All Forum Posts by: Brian Petty

I'm in closing for my first rental. The property has a tenant in it for he last 5 years paying a cheap rent rate month to month. I'll deal with the rate later but my question is where do I start with leases? Should I present one for them to sign and if so where should I go to get one?

Thanks for the help,

I don't have advice but I would request a restraining order at the same Time. 

$25000 @ 5% line of credit. Save the refinance fees and avoid starting over. You may want to look at 15 year rates. That may change things. Or, get someone else as partner, they finance and split the opportunity since you brought it. 

we just bought a flip in an area that has very low inventory. A new house on the MLS will last 2-3 days with multi offers. My question is what is the best way to sell when complete? I was thinking of putting a FSBO sign up towards the end and pay a 3% commission to a realtor offer.

The property has great visibility for a sign and I would also use Zillow too. 

What would you do? The MLS is powerful and I don't want to under estimate its capabilities.

Thanks for your input. 

I'm looking for some knowledgeable feedback from everyone. I'm looking at a property that has a commercial space and a 2 bed 1 bath rental above it. The rental is occupied with a long term tenant rent (all utilities included). The commercial space I am looking to move my wife's business into it to avoid her per month rent. 

The owner had it for sale for the last 6 months and just pulled it from the market. He is going thru divorce and when I spoke to him about purchasing it he mentioned possibly waiting until his divorce was final. I'm looking at a cash offer lower but should I wait or should I look at a master lease agreement or land contract? Without actually buying would I get the rent from the 2bed unit? 

Anything you can add would be helpful. I've never been in this situation before. I also have additional opportunity with the seller on other properties as he is going to be liquidating to retire. 

Thanks,

Quick question for the experts. I am planning to purchase a fix and flip property and I always buy a couple of new tools in the process. Mainly because I have a tool buying problem...anyway. my question is if I had to buy a roofing nail gun in order to roof the property would that qualify as an expense that could be deducted that same as a new sink or the roofing material? If I had to rent the nail gun than that would qualify. I want to minimize the taxes and also use the best tools to quickly get the fix portion done.

Thanks for the help and glad to be here.