All Forum Posts by: David Eisen

If you have owned the property for 5 years and have never seen it, I would suggest you make a trip asap. I live in Florida and own 6 properties in Salt Lake City. I try to visit at least once a year and inspect all properties. As an owner I see things that my PM may not consider a problem. For instance, at one home I saw a crack in the walkway by the steps leading to the front door. It was minor so I just made a mental note. Next year the crack was wider, so we tore up the concrete slab and cut the tree root underneath. Another home had some cracked vinyl siding in the backyard that was easy to overlook. I had my PM fix it. I think my PM does a great job and I'm very happy with him. But no one will lookout for your property as well as you. Go visit.

Just curious, how did everyone find Blacktip? Was it through some guru, or a local agent?

Looking for a 2nd Mortgage to do fixup on a duplex in Salt Lake, that I've owned for many years. Need about 60K.  Zillow value 582K, my mortgage balance 49K and my interest rate on that is only 5 3/8%. Units are large 4beds 1 bath.  I want to add a 2nd bath and do new kitchen and existing bath. 

Ridge Lending gave me a quote... about 11% based on my LTV, also my credit 740+ Loan is 30 years, first 5 interest only. Units rent for 2000/mon each. I believe I can get the rents up to 2400 a month. Sec 8 pays up to 2452 for a 4 bed.

I checked the lenders on Bigger Pockets, and haven't heard back from those lenders.  I heard from Lima One... answer also no.

I like Ridge Lending, they were very helpful and easy to reach.

Is there anyone else worth asking?

Thanks,

David

Yes, hire a Texas landlord attorney.  Might try to rent out your side to a police officer at a nice discount.  See if they harass a cop.  Be prepared for the tenants to trash the place on the way out.  Hope you took good pics before they moved in.  Good Luck.

You will get an honest evaluation by including your property manager in on the search.  When I went looking at properties with my realtor, I took along my PM. Does your realtor own any investment properties? I like working with realtors who are also investors. 

If AZ has a lot of equity, have you considered selling and doing a 1031 tax deferred exchange to buy multiple properties in OKC that cash flow great? I've done a 1031 before and I'm considering doing it again with properties that have a lot of equity. 

I realize there is no financial benefit to me, but every now and then, I've had a vindictive tenant damage their dwelling on purpose. I've even had tenants who have bragged to neighbors how they were never going to pay. Yes, it is more of a moral victory, send them to the IRS.  Thanks for the input

Has anyone use forgiveness of debt if a tenant leaves/evicted owing back rent money? A quick google search... 

If a creditor discharged a debt of $600 or more, you should receive a Form 1099-C from the IRS showing the amount of debt forgiven for that tax year. In most cases, this is the amount you'll need to include in your gross income – the sum of your earnings before taxes – when filing your tax return.

You'll never collect back rent once they are out, but this may be an alternative for going after "professional tenants" who are out to scam landlords.

Just curious if anyone has used this method.
  

I own 2 duplexes in Salt Lake City. Code wants me to repair or repave the circular drive in front of them. Looking for recommendations on companies to call. Thanks

@Sarah Bancob

Do you know if there are any code violations on the building? When was the last time the state inspected the building and did it pass inspection?