All Forum Posts by: Joseph Beilke

So to give a little in site on our goals.  We are looking for A/B tenants,  The duplex property will be a 3 Bed, 2Bath with a 2 Car garage will start out at $2000.00 per month per side.  This will not include monthly lawn service or pest, we can add that for $150- $200 a month.  We will have a yearly WDO inspection with termite bond and bi annually HVCA service.

I agree 100% a fence is a must and our other properties have that.  We allow large dogs and require the tenant to get Renters property insurance and pet coverage, this removed some of the liability from the owner. 

We are going solid wood cabinets, granite counters on all counter tops. Going to install blinds in bedroom windows.  Water proof LVP floor throughout. 

We are going to make sure each bedroom and the main living are has ceiling fan braces and hook ups.  I do not thing we are going to provide them, if they want a fan they can buy it, and we will have our electrician install it at a cost to the tenant.

All the input you guys are providing is great, please keep it coming.  Love a good brain storming session!!

Okay BP, lets hear some ideas from everyone on how to tenant proof your property.  I am working with builder right now to build a new duplex.  The investor and I are going through the build sheet and cherry picking things we want to change to make sure the house is "tenant proof".  We want to be able to have as little repairs between turn over.  Limit the number of things a tenant could break, damage, make extra dirty.  The goal is to reduce the number of things that would cause us to hold deposits, charge for repairs or reduce the time down between tenant contracts.  

We do not want double sinks in the kitchen or a garbage disposals. We want all LVP floors,  no tile and grout.  We want blinds in the sliding doors.  We will not provide washer and dryers.  On the fence about over range microwaves....  Please share your thoughts 

@David Lee Hall, III

Not exactly the answer to the question I was looking for, but got my gears turning.  Thank you!

@Dakota Cochran

In most other states I would not be adding a bedroom with the current cost of materials.  In Florida I don't see it been as much of an issue at this time.  People are moving here in flocks and it will keep the inventory some what low, even with the rate hike.  If you plan on holding this property for the foreseeable future, I agree with @Corby Goade a Helco may be a better options.  The next few steps should play into your decision heavily.  If it's the home you live in, it's not an asset, it a liability.  Remember that! 

@Jon Christensen

If I read this correctly the P&S is a cash deal and you are not taking it for any retirement accounts. I don't see any reason this would be an issue unless the lender calls your HELOC (for any reason they deem) before they sell and you are on the hook for the 70K. It's a gentleman's agreement. I personnel would rather have a note on full $100K with a repayment schedule. If in the event the world economy completely implodes you have an asset to leverage.

@Shane J. Renard

Oh I plan on asking that question for sure.  But what I am looking for it things to advertise as included services or make sure to point out how these item take priority.  Keep the good advice coming!!!!

We are trying to figure out what the market/brokers really pay their property managers.  I keep getting conflicting information on pay, splits and bonuses.  I also want to know what service does the broker provide over the property manager themselves.  If you are not comfortable speaking about it on the forum please PM me.  Just looking to make sure we offer the best for our owners, tenants, and Property Managers while still being able to put a little extra money in the bank..  Thanks in advance for our input.

Property owners,  we are finalizing our property management roll out for our brokerage and I would like to know what are some of the most important things you look for in a PM Company?

@Brent Huling

I would look a two or more possible options, here are my thoughts, evaluate them concurrently.

We talk all the time about how do we as Realtors ad value to our customers to justify one of us over another.  I had a dilemma once where I walked from a flip because I didn't have a crystal ball.  Funny thing is I don't think any of us do. So we have to learn from our history.  Notice I didn't say mistake, because it was not one at the time.  I would look at the numbers again and look at past deals good and bad, see what you can do to make up the "value". You might have to eat it up front, but in the end you could score a jackpot.  

I agree the Appraiser should not have spoke with the sellers. But like many say here, you would have had to provide it anyway to the sellers to use this perceived leverage.  I am not in the room with you and who ever else you discussed this with, but my guess is that you have shown all your cards and you are stuck.  I would work with your Realtor to come up with a strategy that is a win win for both of you.  Also, don't forget you still have some leverage,  you just need to figure out what the seller needs, do some digging, try to see his cards. You might get lucky and have something the seller needs.  Look outside the box.

I'm in need of a Indiana BAR approved Purchase and Sell contract.  Property is in Mishawaka IN, 46545.  

Send me a link or DM 

Thanks in advance.