All Forum Posts by: Kyle Meyers

If the price per door is the same I think the single family is a little better, but it will depend on the market. The maintenance for the SFH could be higher per unit since there is just one unit and a lot of the maintenance is building-wide. But the difference should not be too much since much of the maintenance will be from tenant use and the difference should be covered by the slightly higher rents for a SF over a MF.

I just used the imfuna app to do a move-in inspection on a property and I thought it worked very well. I read about the app online, I think I may have seen it on BP, but can't find where, I was wondering if anyone else uses this method to do their inspections. I plan to use it again for the move-out inspection, my understanding is that the inspection is saved and I can update it at any time and each report is a snapshot of one point in time for the property, so I believe I would be able to just roll over each inspection to the next, does anyone else do that? I'm not sure if there are any problems with this system, I emailed the report to the tenant and they replied that it is correct. I plan to take the pictures a day earlier for the next move-in and have the tenant sign a print-out when they move in. I want to make sure there isn't anything I am missing that will give someone a reason to dispute the security deposit later on.

I have laminate in the kitchen in one of my rentals. It was their when I bought it and has held up well so far. I don't know how long it had been installed before I purchased the property, but it looked fine the last time I saw it and I have had it about a year now. I would recommend tile though if you think it would work there because it is more durable and easier to replace part of it, if something happened to one area of the laminate you may have to replace the flooring for the whole first floor otherwise.

Try to fill any hole outside and then fill the one inside too. And put out traps for ants to see if any are still getting in, that way you will know if there are more gaps that need to be taken care of.

I just checked my properties on zillow, it is not too far off on the rent estimates (not even close on sales prices) The estimate is 20 below the rent for one of my properties, and 30 high for another. I have to agree that it is still important to drive the area and see what the nearby rentals are going for and how they compare to yours. I don't think any website will truly be able to give a good estimate of values or rents because they change so much in just a few blocks.

I think that you would look for an abandoned property for the best bet, but it is difficult to tell which will be lease likely to pay. I bought a few liens about 5 months ago and I am waiting to see how they turn out, they only have a 1 year redemption period so I will be able to foreclose at the end of this year if the taxes are paid off. I looked at notes that were very inexpensive and then checked on the properties to see what the appraised values were for the taxes, how large they were, what the structures were like, what the condition was, what nearby homes were selling for. The county that I bought in had a great website that included floorplans of the properties which helped a lot, I also looked at how much they last sold for and when. I would agree that it is very unlikely you would get the property if there was a mortgage on it, but beyond that I don't think there really is a great way to tell if the owner will pay their taxes or not. It would be very specific to each owner. I would recommend targeting properties that appear to be a little (or more) neglected. If they are occupied or abandoned and have had maintenance ignored it would seem to me they would be more likely not to have the taxes be paid up, of course if they have too many problems which have built up, they will not be worth the amount of the lien.

I will see how my own journey into the world of tax lien investing goes, and I'm sure I will post what happens with them as the end of the redemption period approaches.

That is my exit strategy, maybe a bit more complexities to accomplish my goals, but the general idea is not to pay any depreciation recapture taxes.

I use Quicken RPM, it is a pretty good software, but doesn't really handle the depreciation part of rental very well. I have read that many people don't care about that and just use their tax software to handle that. Other than that issue, I think it works very well.

All cash deal.

Is this a good deal?

Duplex rental, moving in the tenants in the next few weeks.

Purchase and repairs=$50,000
Property Taxes=$1,600
Insurance-$585
Rent=$610x2=$1220
Tenants pay utilities.
Operating expenses estimate=$343 (based on 50% rule without 7% property management fee)

NOI=$8,339
Cap Rate=16.68%

Do these numbers look right? Is this a good deal? Is there anything I'm missing?