All Forum Posts by: John Roberts

Hi, I'm looking for some help on creating a lease agreement for a local company that wants an annual lease on our 2/1 duplex (just one side to start off with). 

They will be housing their executive chefs that they bring in on contract. So there will most likely be different tenants in/out during the year. The lease will be in the company's name and paid by the company. They will be on an annual lease and pay even if they don't have a tenant in the unit. Their rent will be about 1.5x normal rates.

The unit will be furnished and all utilities will be in our name (power, water/sewer, internet). We will also cover lawncare and pest control. 

How do you handle that? 

What do you put in the lease to cover yourself in case of excessive utility bills? 

Do I charge the normal deposit for furnishings and such? Anything for utilities?

Any advice/tips would be greatly appreciated.
Thanks.

Hi  @Benjamin Carver,

She said that the listing agent (who is also the out-of-state owner) told her that another offer came in after she countered my initial offer.  I asked my agent for her opinion on my counter offer and she said that couldn't say much and that she needed to remain impartial.  I got the feeling that the listing agent told her something and she didn't want to convey it to me.  It seemed to me that I was the only offer and the seller was trying to get me to bid against myself.

The listing agent said that she had two offers and wanted our highest/best offers.  I submitted my initial offer again and she ultimately accepted it.

I have a Real Estate Agent that I worked with on a past purchase.  I am purchasing another duplex, so I contacted her again to be my buying agent.  We submitted an offer and the listing agent/owner countered.  When I asked her (my agent) a question about the offer I was submitting, she said that she had to stay impartial and really couldn't give me any advice.  Is this true?  I could understand if she was the listing agent, but I contacted her to represent me.  

Thanks.

Hi,

I have a small SFR (1/1) that I purchased for $14K cash. It was a total gut job (rewired everything, all new plumbing, new walls, etc). We now have roughly $55K in it (including purchase). We have only owned it for 4 months now. We are finished and it will be rented out in a few weeks.

What are our options to finance this house to get some (or all) of our cashback? Since we have only owned it for 4 months, I am not sure what our best options are. My credit score is 795. I have a W2 job and we also own a restaurant(my wife runs). We own 4 other SFR's that will be rehabbed and either sold or rented. We paid cash for everything and now we need some cash infusion into the business. We employ 3 guys that are doing most of the rehab work. We are subbing out roofs, plumbing, & electrical. Not sure what other information would be helpful.

Thanks,

John

 Hi Steven,

what sort of tasks (heavy lifting) do you have the VA's do? I am also looking into hiring a VA since I am an IT Manager for my W2 job and don't have a lot of spare time to focus on other areas.

We currently have 4 SFR's that we own outright and will be a mixture of flips and rentals. We also employ a 3-man crew that does most of the renovating.

Thanks.

Hi,

I currently have 6 SFR properties that I need insurance quoted on. I am looking for recommendations for an Insurance agent that can handle both mobile homes and site-built homes.

1 primary residence  

1 Rental 

3 that are vacant and currently being renovated 

1 that I am seller financing to my daughter

All properties are located in GA.

Thanks.

 No, not really.  I spoke with my CPA and she said that we need to do it sometime this year.  Just need to take the time to do it.

We have 4 properties now that we paid cash with, so I am looking at loans to continue to scale. Not sure which ones we will buy and hold (BRRR) and which ones we are going to flip. We just started Nov of 2022, so still kind of new to it all and learning as we grow.

John

 Hi Brandon,

thanks for the quick reply.  I am looking to get a loan for a purchase + rehab.  Probably somewhere in the neighborhood of $100-120k.

I recently spoke with Kiavi about getting a loan and they told me that they only loan to LLC's. Is this the case with all lenders? Any recommendations?

Thanks.

Thanks Doug for the advice. I am looking into forming an LLC. Just not sure how to proceed.

Thanks