All Forum Posts by: Kyle McVay

We currently have one property and it is old and we have had to do multiple repairs to it after our first tennant moved in. Now, I'm not an expert by any means but I can go to STESSA and see exactly what my cash flow is for that property for a day, week, month, year or whatever. I don't have to wonder if we are cash flowing. This month we are negative due to repairs and last month we were positive. 

I guess, I think that you are asking the question as if the answer is subjective when it is actually objective and you can look at your numbers and see where you are at. I hope that makes sense. If you do not have an accounting program I highly recommend STESSA it's affordable and Bigger Pockets recommends it. If I've misread this please accept my apology, as I said earlier I'm no expert. 

I will keep following this topic to see what more experienced folks have to say.

We are new real estate investors. We received a letter from the city regarding a home we purchased. They want us to tell them (1) what we did to improve the home,  (2) how much we have spent, and (3) how much we purchased the home for initially. I am inclined to ignore the letter because to me it seems like they are asking me to provide information that will raise my property taxes. We are in Texas and we do not have a state income tax, they operate off of property taxes so they are higher. 

Experienced investors, please let me know what you would do. 

 Thank you so much for sharing your process with me this really helps me out. Blessings, Kyle

I would like to require a prequalification in order to show our rental. It seems to me I am wasting both my time and theirs if for instance they do not make enough money to rent this property. Is this reasonable or should I just show the house to whoever wants to see it?

I want to be like you when I grow up! I just sent him a gift card for lunch and set a reminder on my phone. I love the idea of giving a bonus especially, after his medical issues we'd love to do that. I think they mentioned that in the BRRR book.

Thanks,

Kyle Suzanne

Thank you Ryan! I hadn't thought of it like him doing free work. But you are definitely correct and I don't want him working for free. We had to wait a few weeks when he was hospitalized and it's been worth the wait. 

And as @Karen Margrave informed me that contractors sometimes work out of order. I didn't realize this. We've only ever had singular jobs done at our home.  

Thank you all for answering my questions and helping me maintain a good professional relationship with our contractor. 

I would like to ask my contractor to provide a detailed bill prior to releasing any additional funds. 

We have had a couple of minor misunderstandings despite the quote being in writing. For instance, we informed him we'd do ALL the demo. We have 4 kids 13+ who are still at home. The college student came just to help knock down walls. Anyhow, we didn't finish the bathroom demo on the tub/shower the first weekend. However, he was scheduled to start on his end of the project in 2 weekends. So we thought we could finish it the next weekend. Well, he came in during the week and need to access some of the plumbing and did a good bit of the demo. He left the cleanup to us (which is fine). 

So I want to MAKE sure I'm not getting charged for demo. Since this is the first time we used him I'm just trying to make sure he is what he seems which is a very knowledgeable, hardworking, honest, and good guy to have on our team.  Also, we have changed the scope of some of the work. In the beginning he did provide a detailed bid for us.

 So is it common practice or an acceptable practice to do this, would it be insulting?  

We have a home we purchased in June. It looks like it 'should be' ready by the end of August. However, it could be the first or second week of September. Our contractor has had someone stop by that wants to rent it which made me think maybe it's time to start advertising. When should I start advertising the rental for rent.  What would I do for pictures? The previous pictures cannot be used as we are turning a 2-1 into a 3-2 and we've had (and done ourselves) so much work on the house that it's NOT the same. 

I received a request from the Central Appraisal District  for the purchase price and a bunch of information about the the house. Such as:

1. General condition of property at time of purchase? (the answer would be poor)

2. How was it financed?

3. Was the sale from a relative? 

It doesn't appear to be a legal requirement just a request that will be "kept confidential and is strictly for our records." I'm not much inclined to comply, is there a reason I should comply? 

Thanks!