All Forum Posts by: Brian Knox

If closing goes well, I should be setting up shop as a landlord (in Greenville SC) before the end of 2015.

As I prepare to put my first tenant on a lease (for a single family home), which lease for the state of SC would you recommend I use?

From Googling, BP, and other resources (NOLO), I have about three or four different lease templates. But how do I pick which one to go with? How do I know which clauses are must-haves?

Lastly, should I plan to ask an attorney to review my lease prior to using it? Or, better yet, do attorneys ever just have a boilerplate lease that they let a person use?

Thanks so much!

Hi Guys!

Briefly: what options exist for getting tenants set up for making online rent payments?

Or, is it still recommended to have tenants mail checks?

I have been out of the landlord game for two years now so I was just curious what you guys have had success with.

I appreciate any insight!

Brian

Great feedback. Thank you so much, guys!

@James Wise, from my limited understanding: if you go through the whole process of being licensed as real estate agent, you are then licensed to manage property.

But if you don't want to become a buying/selling agent, you can simply pursue a manager's license with less time and money involved.

http://www.wyattinstitute.com/Applications/Courses...

Live large!

Two of my lenders sent their "closing cost" estimates for a loan amount of about $50k.

One guy seems to have included everything and the kitchen sink (termite inspection, entire year of home insurance, courier fee, etc). 

One guy seems to have left some things out.

In order to compare apples to apples, which portion of their estimates should I look at?

Just the "lending fees /origination fee / loan charge"? Or the APR?

In other words, if the prepaids and escrows and title searches are going to cost approximately the same regardless of lender, which portions can tell me which lender is a better deal?

Many thanks! Brian

If I simply want to manage a few properties for my dad (collect rent, do small projects, coordinate repairs), do I need to have a license for that?

Can I just establish a small business (sole proprietorship) and file along with my personal taxes and social security number?

This question seems so basic, right? But - I promise - I have called the SC Dep of Rev AND the SC Business Service and still not gotten a clear answer.

Please help!

If a property I'm looking at (3BR, 1.5BA) uses propane for heat, is that something to be wary of?

I've heard bad things, but I'm wondering how much of it is rumor and what the facts are.

Is it inefficient? I understand that filling a tank can cost a fair amount up front, but does it last for a while in a warm-ish climate (SC)?

Main question: Would it prevent you from pursuing a property as a buy-and-hold rental if it was heated by propane?

Thanks for any insight!

In crawling the crawlspace of a $40-45k mill house (tiny, sort of subsistence standard of living), I noticed that whoever did the re-wire, most likely didn't do it to code or have it inspected.

I know that the current homeowner (who bought the house 10 yrs ago) didn't have an inspection or appraisal at the time he purchased. And I would probably try to avoid them as well (by using owner financing). So the current condition is sort of undocumented.

But what should I do about the electrical in order to have comfort that my tenants aren't in any imminent danger? Of course, I'd love a whole-home re-wire, but the $5-8k is a such a large percentage of the purchase price. And, as a landlord, do I have insurance or safety concerns I should be cognizant of?

I think the current homeowner/landlord is a little "fly by night." But I tend to overthink.

Thank you for any input you can offer!

I'm looking over a list of off-market properties being offered privately by an investor who is liquidating. It's a big list of mostly 3BR/1BA rental properties in an area where I'd love to start buying. Here's the thing:

The properties listed are shown with various deed types including:

• Master
• Tax Deed
• Quit Claim
• General
• Warranty

Are these anything I should be wary of? I understand a General warranty is pretty good. But do I need to steer clear of any of the others? Or are they all OK?

Thanks for any insight!

Brian in SC

Do you have a good resource for where I can find what 100-200 sq ft of office space rents for in a certain city (Simpsonville, SC in my case)? In other words, I'm looking for commercial rent comps.

For residential, I am comfortable calling property managers and using Rentometer.com, but for commercial rental space, I just don't know where to go. I have called on 4-5 listings so far, but I'm looking to supplement that.

Thanks! Brian

Great info, Paul! Thank you.

I should have mentioned: The property has four, small, individual offices (about 100 sq.ft each). They're great for small businesses that simply need a desk, four walls, some cabinet space, and privacy.

Leases currently begin at 1yr. And then go month-to-month after that.