All Forum Posts by: John F.

I am not concentrating on all your electrical talk & assumptions. Evict the trouble maker, raise the rent bc of required repairs, do you self a favor a beginning monthly inspections, and move on...

Talk to an attorney. Use separate land trusts for ea property. Set up one LLC to be trustee and set up another as mgmt co. If buying w cash, record your own mortgage LOC against the property (using a third LLC). The money you save on legal zoom or some other website will be spent on defense fees given to a real attorney (when trouble comes).

We started out with two 2/1s. If in a neighborhood that's kept up, it's a very attractive alternative for newly weds, live-ins, and single parents. People who drive those 'hoods looking to rent something know in advance it's a 2/1, so no prob renting. Ideally, 2 or 1-1/2 baths are more in demand... Our second 2/1 was in a larger neighborhood, so people were more selective. If price is right, then buy it (to start out). Our next three houses have been 3/1s or 3/2s.

Please provide a solid definition for C & D areas. As well as A and B. Thanks. John

I attach move-out cleaning instructions to the new residents' move-in papers and tell them if the unit isn't as clean as I promised, to notify me with a set time (24-48 hrs) and I will personally clean it. I have them sign receiving a copy. I change air filters and check alarm batteries every month. I don't like learning about surprises at the end of a lease. As far as providing a ala carte charge list to clean various items, if you do - be sure to include the phrase, "prices subject to change". You might want to time yourself cleaning or dusting some areas and then calculate your time at $60-70 an hour. Plumbers get $95 an hour in our town. Your time is worth something. Hope this helps!

In Oklahoma, use www.oscn.net. It is a public record of all current and past litigation in Oklahoma. Each state should have a similar public database. As far as criminal records, go to www.mugshot.com. I have actually googled someone's name as they were driving to an appt to see a house we manage and her photo pulled up! Google other competitors for mugshots, too. Use www.mysmartmove.com and have the prospect resident run a credit & crim rpt on themselves for your viewing. Hope this helps!

Sylvia, I check my houses monthly when they are not home. I tell them at the time of lease signing that I will come in monthly to change air filters and test the smoke alarms and security systems. My residents reactions are always positive. "Wow, you do that?" My lease states I must give them 24-hours notice before entering, unless it's an emergency. Obviously, they can take a unauthorized pet to a neighbors house when I come over - but since I'm allergic to animals, I could probably easily discern the animals presence... If a renter says, "I'll met you to let you in at 10am"... I"ll purposely go over at 9 or anytime before our stated time to let myself in, walk the property in private, and leave a note about "my schedule changing." I've actually arrived before the resident only to find he had changed the locks on MY house. Needless to say, I was furious and demanded a key to the new locks. I did get the key! I'll set a date (impromptu and never the same date month-to-month) to change the filters & test the systems and I try to insure that "I don't bother them on their day off". I do a visual in addition to the preventive maintenance. I don't have a check list (as others seem to have), but it sounds like a great idea. I'll create one and make sure the steel wool that I inserted around the sink pipes for the water supply is still in place (to hamper mice from coming into the house). Hope this helps. If others have a preventive checklist (monthly or otherwise), attach a link to it - if you can. [email protected]

Why be conservative in response to property abuse? Their prior rent payments covered your bank payments... Nothing more, correct? Any damage should be addressed in full. Why let them off? Surely they expected to pay for full carpet replacement - unless they are totally clueless...

The idea of sending a link via text would be beneficial to property managers when answering calls on an available house-for-rent listing!

@James Wise you wrote: After you have figured out the rent and the product you want, factor in the 50% rule and then set the auto MLS search parameters for a low enough price point that it cash flows.

My questions are: (1) do you mean 50% of gross rents should cover PITI and all anticipated expenses or just PITI?

Friends: do most REI finance their debt service over 10 or 15 years (e.g. Investment grade properties per a typical bank loan life); or do they debt service 20 or 30 years (likening it to a residential loan)?