: $24,900
Fully rented at $1200/month (3 x $400)
Taxes are $575/year
Insurance $825/year

One tenant has been there 10 years, one for 3 years and last one almost a year.

Still have to find out about utilities, I imagine landlord pays. All other things aside, my biggest concern is having all 1 bedroom apartments. I figure worse case scenario the place could easily be turned back into 4 or 5 bedroom house and get $750 - $800 per month. Obviously I am after cashflow and not appreciation on this, would add it to my other low income properties.