All Forum Posts by: Jill F.

Always

I'll bet you a dollar he doesn't have a license.

I'm in the Akron area, I have used Commercial financing from both Civista and Wayne Savings (now Main Street Bank) for DSCR financing. I have also talked to Dollar Bank Commercial lenders about a loan that uses DSCR criteria but ended up going with another lender.

If the new people want the unit prior to the end of the current tenant's lease, I would tell them they would have to pay the daily rent beginning the day they got the key and took possession. Then I would ask the current tenant if they wanted to give the apartment up the day before  the new tenant's desired date and reimburse the current tenant for the number of days the new tenant paid. The new tenant could only move in early if the current tenant agreed to return possession early. In OHio you aren't allowed to double dip and charge two tenants for the same dates.

That's a pretty nice layout to start with. If you are using click lock LVP you won't need to pull your existing cabinets because cabinets do not sit on floating floors. I would upgrade the design by adding a peninsula since it looks like the space might permit it. You could add one cabinet, a lazy susan, next to the drawer base to the left of the stove space and then install an island top. We have found that counter height island seating is EXTREMELY popular with young renters. Design really *really* matters. Have a bad design and you are wasting your money. We use ikea laminate counters, the stock ekbacken marble effect 74x42 island top is $129 (pictured below). You would need an additional 8' ($99) and '6 counter in the same color. I would install new cabinet doors with hidden hinges on the existing cabinets; I order from Fryburg doors out of Millersburg, Ohio because I'm close enough to pick up and the quality is so very nice, but menards also sells in stock cabinet doors.  Take out the cabinet and valence over the sink and replace with two 36" floating shelves. install a subway tile backsplash (15 cents per 3x6 tile with just a little bit of bling tile). First ***DEGLOSS*** and then paint the cabinets. Install water proof lam or solid core vinyl flooring if you don't have replacements for the white floor tile (which in FL I would live with if I could). If you find that you need to replace cabinet boxes, home depot sells unfinished birch that paints much nicer than the oak cabinets available at menards or lowes (oak can have tannins leak through and yellow the paint if not properly prepped if you use regular paint). Also upgrade your lighting. We managed not to move any lighting in the reno pictured below using one track and 3 linkable recessed lights. You would be looking at less than 3k in materials to upgrade that kitchen including a new basic stainless appliance set. I don't know what labor would cost in your area. One other little nit pick: black rubber toe kick makes any kitchen look low end. https://photos.app.goo.gl/eYPuBDsFpj8cJB6AA

I don't charge for completing an application. I only charge for a background check when I have personally already looked at local court records for every location listed on the app. Once I plan to offer the unit, I offer it contingent on successful background check: In addition to the basic applicant approved transunion smart move through buildium which I pay for, when smart move stopped providing criminal background data, I  added a $49 tenant paid service through rentprep for nationwide criminal and eviction, bank account deposit verification, and employment verification. The bank account verification allows me to accept 1099 workers , business owners, and side income verification with a high level of confidence.

I mean... It's fourth of july in the middle of the week. Everyone I know that still has a job has taken at least part of the week off. I wouldn't panic yet.

I enjoy your videos and appreciate the marketing genius that you are. 

When I buy properties with way under market tenants, I have a "bad news bear" letter that I send out which introduces us, explains the current situation and tells tenants what the current market rates are, and for tenants not under leases, when and how much the rent will increase. It explains that tenants under lease will adjust at the end of the lease term. I also include rentometer reports showing area rents for the last 6-12 months and a list of other properties I have for rent at lower price points. Usually I'll give undermarket tenants 90 days notice and offer a month's rent in moving assistance if under rent people exit in the first two months (though Ohio does not require it). 

Quote from @V.G Jason:

Quote from @Jill F.:

@V.G Jason

I do not look at Door count as a financial metric. You must st have misunderstood what I wrote. . Door count is a useful way to make quick comparisons between assets within a familiar market. Door count has no bearing on the cost, value, or cash flow of an asset.

Quick comparison between assets, but I can't use it as a financial metric. I am confused

Door count is a useful way to group assets, not a financial metric. Door count, like zip code tells me useful information about an asset to help determine it's potential for future cashflow (a financial metric). It is not a standalone financial metric. Likewise, current cashflow does not tell you anything about the future potential for an asset. I hope this clears up your confusion.