All Forum Posts by: Ruei-Jiun H.

 I am also wondering the same thing. Has anyone used simple seg? It's $299 for a single family house.

Hi, 

Has anybody worked with Scott with Royal Legal Solutions?  Thank you!

@Caleb Heimsoth so maybe the best way is to use a warranty deed to retain the title insurance, and have a Heloc set aside in case the lender call the note due?

@Caleb Heimsoth@Junior Soares

congrats!! I have a question about transferring to your LLC as I also have the same concern. Did you do quitclaim deed or warranty deed? if quitclaim deed, will you worry about losing the title insurance coverage? Thank you very much!

@Bart H.Thanks everyone's suggestion.

@Jay Hinrichs @Andrew Johnson @Bart H. @Curtis Bleeker, Just want to follow on the flooring question. Based on your experience, how much more does it cost for using tile/lino/vinyl? like 1.5-2 fold range? How much does it cost each turnover?

Another question I have is pets and the number of pets. I was told my tenants have 4 dogs. Some people say "no pets allow", some people say if you limit pets, you will have less tenants apply for your property. What is your experience?

Many thanks!

Thanks everyone's advice. I will ask if my property manager can install tile or lino.

@Antonio DeFlorio, the carpet was new. The house is gut rehab. I was surprised too when I saw the picture. (It was terrible.)

@Albert L., yes, the security deposit is $1095, so I will have to pay out $2800ish of my pocket.

@Kevin C., here is the interior

- repair/replace damaged sheetrock

- wipe down and clean all walls throughout house

- wipe down and clean all doors and throughout house

- paint trim and doors

- replace missing/broken blinds

- replace missing/damaged doorstops

- replace all light switch and outlet covers

- replace missing/broken light bulbs

- make sure all doors open/shut properly

- make sure all windows open/close properly

- replace air filter

- replace batteries in the smoke detectors

- remove all trash from attic

- remove all trash

- wipe down and paint all ac vents

My experience with Memphis invest has been great until my first tenants broke the lease, and left with $3900 repair cost. What separate Memphis invest from other turnkey providers is their excellent customer service. They keep very good communication with their clients, this is particularly important for the out of state investors. 

My rental is 3bed/2bath ~1300 sqft; tenants stay for 1yr 5mo with pets. My questions are

[1] what is the normal/average cost between tenants turnover in Memphis

[2] with $3900 expense, which is equal 25% of the rent collected per month. This wipe out my profit for 1yr 5mo. I was educated to budget 10% on CapEx and 5% on maintenance. This is apparently beyond the budget. How does this real estate passive income model work for everyone?

[3] how to prevent it from happening? any suggestions?

I appreciate any suggestion. Thank you!

Here is repair cost breakdown:

exterior, $300

Interior, $1200

living room, kitchen, each bedroom and bathroom has their own specific repair, total $500,

replace carpet, $1100

pest control, $175

yard, HVAC inspection, cleaning, $660

The tenants pay the rent every month late since this May, but they didn't pay late fee yet.  

@Annie Li, I also love to hear more about the result of your experience, too. I am also out of state but want to invest in Indianapolis. I plan to buy from wholesalers and do light rehab. Due to out of state, I am very anxious about what if the rehab does not go well. Can you please share your experience on getting rehab done while you are out of state or anything I need to watch for. Thank you very much!

I live in Brookline. I am interesting in meeting up and interesting in learning what investing strategy works in certain area.