All Forum Posts by: John C.

I just purchased a garage with an effeciency apartment upstairs. Good condition. It was purchased at County free and clear tax sale auction.

It is a seperate parcel and deed from the house next door, but does not have its own street address number.

The house next door belongs to the people who "lost" the garage/effeciency I now own. They are not happy about losing the garage/effeciency.

They claim that the garage/effeciency is attached to their well and Septic, and that I may use neither. I don't take them at their word, they have lied about other things.

I know what when I turn a faucet on in the garage/effeciency no water comes out. I know there is no "main shutoff." It has its own electric meter and box and there is no circuit breaker labeled well.

This area does not have public water.

The garage/effeciency has a propane furnace.

The town has no records of wells or skeptics and they have informed me that as long as they don't see sewage they don't care, and further informed me I can use a holding tank or gray water system if I like.

Several feet behind my garage/efficiency I see a 4 foot by four foot or so concrete pad with two pipes sticking up out of it. Pipes not capped. No smell that I can detect. I'm trying to attach a picture.

Possibly this is a seperate septic system for my property? A water cistern?

Any suggestions? I'd like to use this as a rental. I rent offered to buy their house cash, apparently they are going through divorce.

Advice on how to proceed?

Hello,

I am a buy and hold investor.  I have private lender who has given me mortgages on about half of my properties.  $410,000 over 8 years, payment is around 6K monthly.  I have life insurance with him as the beneficiary to cover the balance in the event of my death.  His concern is that although my income is reported as passive income on my tax returns, it is 63 low income doors, and managing it is anything but passive. He has asked me to get some sort of key man policy that would cover the balance of the loan in the event of my disability. That would be preferable.  He would instead tolerate some sort of disability policy that would make monthly payments of $6,000.  It is acceptable for the disability payment to be paid to me or directly to him.

His LTV his about 50%. I understand that some would say this really isn't necessary because he could just foreclose on the properties... but he who has the money makes the rules, and he is insistent. I am counting on him for future mortgages.

The challenge I'm running into is two fold.  1. After depreciation I'm not making that much passive income.  On my 2017 tax returns I made about 40K.  I have not filed 2018's yet, those MIGHT be closer to 100K.    2. It seems disability companies do not want to accept passive income.

As I mentioned this investor has a mortgage and note, I do not want to consider making him a partner on the LLC at this time. Some have suggested some type of bond... not sure how this works. At this point my credit score is not the best, not sure if that makes a difference.
Suggestions?

I have 61 apartments (mix of multi family and singles) I self manage but have an "assistant property manager." I don't do any manual labor.

7 hours a week managing. 7 hours a week building (researching, acquiring, directing rennovation crews, convincing people to give me money)

200k cash profit annually.

100k principal payoff annually.

100-200k forced appreciation annually.

2 million dollar portfolio so whatever that appreciation is minus inflation.

@Mark Ainley

Which call center(s) would you recommend?

Please move if this is the wrong forum.

I own a 53 longterm rentals in Pennsylvania. Looking at buying one STR in Englewood FL. Mainly because we have family down there and would like to vacation there ourselves and possibly be "snow birds" some day.

We have our eyes on a 4 bedroom house. No HOA. Walking distance to marina and restaurant. 155k. 1k annual taxes. No pool.

Does anybody know the area? Is this a good deal?

We're looking for something at lease cash flow neutral (obviously would like to make something) that we can use in the off season and someday use several months a year ourselves.

Any thoughts? Advice? We have lots of experience in LTR but never STR. Any area specific advice? Is this a good deal?

@Elicia Boyd I am interested in your company. I own 53 apartments in PA

@Keith Brown did you start this company?

Hello, We had a tenant move in to a unit in triplex in PA October 1st. She began complaining about fleas and that she didn't like the kitchen floor. I know this was a mistake but I have her $250 to replace the kitchen floor with those stick down tiles and to flea bomb the apartment. Got it in writing that she was aware of and responsible for fleas. Lease also says all pests are tenants responsibility. Oct 11 she claimed child taken to emergency room because of flea bites. I asked her in text did the doctor say it was fleas or some other type of bug. She says he said fleas. I got local reputable exterminator there immediately. He said it "wasn't that bad" and mitigated them with 45 warranty. A week later she says she and the kids are getting bitten again by fleas and bed bugs. I send him back. He says he didn't see any fleas and the tenant specifically told him she only saw "two". He did not see any bed bugs. The tenant is on methadone or something like that. She also claims people and animals are going in and out of her apartment. I'm the only one with a key and I changed the key in front of her just to be sure. She says her Tylenol is missing and stolen. She is threatening to sue me and keeps saying she will go to the magistrate to break the lease. I told her basically just leave and I won't enforce the lease. Now she wants her security and rent payment back. I'm sure even if I offered it back her next comment would be she needs it back before she moves out in order to get a new place. She is complaining about other issues such as a leaking roof and a hole in the basement where animals get in. I did not notice these things on move in inspection. When I send a worker to check it out she denies access. I even have in a text message from her that she heard worker knocking and was too busy cleaning to let him in. She keeps sending crazy any long contradictory text messages at 1am some day there are bugs. Some say their aren't bugs or she can't see them. I've asked for pictures of bugs she doesn't send them but does send pictures of suppsed but bites. She makes reference to bugs and dogs and cats sneaking into her prior apartment (several apartments ago not immediately prior) There is only one other occupied apartment in the building. They had a minor flea problem which was treated. They sent me pictures of three bed bugs which I immediately had treated with a spray. The exterminator is going back to their place Nov 2 to inspect for bed bugs. But he hasn't seen them anywhere in the building and I've asked him to look. Advice?