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All Forum Posts by: John Collins

John Collins has started 45 posts and replied 311 times.

More interested in paid options that have faster collection. 

Cozy is great in theory but the fact it takes 6 days for payment to show up is too long, and for $3/unit it is still 3 days (often 4). 

Post: Security Deposit for 20 lb dog?

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

New tenant is looking to a get a fully grown dog (20 lb) in a couple months - the space has new floors. With a new dog you can't really tell how well behaved he'll be or if he'll act up. 

How much extra security deposit would you charge for this? What would you communicate to tenant? 

I don't feel sorry for anyone who expects $27k a month in rent from 1 single person/family property. That's asking for trouble. 

Post: How would you rehab this kitchen?

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

Can you remove that dividable wall, or atleast make it smaller? IE is there anything structural behind all of it? 

Or more specifically, surrounding suburbs with good schools like Lafayette?

Is Oakland not comparable to these suburbs?

What licenses does the contractor need? Could I use workers from out of state? Does everything have to go through a contractor or can I subcontract if I have certain materials already?

I'm looking at homes in the 1.5m-2m range and they are just so terrible, cute little cosmetic upgrades to old homes that are quite uninspiring. I'd rather get a lot or raze down an older home and build afresh. 

Is this feasible? Any and all help appreciated. 

Post: Fixing Up Rental Property

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

In Texas, your insurance will only replace your roof if it has hail damage. And they will conduct a thorough inspection to make sure that is what it is. 

Try to get the lowest price possible by mentioning to the roofers you are on a budget before they give a quote. Their markup is atleast 200% of labor+materials. Advanced option - when you know a pro and not just the company that hires him, he can get a crew of a total of 8 people (10 if bigger) to knock it out in a day if you provide materials, which are easy to procure. But if you don't really know the guy or know how to inspect it while it's being done, you expose yourself to a lot of risk or additional costs if it's not done right. 

Post: Self Managing from a Distance

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

If the duplex is ready to go without issues, then you should be able to easily manage and show it. I would set up a smart lock as well as have a home security camera you can pick up the feed from at any time. 

An 8 hour drive is a bit too much, that is 2 days lost for just driving. For a showing? Cmon, that's crazy. I don't see why you couldn't advertise it through the usual channels and have the interested party's agent do the showing. 

Originally posted by @Max T.:
Originally posted by @Jim K.:

@Max T.

And now the rat goes down! I like the big Victor snap traps whenever I can use them (no pets). Coarse steel wool to plug up holes, although sand and cement work great. I know you probably know this already but not everyone does. Good luck!

Aaaaand the rat went down!

Didn't touch my trap. Died somewhere (I think) near a duct.

Started noticing the smell coming from vents in the basement, 1st, and 2nd floor along the same vertical run. Also in the basement HVAC closet room where I run the dehumidifier. 

So I covered up all of the stinky vents with cardboard and ran the dehumidifier on high continuously.

The smell was not noticeable once the vents were covered. And after about a week the rat smell went away. Luckily for us I haven't had to run any heat or AC during this time, but I still have the vents covered and am running the dehumidifier. It has been a few weeks now still and I think I am finally through this!

Don't think I've ever gotten rid of dead animal smell without getting rid of the carcass. Would not trust this fleeting moment of happiness, must continue to probe for location. Do the infrared covid camera's capture dead bodies lying around? 

Post: Golden handcuffs officially removed

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337
Originally posted by @Salvatore Lentini:
W2 income is over-rated.  I built my entire portfolio of 127 rentals in 6 years without a single year of W2 income.  The lenders I work with loan based on the property.  Thankfully they don't care about tax returns either because without W2 income combined with tax write offs, expenses and buildings that are depreciated....I don't exactly look wealthy!

Could you give me a sample of the loan rates you received without a w2 or money in the bank? How were you getting the downpayments down, or were those done with hard money then an immediate refinance to pay those off?