All Forum Posts by: Dan Perrott

@Chuck Bredemus

Welcome to BP.  You have found a great resource for leveraging the experience of other RE investors and landlords.

On our duplex properties, I take care of the lawn care.  But I do not take care of snow shoveling.  On our SFHs the tenant takes care of the lawn care and snow.  On all properties, we take care of cleaning the gutters.

What we have learned is that by mowing the grass we have been able to take care of most maintenance before it becomes an issue because of our presence at the properties.

@Allison R. 

Indianapolis.  I agree with Rusty @Rusty Scott  in that there are properties to be found with at least 1.5 - most I find push 2.0.  Closing this week on a 1.8 property.

I have a pair of tenants applying to lease a property that are on social security.  They have shown and given copies of letters that show the monthly benefit amounts.  They seem real but I am not sure.  All benefits are put onto a debit card each month (not a bank account that I can request statements from )  My question is - how do I verify the benefit incomes indicated are the benefit amounts?  Each tenant (unmarried couple) makes enough income to meet my 3x rent policy.  There is proof of a small pension as well.  They couple is looking for a long term property to rent and every thing else seems to check out.  Is there a place I can verify the SS benefits?

Any assistance is appreciated.  Thanks!

We prescreen the tenants and reject on the initial verbal screening if it makes sense.  Our primary rejection points are that they are required to prove that they earn at least 3x the rent, have a credit score of at least 600, no evictions on record, and no outstanding debt to previous landlords.  You should take some time to prepare a set of rental criteria that your tenants must meet. 

Maybe think of a home equity line against the property.  In my experience the rates are about a point lower than a new mortgage.

@Evan Manship 

- Congrats - take some time to celebrate because the next step in the journey is about to start.  Enjoy and don't be afraid to ask for help.  This site is a great place to find resources to help you on the journey.

I have an issue with loose siding on a property in the Castleton area.  The siding has been disturbing my tenant by creating noise as it bangs against the side of the house.  The gable end of the 2nd story has loose siding that waves when there are strong winds. 

I am looking for recommendations to complete a repair on the siding.  No siding is lost as of yet but it would require the removal and reattachment of the siding to the structure.

They BP network has provided great contacts in the past so I am hopeful that you can come through again.  Drop me a PM or respond to this discussion if you have a contact.  Thanks!

@Michael Noto 

- it was an inherited property to an out of state owner.  They are a motivated seller that just wanted the property gone.  Good thing that the estate maintained the property during the time and made sure that everything was always in working order. 

@Kirk R.  - It was $50 for the video inspection but because he had to go through the toilet cost an additional $25 (take out toilet and re-install).  I gave him $100 for coming out in such a short notice.  $100 was well worth the price.

It was clear all the way to the street.  He also said that it was cast iron all the way to the street.  Kind of unusual but we will never have an issue with tree root blockages.

Follow-up - Sewer was inspected and it is clean an clear.  Thanks Terry for the recommendation!

We also discovered a faulty furnace which did not pass inspection (was considered unsafe and was shut down).  Current owner has installed a brand new furnace on their dollars!  Thank you for making the deal all the better.

We close on January 15th and then the rehab for rental begins! - Plan to be ready by Feb 1st.

Great start to 2015.  Starting to look for the next property to make 2015 the best year yet!