All Forum Posts by: Jack Krusinski

Hi Evan! For the area I would recommend getting tenants in the property as long as the rents are at market rate! That is a very critical part. I would not put in tenants where rents are very below market rate as that will make it more difficult to sell. Also, I would try and get professional photos before the tenants move in.

Hi Calum. Can you send me a PM? I have a few questions on what what project you are looking to do and a I can refer contractors based on the project! 

Hi Evan! I interviewed a few Eden tenants a year ago. So I don't have of ton of advise but in my process, I found that they paid the same as market rate for rent. Then, the program is designed to help people get back on their feet not subsides their rent forever like other programs. So most likely, and please check me on this, I believe they will pay for the tenants rent for a year or so, but then, the tenant will have to get a job or go through a different government subsides program.

Hi Calum! Do you happen to have any photos of the chimney? Based on your description that the chimney is barely holding on, the $1,800 doesn't seem too high. But it is hard to tell without understanding the full scope of work. Feel free to DM me the photo if you have one!

I use Truth Finder for background checks! 

Hi Brand, my accountant has always taken the property value and divided that by 27.5. For example, if I bought a $100K home and, in the appraisal, the land is worth 10K, and the property is worth 90K, then 90K / 27.5 = $3,272 in annual depreciation. So, it is the ARV value of the property, not including the land. That is at least my take on it. I am NOT an accountant.

Hi Gavin. You should be able to create your own LLC by yourself. For my first LLC to save costs, I did it by myself. If I had to do it over again, I would hire an attorney to be safe. It costs around $1,300 or so, and I believe (at least for me) the peace of mind that it is done 100% correctly is worth it. I have a recommendation if you are looking for one.

Hi Josh. To the best of my knowledge, and I am not an appraiser so I would recommend you verify this, but I have been of the understanding that there are 3 main requirements that classify a bedroom, a bedroom. They are below.

1. Size & Dimensions: The room must be at least 70 square feet. It must be a minimum of 7 feet by 9 feet in size, and at least half of the room should have a ceiling height of 7 feet.

2. Egress window: Must have a egress window where someone can escape for a fire.

3. Enclosure: It must be its own separate, enclosed space with a door. A loft area, for example, does not qualify. 

Does your 3rd bedroom meet these requirements? 

Hi Maxim. I have a good recommendation! I just sent you a DM.

Hi Calum. I have not, but I have a local attorney here (in Cleveland) I can recommend. If you would like me to send the recommendation to you, just send me a DM!