All Forum Posts by: Jason S

Brandon,

I do allow pets up to 20 pounds which eliminates your larger more destructive dogs. Of course that is not saying that little cat/dog won't do A LOT of damage because they can/will. I do charge a separate deposit for pets along with an additional amount per pet/per month. I make a habit to routinely inspect the house inside and out to make sure there little pet have not gained 50+ pounds all of a sudden, or done any damage.

Hello Bill,
Thank you for your thorough explanation I really appreciate it. It looks like I need to consult with an attorney before proceeding further.

update to my own question. I have set up an LLC (without an attorney). Should I add my wife to the LLC? I am currently renting her house and it is still in her name (maiden name) but I want to transfer "quit claim" it to my LLC, are there any complications I should worry about, bank calling the note? I know these are questions I should ask an attorney, but I don't currently have one and just wanted some input. Thanks!

I have a rental that is 50 years old and it really needed insulation so I went to Lowes and bought the blown in cellulose and if you buy like 25 bags you can rent machine for free. I think there around $10 a bag. So for $250 I did it myself with the help of a friend simply feeding the machine. It took less than 2 hours. Plus it was actually a big "selling point" to my current tenants because they specifically asked about the insulation and wanted something effecient.

Do I really need an attorney just set up an LLC? If so, why?

Do you include your spouse in the LLC or keep it soley in your name?

As always I appreciate all the help..

Newbie ?'s

I am trying to do my research properly, any help greatly appreciated.

There is a home I am interested in coming up at auction. The appraised value $65,000 therefore opening bid would be Approximately $42,900 (2/3)

The previous owner has an 80/20 and the 1st mortgage balance is approximately $54,000 and the 2nd mortgage balance is approximately $12,000.

What effect does this have? I mean let's say nobody else bid and I got it at opening bid $43,000. Is this considered a short sale to the bank, meaning they write off the remaining balance?

And if the 1st mortgage company is the one foreclosing what happens to the 2nd mortgage?

Good point!

From my limited experience posting "for rent" ads is they simply don't read.. They see for rent and then go straight to the phone # and call and ask.

I have noticed I get more responses when I can include pictures of house. However, no matter how detailed I am in my posting 90% will call and literally ask me everything that I already posted..? just my .02

Jon,

Yes it is in Oklahoma City. I may be able to get closer to $700 for this neighborhood but $900 is really doubtful, at least based on rents in the immediate area. I appreciate your input.

However, I am new to this so I am just comparing to neighborhood rentals..

Eddie,

Thanks for your reply.
The house is in great shape actually built in 1971.
It was a foreclosure and an investor bought it at foreclosure auction.
I am going off appraisal done for the foreclosure auction which I believe it would be just a drive-by appraisal not a full blown appraisal.

1971 home 3 bed 1.5 bath 1046SF

Would this be a good rental?

Purchase price $44,000 (asking price is $44,900 however another investor bought this property in April 2009 for $40,120)
so I don't "think" he would come down much as the original asking price was $49,900, so I am "thinking" he really needs to sell?

April 2009 Appraised value of $60,000

Approx $1,000 in repairs/appliances.

I would finance it for 15 years with 20% down payment
Monthly Rent= $600

Like always- Any and All advice will be greatly appreciated.
Thank you!