All Forum Posts by: Jason Turo

Rental = leave if there's no other reason to remove it rather than just your personal taste

Flip = definitely scrape it 

Personally = I would scrape it off (I absolute hate popcorn and always try to get rid of it)

I would not do = install panelling OR bead board over it.  It would most like be wavy and look worse than leaving it alone

Hi Crystal, a question to think about,  "if I had a mortgage payment of $1300, $1,800, or $2500 on that house, should one of those be the rate of the rent?"   It's always great to get your mortgage covered by the rent, but unfortunately renters don't care about that and the mortgage is exclusive of the going rate for rent.  It would be best to look up rent for similar style homes in the surrounding area.  Best of luck!  

What's wrong with asking the sellers to make the renovations?  

Good tip

Thanks @Bob Okenwa.  I don't think we can force anyone either, but we can always offer the option.  

What are the legal steps to take if a multi-family home is completely rented out with long-term lease agreements and you would like to purchase the property to move into one of the units (someone has to move out to make space for us)?

Thanks

@Ken Weiner Thank you for the feedback sir.  If you were to choose again, would you use Wave for your properties?  I wanted to utilize an "accounting software" to get away from multiple bank accounts, but it sounds like that is the best format for using Wave for multiple properties.  Could you get away with using one bank account and multiple "business accounts" in Wave and not introduce more clutter?  Does the system produce financial statements (balance sheet, income statement, cash flows)?

Thanks again

Understood, thanks.

Thanks for the feedback

1. Utilize an attorney/other professional in state?  

2. Make them up yourself?

3. Utilize the experience within the BiggerPockets community?

4. Other?