All Forum Posts by: Gisela Pallares

@ Michelle L.

I will certainly be adding that to my next lease. Thanks for the advice!

Hi all,

I currently own a duplex. Live in one side and rent the other. Have had my current tennants for 2 years now and they have always been good with rent. Through these couple of years, there has been repairs that we have had to take care of not very major for the most part. Since we live on the other side and the units have the same exact appliances they are in the same condition, I am beginning to question wether some things are normal wear and tear or not. Since I've owned this unit nothing has needed repairs though my tenants have had mostly all appliances that need to be replaced or repaired and I am beggining to question at what point do I consider it normal wear and tear and at what point do I charge them? I know this is pretty veg but just as an example, we have had the exact washer/dryer not new but in very good condition about 5 years old and installed at the same time and theirs no longer works. The garbage dispenser was also fairly new and they clogged it so we reset it worked for a couple days and then had to buy a new one. Never charged them for it because I didn't really have anything to back it up with. This may be a silly question but I dont know what the best way to approach it.  Recently there is always things needing repair when we have never had any issues. Any suggestions?

Try creating a Zillow account this will also give you the option to add in Postlets and I believe Trulia. All markets are different of course but I have found that working for me. As well as making sure you have as many pictures as possible with very good lighting. People want to feel like they are inside the property when looking at homes so its important that you market well online. I did this myself and within 3 days I had over 20 calls and out of state renters looking to move. Of course not all areas are the same but how well you market online is important. As well as spring is coming so many people start looking closer to spring and summer that may be why you might no be seeing much traction. Hope this helps!

I manage my duplex myself. It is very easy as long as you know your landlord and tenant laws. I used legal tenant lease forms and BP tenant screening which makes it pretty easy to use. It's been a good experience for me because I am able to check in on my unit and make sure it is taken care of. You also will have to make sure you record any repairs and expenses and maintain all receipts. I have this done by end of year and have my CPA take care of both personal and business taxes. That said, I would strongly recommend an LLC because even if you have certain rules on your lease does not mean that the tenant may not sue. I have seen in the past and can be pretty stressful. Overall, If you have good tenants you might get a call every now and then but overall it shouldn't take up too much of your time until you purchase more properties. Many of the simple repairs you can do yoursefl if you are pretty handy and hire a handyman for any of the major stuff. Good Luck!

I think most importantly, as a managing broker you are the main resource for other agents. So it is important that you know your laws and contracts. As well as having resources for agents when faced in unique situations. Like any other business things are constantly changing and agents at many times put on many different hats during a real estate transaction. There have been many times that even top agents in my office face some complex transactions and making sure that you are a resource as well as are protecting the entire office is key. Hope this helps.

Thanks for sharing! I've listened to BP for years and network in meet-ups and such, yet Don't come on here very much. Very incouraging and nice work! 

@ Jared Rogers for the zoning, can I find this information by calling the city? 

Hi everyone,

I am new to BP blog but have been an investor for 2 years now. I have been focusing on buy and hold, mainly do multifamily and residential and so far its been going well but as I was looking for another multifamily, a family friend of ours (my fiance and I) mentioned he would be interested in selling his mobile home park with currently 8 mobile homes and yet room for 11 more. Now he is looking for about 350k and just from research ive been doing from comparables it seems like a decent price but it will need MAJOR renovations starting from paving the entire park, landscaping,tree removal, and some of the homes are in very poor condition that we will need to basically just get rid of. Not counting remodeling that we will need to do to make the rest of the place look decent and attract the right tenants. Our goal in the long run is to slowly offer a rent to own and at one point just worry about collecting the space rent.  Besides obtianing lease agreements, financial statements, Rental history, etc. Is there any advise of what additional info i should request from the seller? Also, for this loan I would most likely need a commercial loan is there any type of financing I am able to get for the renovations such as a line of credit from a bank?