All Forum Posts by: John K.

Avoid setting up an appointment.  Pick a date 10 days out, leave a message of the date/time, send a letter (certified) and make 100% sure they know you are coming.  Then just show up with the electrician and do the work on your rental at the stated date/time.  If the tenant refuses to let you enter with the electrician serve a notice.

I perfer to create LLC's that make sense, ones that people remember. Makes it easier for people to remember to pay rent. I'd suggest avoiding opening LLC's to open LLC's as well - have a strategic plan for how to grow. At the end of the day if you open a ton of LLC's you end up spending a lot on overhead of just filing taxes, book keeping, legal, etc.

I'd suggest finding your local apartment association, they usually have networking opportunities. I'd suggesting avoiding REIA groups that charge membership fees, or any "educational" classes that people are trying to make money at. I personally feel apartment associations are the best, typically you will have a metro one and a state one, so lots of options!

Situation: Two adults, two children.  The two adults are parent and child (over 18), both are on the current lease.  They were inherited tenants, and have been EXCELLENT tenants almost always paying on time like clockwork and not having any issues.  

The child is moving out, and the parent was originally going to move.  We listed it - and now they want to stay.  Since winter is approaching we want to get them now on a 6 month lease to stay until spring.  

I want the lease to be in my format - so I don't want to just do a assignment or revision - I want just draft a new lease.  

Since the security deposit would be paid to both Parent and Child, and the parent is just staying - what kind of special language do I use to say that the security deposit is being transferred to new lease - but in addition when it is returned it will be made payable to "parent AND child" since they both submitted it?

Driving for dollars is a great technique!  Better than just absentee owners is driving for dollars looking at places that have lawns that haven't been mowed.  

Welcome!

I'd suggest no "custom" places - checkout the big box places like Home Depot like places.  They offer nice rental quality products.  No reason to put top of the line custom cabinets into a rental unless you are really attracting the high end.

Welcome to BP!

I'd suggest finding a small community bank, you can probably find a place that will do the 20% down.  You could leverage equity in your house to put less actual cash down - but I'd suggest avoiding that.  Putting 20% down starts you off with a solid base of equity to build on so you aren't leveraged to the hills.