All Forum Posts by: Jimmy S.

 I have been using this realtor for a few years on and off and I put a offer in on a house and on the buyer tenant agency contact they slipped in the contract that any "for sale by owner homes and any new construction homes she must appear with me on showing to represent me which I did not find out until after we signed all the paperwork, if not buyer, which would be me, must pay all the brokers fees.

Is this common practice to include things like this? I do not like this one bit not to mention I need to stick with her for 1 year now and she only does it part time. 

I still look at it that you will have no money into the new property. Your downpayment is borrowed from the LOC and what ever you finance. (If you borrowed it, its just like 100% financing. Your just risking your home its attached to. Yes it does cost alittle more because the money is borrowed from the LOC and your paying interest on it, but really you do not need to have any cash-on-hand. Your downpayment is borrowed and well as the mortgage so you bought it without using any of your money.

Id use a HELOC as long as it still cashflows since really you would be putting "no money down" if the down payment is coming from the LOC.

 I thought about it but seems like a real pain and would not really like to. Changes taxes, bank wont loan as much and just alot more headaches.

My attorney said a umbrella policy that covers over all the properties is just as good as a LLC but with alot less headaches and costs.

Right now I just use a separate personal checking bank account to keep all my rental stuff in, but does it really make a difference if its a checking vs business account?

Thanks

I have 4 rental properties. I just use a separate bank account which is a personal checking account. I do NOT have my properties in a LLC.

Should I have a business checking account or is a separate personal checking account fine? 

I though this would be a interesting topic since people are from all over the world here.

What the average cost you need to spend in your area to get a decent rental property that is turn key or if you need to rehab it how much it costs to purchase a rehab property.

In my area is around 100k for anything decent or around 70k for a rehab property... 

 great story

underestimating costs and paying to heat vacant homes in the winter....

Well.... I have always noticed that some prospective tenants always try to lowball me on price or ask if it is negotiable. Lately in the winter it has been happening more. Does this happen to anyone else? How do you react or did you consider it at all? It seems like a bad way to start to "work with them"and mabay their trying to see if you will budge before they are even in the house and how much more they can get away with.

Here a story, rent was $1075 which is fair and I dropped it to $995 to get it rented out in winter with oil heat which blows heating it(even at 53 degrees). Had a few people offer me $800-850 a month and I laughed. Right now my house is the cheapest and there's not much else out their let alone nothing at this price range.  I have been trying to find someone for 2 weeks and its hard in winter, plus with the holidays....

Just wanted to hear your thought, experience or opinions.

 I use a PO BOX for everything.

All rent, taxes, court docs and everything else. Tenants have my name but nothing else. If they really want to find you they can but it will take them time and effort which 99% of them dont want to do the research to find you. You can have everything in a LLC and everything but they can still find you if they want.

When you visit your property they can easily grab your license plate number on your car or follow you home.. LOL