All Forum Posts by: Franklin Romine

fidelitypassport.com

Kristen I know exactly what your talking about. Its like you almost want to pay more in taxes, which means you made more money and your lenders keep extending you credit. I balance my expenses. If I had all the money in the world, yes, I would bury all the expenses I could. The fact is if you are trying to create a growing machine we don't need more non phantom deductions we need more net income.

The beauty about cash out refinance is it's a tax free pay day.

Just got two quotes from safeco yesterday for two homes on one lot...

House 1 (700 sqft)

$238 premium - coverages $97,600 dwelling, $500k liability, $5K medical, $10K structures.

House 2 ($950 sqft)

$318 premium - coverages $143K dwelling, etc...

My best luck with tenants has come from the ones that make the time to view. It might not be true always but I never get a good feeling when a tenant dictates when they can and can't see the property.

Grouping the showing together is good. If for somereason you can't make an showing a trust worthy neighbor that you have built a relationship with is always good. Meeting the prospect tenant in person is always a must even if you didn't show them the property.

15 days should be enough time. I would line everyone up for the repairs the day after moveout. I've only had one tenant mention the 15 days and surprise suprise they didn't have any money coming back. I actually sent them a statement with backup showing that they owed me a couple hundred. Never heard from them...

Who moved my chesse was good in audio

Peter since we are in CA there is some cost operating an LLC. If it is just you and possibly a wife I probably wouldn't establish one if you are holding a few properties. It just isn't really necessary. If you are creating a plan to buy many properties and you want to develop a higher level of presentation then go fo it. I have one LLC and it has really only provided a mental state of mind that we are creating a business, a extra layer of cost and sometimes confusion to lenders and record keeping.

I would run away if the tenants wants the gas/electric in your name. However I did purchase a sfr, inherited a sec 8 tenant and I cover the water & trash. I don't like it at all. I've had a couple odd water bills. It is a C property and I don't want to stir the pot and have them take over bill. I have considered lowering the rent and have them cover the bill.