All Forum Posts by: Cody DeLong

Are we doing an August one?

 @Alex G. okay i got it.  Like Phil said.  I always sign cause its just easy to do digitally so never questioned it.  Just part of the process.

And why would you Refuse to sign and initial?

I look to cash flow $100 per door after everything (Debt Service, Capex, Repairs, PM) on a BRRRR property. Working on one right now that will be cash flowing $103 per door once I pull out my cash, possibly more depending how rates go from now until January when I can pull a HELOC. I only plan on owning the property for 4-5 years along with my other few duplex's to earn some equity in it and then 1031 into something bigger.

Do the heat pump.  So what if they use them as an a/c.  They're going to put Air conditioners in during the summer anyways, I'd rather an efficient one running if I could then one I can't control what it is.  Thats going to be the best thing for you.  I have a 2 unit I'm rehabbing now and the electric is separated.  I'm thinking of running mini splits to each unit and then they can pay all of their own heat and electric.  Only thing I need to worry about is water. Also I wouldn't go ahead and assume everyone that including heat is a common thing in Maine.  I know plenty of landlords that don't include it and have it separated.  I have a rental right now thats a house and it only includes water and sewer.  It's section 8 and then the tenants qualify for heating assistance and the heat goes all winter.

I’m currently in the process of starting to rehab two duplex buildings. I need 3 new 10 foot long, one wall kitchens. 4 bathrooms, and a bunch of drywall work and flooring. What’s the best way to save money here considering I need to buy a lot of things. I have an HD pro account and was thinking of doing one big order for everything since I’m doing in stock Shaker cabinets. Curious if that’s the best way to save when I’m buying so much in bulk. 3 kitchens, 3 bathtubs, 3 toilets, 3500 square feet of flooring, and a ton of other odds and ends.

@Sam L. deal is dead in the water currently. The owner is in jail and even though he is making mother every month still does not want to do owner financing unless it’s 50 percent of the asking price. At this point I’m not sure what more I can do. I do still talk with them and plan on visiting later this summer. 

@Tyler Bushey I will let you know. If the price sucks I’ll pass but if the number is good I’m going to have to figure it out. My assumption is it’s going to be good. The guy wanted way too much when he was alive but the sister in charge said that they  would sell for less then what he said cause they know it’s worth less. 

@Matthew Wright in Maine its not late until the 16th day. Then you have to file a 7 days notice to pay. After that you can file for eviction. Partial payments do not count either so even if she paid half she could still be evicted. Just had to do this with a tenant and a few days after the court date was set they left and we didn’t have to go to court. Now I turned it over and have a renter for July 1st that’s been vetted thoroughly 

@Jaysen Medhurst what taxes would they be minimizing?  Do they still need to do capital gains?  That’s what I’m trying to figure out. It is the guys sister. He had no children.