All Forum Posts by: Derrick E.

Yes. I had to do this last year. It’s just another appraisal to make sure you aren’t “cooking the books”. 

Imagine someone claiming to receive $2,000/month in rent, maybe even have a lease and deposits from a family member to make it look legit, but then the market rent is only $500/month. 

It’s just a way for the lender to make sure the rental income is legit. 

Sounds like a headache. I’d just raise rent by $5 per month lol 

I’m local to the area and have properties in Ashland, KY. Feel free to send me a PM if you want to discuss market rents etc. 

No. I do not personally account for deprecation when running numbers. 

I live in WV and invest in WV. I would not buy a property here unless it had solid cash flow. The only exception to that is the Eastern Panhandle near DC.

I’m not sure about this specific deal, but knowing the location and little to no cash flow, no way I would buy this. 

I buy older homes all the time, doesn’t bother me a bit. 

Some of the things to look for are the plumbing if it’s been vacant. Usually have to re plumb the drain pipes as the older cast iron type of drains will rust on the inside and just keep collapsing and stopping up. 

See if electric service has been updated or if it’s the old fuse box with knob and tube wiring. 

Depending on what part of the country be sure to have the sewer/septic lines checked. You will sometimes find tree roots have grown in to the pipes and they need to be replaced. 

I used to use multiple different sites, but the only thing I use these days is Facebook Marketplace. 

 Yes, but it seems the main issue here, is access to the main house is required in order to turn on the utilities to the cottage. So yes, they need to provide proper notice before entering the premises of the main house. Also, the tenants should not be forced to pay the utilities being used by owner of guests of owner in the cottage. 

Owner needs to have the utilities separated, then tell tenants they are only renting the main house. The cottage will be used by owners or guest of owners whenever they want. 

 I have a hard time believing that home sales are down 80% right now.