All Forum Posts by: Frank Rizzo

How does insurance work for a project like this, if a car gets broken into am I responsible?

Hi, 

I just came across an interesting opportunity  to purchase a 12 car garage with space to add 10-15 parking spaces in densely populated area, seems like there is a real need for it. I would like to rent the garage bays and spaces out on a per month basis. Seems like a no brained, but due diligence is needed. Does anyone have any experience with this type of investment? What’s type of vacancy/ turnover should i expect? Are there any hidden costs i am not thinking of? 

Hi,

I own a property with 2 cottages on the same electric meter that I pay the bill on. When i renewer the leases I changed it so they would be responsible for their own electric bill (they have been abusing it with space heaters). I have been looking for an affordable solution to sub meter their panels. I have come across options that look good but require Wi-Fi (I don’t want to have to access their Wi-Fi  to do this.) I also don’t want to visit the property every month to note wattage usage. Does anyone have a recommendation of a product or method that may work?

I recently had a furnace replaced, while the contractors were changing out the old system they realized there was a chimney obstruction. I had a chimney company check it out, the chimney was collapsed and needed to be replaced.

The work is all finished and everything seems to be working fine now. The issue I am having is the mechanical room and hallway are filled with sute. Everything my tenant is storing in that room is covered with sute. Or course no one is taking responsibility. The question I have is, who is reasonable for the $2700+ to have the basement cleaned?

Any feedback would greatly be appreciated

I am self employed with a few rental properties.I am having trouble accessing the equity in my primary residence. Because I am self employed my taxable income isn't high enough to qualify for a conventional refi and my DTI is too high for a HELOC. My next option is a bank statement loan. I don't want to get caught up with a sketchy bait and switch company. Can anyone recommend a financial institution that they had a good experience with? Or a a bank that will give me a HELOC and not hold my cashflowing properties and the mortgages that come with them against me.

Thanks.

@Nathan G.

Thanks for the response. The tenant does qualify on his own, but wouldn’t be the strongest of candidates .

Wouldn’t having the company co-sign make the company just as liable as if they signed it alone. Also, do you have any tips on determining the trustworthiness of the company?

Hi, 

I found a potential tenant who has an arrangement with their employer that the company will pay his rent as part of his compensation package. I spoke to the owner, he is willing to have the company co-sign to make sure they are on the hook for the rent. But, Just because there is an LLC doesn't mean they pay their bills. My question is, how do i qualify the company and prove they are trustworthy. Also, who should be on the lease, both the business and the tenant? any advice on how to structure this?

@Brent Coombs

The investments were purchased before the primary. I bought the primary undervalued, the Reno has brought it to market, so I don't believe I'm over capitalizing. It should add quit a bit in equity if I can find a way to refi/heloc. The rents cover close to the entire mortgage. The mortgages are the only debt I have. I'm having trouble finding out how to banks will view my DTI.

Thanks Matt, So what your saying is the bank should be using the difference between rental debt and income instead of having a debt column and a income column? Thats the info I have been looking for and am having trouble getting a straight answer

@Stephanie P. Thanks for the response. I have looked into bank statement loans. The rates are higher, mid 5%-mid 6%. I currently have a rate of 3.375%, I would hate to raise my rate that much. I was also looking at getting aHELOC. It seems like I would need a DTI of 43% for that as well.