All Forum Posts by: Kevin Perk

Do it!

You tenants will appreciate it and so will you. Yes there are some small fees but they more than make up for the reduced hassle of going to the bank, etc.

Alex,

Try a local reia club. Ask for references from other investors there.

Kevin

@Account Closed

603 Rembert is a great location. However, it does not cash flow at the price they want or I would have bought it along time ago. :) It has been on the market for a while now and needs repairs and upgrades as well.

Be careful in 38104, one block is great while the next one is no so great. It can be really difficult to get accurate comps unless you know the area well.

As you said, a complicated question, especially since you work full time. However I think most of what you list could/maybe be used. It will depend on how aggressive you want to be. Also, I think more detailed information on how much you and your wife each participate in the business is needed, among other things. The Nolo "Every Landlord's Tax Deduction Guide" has a great discussion on this topic. A chat with a CPA here or in person is also highly recommended.

Kevin

John,

I think it is best to keep an accurate accounting, let it accumulate and give it back when they move out. You could include it along with their security deposit, assuming there were no damages but I would not use it as a charge for damages as this could violate your local laws. You have attempted to fix the problem (keep a record of that), so you have done your part. Sounds like you are dealing with a bureaucracy and It is too small to waste time with on a regular basis.

Hope that helps,

Kevin

Applause to all of you young folks. I wish I had started at 18!

Having a private lender finance the down payment and hold a second mortgage is one way that has worked for me. But understand that not all banks/lenders will allow this.

Good luck,

Kevin

Eric,

Here is my two cents.

The first one will likely stay for a while but will pay late as crisis after crisis hits. He will pay, but you will have to chase him down. It will always be drama with this one.

The second will pay on time, but will move in a year or two and you will have to re-rent and possibly rehab the unit a bit. But I suspect it will not be very much of a rehab, but that is just a hunch.

If it were me, I would go for the second one. They have more income and are therefore established in my book. Yes they might not stay as long but not dealing with the drama will be worth it.

Kevin

Zack,

I have some ideas to create apps to help direct tenant's repair requests to the proper people while letting keeping them and the owner/manager informed of the process.

Please get in touch,

Kevin

If they are each on their own lot and are separately metered for utilities, I would run the numbers separately. They should come out with the same result, but I would want to make sure each could stand on its own.

Kevin