All Forum Posts by: Chad Slagle

Hey @Lindsay Davis. Thanks for clarifying, I'll reach out to them and see what they see. I appreciate the feedback.

I own an investment property in Birmingham, AL. I've owned it for about 1 year now, and I just got a letter in the mail for next year's fire dues. The fire dues are for 2022 and are for $291. I also have my 2021 property tax statement and it looks like it is itemized to include $340.50 for a fire fee.  The way this is worded, it makes it seem like my fire dues are included as part of my property tax that I pay, and yet I have a separate bill for it for 2 different amounts. Does anyone know if it is normal to have this happen? I just want to make sure I am not paying twice for the same thing. I have contacted the fire department and my lender and they haven't been able to give me a good answer regarding it. Any help is appreciated.

Hey Thomas,

Thank you, that was very helpful, I do have a couple of questions about what you said. How do you factor the supplies into the rent? Do you just charge a set amount more, e.g. $10 more added to the rent each month? Also, how do I find out if there is a well tax in my jurisdiction, and is it standard for the sellers to pay for the well test or is that something extra that I need to pay for? I just had the property inspection today, but did not have the well tested. And if you are buying the supplies, are you responsible for changing filters and salt?

I currently have my first property under contract and it uses well water. I was wondering, what are some of the pros and cons of using well water vs using city water? Are there a lot of costs associated with keeping the water clean? Also, this is a duplex, and I'm curious if anyone has any systems in place for the tenants to take care of the water system. I want this to be as passive as possible and am trying to plan ahead. Same goes for the water softener, do most of you provide the salt or have tenants pay for it  and take care of the upkeep? The water system for both units of the duplex is stored on one side, so one tenant would be responsible for handling water for both sides. Any help would be appreciated.

I cannot make it to this one, hopefully next time.

I will be there, looking forward to seeing it.

Just started a new job and won't be able to make this one.

@Brie Schmidt Thank you for the response, that helps.

Hey Everyone,

I'm just starting to analyze deals and have never bought a property before so this is brand new to me. How specific do I need to be when I am estimating expenses for deal analysis? For example, do you guys use the numbers on MLS listings for utilities, taxes, insurance, etc. or would you actually call up utility and insurance companies to get quotes. Same goes for vacancies, CapEx, repairs, property management and HOA fees. Are there standard percentages that you guys use when estimating (e.g. 5% of gross rent allocated for repairs) or should I be more in depth. At this point I am just trying to screen properties to know if they warrant looking into, and I know that I need to be as precise as possible after the offer when doing my due diligence, but how specific do I need to be with the expenses when trying to figure out if a deal is worth my time? Any help is appreciated.

It was nice meeting everyone. Always good to meet people with similar goals and see how everyone is taking action. Loved the open discussion format and hope to have more events like this one soon!