All Forum Posts by: Chinmay J.

@Miles Curtis - Just to add, my CPA would charge around $200-225 for someone in your shoes. With Turbotax (Federal + State w/ Efile) you won't be saving anything more than a measly $100 if that.

@Miles Curtis - I would develop relationship with a qualified CPA at this point and NOT rely on TurboTax or such accounting software. Although a tad bit expensive, its well worth getting a CPA to do your taxes. I am in more or less same boat as you are.

@Chris M. - Work with a qualified realtor. Here in VA we use standard Common Law Lease as well as VRLTA (Virginia Residential Landlord Tenant Act) for people with more than 4 properties. I am sure FL has similar options. Alternatively, you can also work with a Real Estate Lawyer to make a custom lease for your property. Third option is using websites like RocketLawyer.com to get a very general Lease Agreement. Option 3 is the cheapest one, but it may turn out to be expensive in long run should you have to go to court over some dispute. If you go with Option # 3 at least have a qualified lawyer review it for you. Good luck

@Jason Hawsey  - It seems you already  know what to do. You need to negotiate the price down to the point where both of you walk away with a piece of the pie. How you do it, is the skill you need to develop. I would start out with the list of repairs and what it would cost to get them done. Then I would add $52K to it to get your bottom price. If that number is still less than $150 K, I would find a way to split the difference.  HINT: No one says that the difference has to be split right in the middle.  If you are really in love with the property, I would even consider going a little above your top dollar to see if you can get a good tenant. Assuming its in half decent neighborhood. 

P.S. Don't worry about offending people. I typically set the bar so low in the beginning, I can only go up from that point. Kinda like Cleveland Browns. LOL. Just be yourself. Go with what your personality is. There are some really thin skinned people in this world. God help them.

@Greg Myroth- If all you have is $1500 per month, you don't need answering service (In my opinion). Let me answer your question with another question.  With $1500 how many mailing pieces do you think you can get out to the farm? Given what the current response rates are how many people YOU THINK will be responding.  For that number do you really think you NEED an answering service?  

* If I were you, I would just publish a Google Voice Mail Number and let the VM catch the calls. Respond back to them at your convenience *

@Rhonda Eaves I know right !!! Being a contrarian helps them justify their "guru" title. When I first decided to get involved in REI, first thing I did was went and get my VA license. This was even before I had discovered BP. It seemed like a no brainier to me.

@Kurt Charles - That makes sense. I don't invest in FL or have any intentions of investing there. I was just responding to your post as it intrigued me.

@Kurt Charles - This is insane. So as a private landlord, I can't put my house for rent on Craigslist? Are FSBO (For Sale By Owners) is also illegal? Wonder how many are actually getting prosecuted. A lot of dead letter laws on the books, that no one cares to use against the "perpetrators"

@Jacobus Grobler - You can certainly get a turn key property around $30K to 40K (In Nebraska that should buy you a mansion) with FHA loan (3.5% down) and practice some house hacking. Make sure its turn key so you are not having to spend too much money on repairs. Gain some experience as a landlord.

@Michael S. - I really don't mind these kind of violations. I love to keep them in my back pockets to potentially use against them if need be. If the birds are harmful to neighbors and or property, enforce the clause RIGHT NOW. If the birds are harmless, you can still hold them in violation of the lease if need be.  You have leverage over them now. Don't waste it.