All Forum Posts by: Justin Miles

So my grandma has a condo in a living trust and can’t have more than 2000 in her checking account for Medicaid qualification. She has a maintenance agreement with a tenant that is getting extremely reduced rent to keep her income low and keep her from losing the property to the state. My question is what should I look at to make things cash flow better even if that cash flow is into upgrades. The first thought I had was having my dad charge property management fee to up the rent but pull out some cash flow. Secondly I thought using more extra rent to dump money into renovations of the condo so when passed on it has better equity. I don’t if know they are depreciating the property tax wise and I’m out of the loop on what they have going on with the attorney for keeping the condo while on Medicaid so could use some advice as to what to look into.

If you don’t live at your home and are staying with someone else who is renting a home so you don’t have a primary residence can you rent your house out the majority of the year through Airbnb and keep a Homestead exemption

@Susan Franke absolutely any time.

@Susan Franke I think only part of your question was answered here. While very important to know the things a home inspector will tell you or teach you. You also need to know how to estimate rehab. The inspectors gonna say yep the cabinets function and no water damage under the sink. But won’t say it’s gonna cost you x amount to replace the laminate counters with granite. That where I would read j Scott’s book on estimating rehab and do the same the last poster said with a general contractor. He will charge you a few hundred but once you build a relationship with him and he’s working on your properties you can negotiate that way down.

@Betsey Davis do you have any contact just north of Atlanta that cover the Forsyth, Gwinnett, hall areas.

@Rolando Garcia detached garages would be covered under “other structures coverage” . Insure to rebuild cost but it never hurts to have increased building structure coverage of 20%. Also if your renting max out your liability coverage and if you can’t get it to 300,000 then buy a separate policy called a premise liability policy to get it there. I’d also look into a million dollar umbrella. A lot of people skimp on insurance but if you get a sue happy tenant with a good lawyer they can take it to you just simply defending yourself and if they are successful it can ruin your net worth. Also if the home has a basement look into water back up or sump discharge coverage. And if the home is older get some build code/law ordinance coverage with your policy which is very cheap to add.

@Jeff Mason thanks for the addvice any you have used before or can recommend?

Looks like it can get pretty expensive to drive for dollars with some of the cost of Skiptracing I’ve seen out there. Is there any workaround may be more labor-intensive where I could find these phone numbers and addresses linked to the properties for free

@Kyle Schlosser is there a place to check for deaths at a house or are you just at the mercy of google luck of the draw?

@Mike Abramov can I help you create something else that would be relevant? What .net are you looking at? And why? What your company or entity name