All Forum Posts by: Chris Merchant

With traditional mortgages Fannie Mae and Freddie Mac cap them at 10 per person, but from what I have heard after 4 or 5 it is very difficult to obtain more but if you do once you hit 10 it is impossible to obtain more at that point. Have read that in several books. FHA you can only have 1 open at a time.

That is why many people will try to use Private Lenders as much as possible as the PML is going to look more so at the numbers of the deal.

I've made a few offers sight unseen subject to the approval of my partner.  I have also sent trusted members of my team to look at leads, as long as they are on the same page as you, I will usually send my contractor if it is something in an area he is able to get to easily in his daily travels.  All depends on your comfort level.  Not every lead can/should be handled the same way.

All the product of irresponsible slumlords giving the good landlords a bad name...

Have you ever seen the show on HGTV love it or list it?  How the agent shows the people a property with EVERYTHING they want to show them that the amount they are looking to spend will not get them the home they want.  It opens the clients eyes that they need to either increase their budget OR start making concessions on their demands.  I understand you as an agent time is money and running this guy around looking at homes you know he can't afford is not efficient use of your time but he needs to understand that in CT right now properties are going to bidding wars.  

I know a LL in Norwich CT that just had 3 tenants get into a bidding war over an apartment he had for rent.

Comps using other similar homes (sqft, beds, baths amenities) in the immediate area and see what they sold for in the recent past.  Also supply and demand plays a big role and has been driving up prices in most areas right now as there is low inventory of available homes so people are getting into bidding wars and sellers/agents know this so they can ask more from the get go.

Almost like group showings, which lets people know they need to decide and act quickly just like when realtors sell homes and try to get people to make their decision quickly this sort of does the same thing.  It lets the people at the viewing that there is competition for the property and with that much interest you could probably even set a deadline as to when you will stop accepting applications, I would say if you do 2 open houses then maybe stop accepting applications 72 hours after the 2nd showing.  Then you can begin your process and hopefully get a good tenant quickly.  If nothing else those that feel they won't qualify won't waste your time with an application and those that would qualify and are quality tenants will submit their application probably before they leave the showing.  You will know who is serious and who just wants to look at a beautiful house in a beautiful area!

IMO this is more of a personal preference and comfortability thing.  I personally would have my handyman do it or hire a contractor on my own to go in and do the work.  I have a few tenants that do small basic tasks at the properties, I trust their ability to do so and do the work correctly but that it typically tasks such as unclog drains, replace leaky faucets and things of that nature.  They do the work in their unit and submit the receipt for parts and I reimburse them for the parts.  Again I trust these few tenants and their ability.  

I will say though that you do own the HVAC system and it would be in your best interest to do the recommended upkeep and maintenance on it and it should be your responsibility to pay for such repairs/maintenance.  It should not be the tenants responsibility to pay for or complete upkeep tasks on your property unless they want things done more than the recommended frequency by the manufacturer of the product.  

If the manufacturer suggests the filter should be changed twice a year but the tenant wants it done every 3 months than you explain to them that per the recommendation of the manufacturer I replace the filters every 6 months however if you would like to have it done every 3 months than you are more than welcome to have that done the extra 2 times per year at their expense but they must use your contractor as only they are authorized to perform work on HVAC systems in properties you own and ask them to submit a copy of the invoice after it is completed for the record of the property.  But don't use that to avoid having it done regardless the two times per year that you would normally.

PM sent.

Would want to most likely check with a tax attorney and/or accountant.

@Abhimanyu Aditya You could also possibly do an LLP? Have your mom be the "silent partner", mention that to the attorney?

@Doug Smith any thoughts on the LLP structure?