All Forum Posts by: Caleb Smith

I currently have a tenant that has reached out about the temperature in the home being too cold.

When I called a company to check the furnace, they did a quick cleaning and said everything was working fine.

The second time the resident called about the temperature, I decided to buy space heaters as I thought that would be beneficial and help him out.

However, the temperature in the house continues to be a problem from their perspective.

When I called an insulation company, they are suggesting over $4,000 worth of insulation costs, which I thought was very high. This amount included the attic, exterior walls and crawl space.

So my question is, what should I do next? If I go the insulation route, is there a part of the house where having extra insulation would help the most?

Otherwise, is there another route to take that would help in this situation?

I want to help the tenant, but also keep costs at a reasonable level.

I appreciate any advice in this situation.

Since starting in real estate investing, I have found working with contractors to be one of the toughest parts.

I know that by having the right general contractor, it can make everything run more smoothly. Obviously, I have to still manage the contractor and their work, but I feel like having a good general contractor to manage subcontractors is very beneficial to have.

So I was mainly looking for tips for finding the right contractor and creating that business relationship.

Thank you everybody for taking the time to answer my question! This information really helps.

Hey everybody!

I was wanting to see what you do in a situation when you reach out to tenants about lease violations and they do not respond to you.

For example, if a resident had a dog they were not paying for and I noticed it. Once I contact them about needing to charge an additional pet rent and adding the pet information to the lease, they do not respond.

This could also go for roommates living there but not on the lease.

What would be the next best course of action?

Andy,

This would be for Missouri.

Sorry, I should have clarified that.

Hey everybody!

I had a question about purchasing my first duplex later this year that I plan to use as a house hack and seeing which option most people would recommend.

I have already purchased a few single family homes, but wanted to see what financing options would be available for an owner-occupied duplex.

Would I be able to use an FHA loan since I have never used one or does this only apply to first-time homebuyers?

I was interested in that option due to the low down payment requirements.

If that option does not work, what would be the smallest down payment I would need for a conventional loan?

I appreciate any feedback that you can provide!

@Tim Johnson I understand that the property manager would not get equity if brought in to manage the properties. I meant would I have to reduce my portion of the equity since I would no longer be managing the property myself? I didn't know if that would still be fair to the partner that brought all the money.

I am looking for help setting up partnerships for future property purchases.

I know Brandon Turner mentioned on the podcast that he would create 50/50 equity partnerships where somebody brought the down payment and he would find and manage the deal.

With me having experience finding and managing properties, but in need of funds, this sounds ideal to me.

Is that how most of you would do the partnership? If not, how would you structure it?

Also, what if we decide to bring in a professional property manager later on? Do we have to restructure the deal?

Scenario: I currently own a SFH with two partners under an LLC.

If we are wanting to purchase another property this year, do we create a brand new LLC or do we put it under the same entity?

I assume we want to keep different bank accounts for each property to keep it all separate, but what would be the best way to go about it?

Ok thank you for the help!