All Forum Posts by: Kodi Clark

We are considering allowing a couple with (2) Golden Retrievers to rent our home. We have Newly refinished hardwood floors (About 1500 sqft worth) /our Lower Level is Carpet and tile. When I did a google search-looking at estimates on restoration- I'm seeing $3 to $8 per square foot (but I believe this is refinishing.. not restoring -  how have you structured your lease to cover your valuable assets? (in this case.. hardwood floors) - we are in Cincinnati Ohio. 

How hard is it to negotiate Liens with a Municipality? the house I'm looking at currently has a lien from the city for $75 per day (since November of last year) due to overgrowth- has anyone negotiated this? how did it go? what is the general probability of making it go away?

We closed on our first rental property last week 

We have inherited (4) tenants / (1) of the tenants is new (signed a 1 year lease in August) / however the other (3) are on Month-to-Month and well below market rates.

All 3 have been with the apartment for quite some time.

The market rate for this apartment is $700 / the apartment next door (just like ours) went up for rent (last month) and had 30 applicants in one day.

Exploring the area (Facebook marketplace / craigslist / Zillow / apartments.com) – I am unable to find anything like this apartment (at this price point)

With that in mind / I don’t see anyone vacating (as there is nothing comparable) (but .. who knows.)

I have already received feedback from one tenant, claiming that he and the other (2) units can not afford a rent increase.

The prices on the other units are: $500 / $535 / $595

The rents need to be at $700 / not only because the market supports it. But because I cant cover upcoming maintenance without it.

My limitation is the unknown. I don’t know what my existing tenants are capable of. Or the ramifications of raising rent.

I’d like to go about this the right way and was hoping for some feedback? How you would approach it?

Any Advise would be appreciated.

@Luke Rorech Thank you so much for the recommendation! - I have reached out to them =) 

Hello All =) I'm Looking for Design Build Firms in the St Pete / Clearwater Area. We are looking at Land both in Largo and Clearwater (both opportunity zones) -  Per the City: We have enough square footage for 17 apartments (however-I'd like to explore the idea of Micro Apartments) - Ideally the firm we work with would have experience in this area. Any recommendations? Or feedback of where to start? I have already found one firm (Mobius) who is working in Largo - but any other feedback would be greatly appreciated 

@Jocilyn Oler - I feel your motivation here.. I am currently looking at duplexes in largo, Fl - my dad lives in this area (and is a general contractor) my focus over the past 7 weeks has been “location” - ideally having something (5) minutes from his home.. I have ran so many numbers and have seen so many duplexes 🤦🏼‍♀️ the numbers just aren’t working .. I don’t see the need to run your numbers as so many have already done so 😜 .. just saying that I understand the motivation .. a big thing to keep in mind is the census data for your area.. duplexes here are running about 350 (sometimes more) I was told not to even blink at a duplex over 300 (given rent for this area) but the biggest thing I learned is that even at $1500 per month in rent (there is already an abundance of units at that rate) and that the real deficient in the area is having units under 800 - is that possible for this area? So far .. not really with what is available.. I’m now currently looking at self builds to meet the deficient (and still stay in the area) I’m going to exhaust my resources here because I know the value in having a job 5 min from home. It’s def about finding the right balance and knowing what will work best for you (your motivation)

Hi All! - Has Anyone utilized Bonus Depreciation on their rental property? - Did you use a Cost Segregation Study or did you do it yourself?

A bit of background: Generally with real estate.. you deduct the loss of an assets value over a span of 27.5 years (straight line depreciation) - However, In 2017 - The IRS put in place "100% bonus depreciation" - allowing us to write off / deduct some assets at 100% in their First year-  From what I understand, the rule of thumb for depreciation is 20% of the homes value (not land) 

This can be advantageous tax wise if done correctly. Unfortunately, I don't know anyone who has used it. If you have utilized it - any feedback would be appreciated =)