All Forum Posts by: John Lindemann

Good Morning BP!

Thank you ahead of time to all responses!

I have a large home that has been very difficult to rent in winter.  Competitive pricing and tons of marketing has only brought in a small pool of applicants.  

I have an applicant who by all measures meets our minimum qualifying criteria including credit score, however he has state and federal tax liens on his credit score.  I've read widely varying opinions from landlords and lawyers about this.  Has anyone else dealt with this?  What precautions should be taken or should I pass?

Details of the lien below in case they matter to your response.

Details : Applicant owns 5 business franchises and is successful there.  Several years ago, a different franchise he owned defaulted on their taxes at the corporate level.  In order to pay, the corporate debt, each franchise was charged ~$250K.  He fought this and now has liens on this personal credit due to this issue as well as a lien on a home he owned at that time.  (All reported by applicant and to be confirmed by applicant's lawyer).

Thank you again!

We are working to create a new yard sign for our rentals, does anybody have any examples of ones that you use or have seen?  We built a post similar to below but in raw wood.  Now we are trying to decide on the design of the sign.

Amazon Link

I have a contractor who has almost finished up doing some remodel work for us but he has been struggling to complete the checklist.  It has become the job that won't end.  We have paid him 1/2 and he is 95% done and I'm holding the remainder until he is totally finished.  He's becoming impatient and has hinted at charging us more that what we had agreed on in our contract.  We have not discussed or signed any change orders, so those additional charges are irrelevant to me...I will not pay for unauthorized work. 

So...now I am slightly concerned that he may file a lien against us after we pay him by claiming we haven't paid him in full.  I always get a "Paid in Full" receipt from contractors but should I be doing more?

Should I use a lien waiver?  How do these apply to the subcontractors he hired?  What if he doesn't pay his subs?  Can they file lien against me?

What precautions do you take with contractors?  

Do you use a Hold Harmless Agreement for workers comp?  I use this specifically for contractors who may be uninsured or underinsured.

I have never been in a legal situation with a contractor so I'm inexperienced but do not want to be ill-prepared.

Any tips would be greatly appreciated!

Thank you so much for that input!

Hi Everyone!

We have a handful of properties now and wondered how other people plan for and schedule preventative maintenance.  We appreciate all feedback on 1) What you do 2) How often you do it 3) Do you do it or hire it done by a pro (and why if you have a reason) 4) How you track it or document it 5) How do you rotate this through your properties so that all don't come due in one month.

We appreciate any experienced thoughts on systems and management of this.

Thank you all in advance!

@Ryan Ahlgrim - I put 1000 sq ft of "luxury vinyl plank" in our house and we really like it.  It has a slight handscraping texture to it and most people don't immediately recognize that it isn't real wood planks.  I put a lower grade Lowes quality vinyl plank in a rental and my renter likes it and it seems to be very durable.  The Lowe's planks aren't as thick, don't have a cork backer and to me look more like a laminate plank than real wood.  Pro's of both are they are waterproof, scratch resistant and easy to install.  The luxury vinyl plank was around $4/sq ft, the Lowe's planks were much cheaper...but I can't remember how much.

Both of these houses are crawl space and the planks are very flexible so they contour to the slightly uneven floor.  Laminate planks on the other hand are very stiff and if the floor isn't perfectly flat the laminate planks sound "clacky".  

I would absolutely use both products again.  We get a lot of compliments on our luxury vinyl plank and several friends and contractors have looked into using it on their projects.

If you can't do tile but want a hard surface flooring in wet spaces like kitchens, laundry, entry ways then this stuff is unbeatable.

What is your listing price and address?

@John Thedford - I'm still hunting for a MF :)

Yes, you read that right...I retired at 27 years old with my first SFH rental. Part of my motivation to invest in real estate was to free up more time for my family and hobbies. So, after buying my first rental and getting a few rent checks I retired...from mowing my yard. Okay so, I didn't really retire but I committed that with each property I purchased I will use some of the profit to improve my lifestyle.  I am typically a big time saver so it is hard for me to not reinvest everything into more property...but it is motivating to see immediate improvements in lifestyle!

I spent the better part of 2 months rehabbing my first property.  I was over there before work, at lunch, and after work until midnight or later and the weekends.  I recruited friends and family and we got it done.  To be blunt...it sucked.  But, since then I haven't mowed my yard one time.  I've mowed yards since I was probably 8 years old...selling my lawnmower was tough!  Mowing costs me $200 per month during the summer but it buys me an hour or two every weekend with my family.  I also travel a lot which was causing my wife to have to mow...she hated it and it caused arguments.  I am free from that now too! :)

My second SFH allowed me to "retire" from more labor jobs such as painting and other odd jobs. Now I have a great painter and I hire youth from our church or people from CL to do odd jobs. It saves me stress and time.

We are closing on a duplex this Friday and I'm hoping to be able to take another step toward real retirement!

The purpose of this post is to encourage you to find ways to recognize the fruits of your labor and to enjoy the benefits of your additional income from RE!

Best of luck to you all!

I have not done this yet.  Don't have any for rent currently but hope to do this for my next rental.