All Forum Posts by: Kyle Sosnowski

I can imagine you dislike the upfront cost to the company as many others do. Many opinions here will show you the owners prefer to pay in payments or after. While the PM usually wants upfront payments.
I think the best to do is find a good middle ground here, definitely communicate properly with them, and come to an agreement. And just lie with anything else, if that isn’t viable. Simple find someone where you can both benefit properly and appropriately.

You got this!

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Quote from @Anthony Harris:

Quote from @Alan Asriants:

Quote from @Anthony Harris:

Funny because i am looking at quickly dumping an underperforming property i got at around 5-6%. The plan is to 1031 & buy another property in more favorable conditions even with an 8% rate. These will be rentals only. Higher rate means higher mortgage which means lower profit margins on the rent.

Are you suggesting in my situation....sell, buy again even now. Take the lower rent margins & wait for rates to drop hoping we get more activity & possibly sell the new place at a higher price?

If its cash flowing, I wouldn't sell

It's not! Thats the problem. It's chronically been attracting folks that pay for a few months then stop. Currently i am in eviction with the the tenant thats in there now. She hasn't paid since April! And guess who's been eating the mortgage & water bill EVERY MONTH!! I'm literally speaking bled out. I have no more reserves because of this & minor issues with other properties.

I’m aware you are in the eviction process, how did this come about? And did you try any other solutions before deciding to evict?

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Philadelphia, Pennsylvania

Quote from @Jordan Tinning:

@Keith Mintz started with 2 now I have 0.. lol I recently flipped both properties to LTR Because STR just isn't for me.

And That’s ok. Maybe I’ll try again later but it’s not for me right now. LTR just works better for me and my personal situation. Got to do what’s best for you and you personal investment strategy.

Jordan, would you mind sharing the main point of hassle STR brought to your situation and why you decided to stick to LTR.
I would be curious to hear your situation.

thank you:)

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San Diego, California

Quote from @Andrew Steffens:

@Kyle Sosnowski

As an operator it would probably be neighbor issues. 90% of our neighbors are fine but the 10% are a headache. Also the chief complaint amongst neighbors is not partying per se but kids splashing in pools during a summer Tuesday night is a constant nag.

I’m sure my cleaners have their pet peeves and the maintenance techs have theirs but that is like because it frequently means me having to get involved.

Splashing is not quite what I expected.. but I expected the unexpected.
Thank you for sharing sir.
Typically with these noise complaints, do you contact the tenant personally or send out a notice?

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San Diego, California

Quote from @Andrew Steffens:

I personally own 9 all in the Tampa Bay area, and we manage those + about 75 +/- or so mostly in FL with a few in NJ.

As far as what I have learned in the almost 7 years, the list is too long from day 1 to today. In a nutshell I would say I learned just when you think you have seen it all you see something new!

What’s your least favorite issue you see that occurs frequently??

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San Diego, California

It is normal to overthink any situation when beginning. Everyone goes through it, and you are doing the right thing by asking the questions.
You seem to already have good connections with your agent and even that conversation with your aunt, which is very fortunate.
Use these to your advantage, and keep learning everyday. It will get easier.

I’m regards to your savings. It wouldn’t be too smart to jump in with all of your money off the bat(I’m in the same situation now myself)

Just keep saving and learning or explore different deals. You are in the right place, just everyday keep learning and you got this.

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Quote from @Bruce Woodruff:

Quote from @Marcus R.:

@Kyle Sosnowski - I usually have the contractors place the order for materials and then call the supplier or retailer to pay over the phone. Or when they go to pickup the contractor will call me and then hand the phone to the company to complete payment. Been doing it like this for a while and it's worked well.

@Bruce Woodruff - Tell me more about your point of view? Wouldn't this help the contractor since they don't have to front the money?

It's no help to any decent contractor, they should have zero problem fronting any amount of money. (As long as the customer does not get too far ahead of the payment schedule.) And the GC should insist on doing so, since it keeps the project 100% under their control..... exactly what gets ordered, who orders it, when does it arrive, who unloads it, where does it go, who is responsible if it gets damaged or stolen, when does it get installed, who cleans up?

I hope that makes sense?

Hi Bruce,

You seem very experienced in your field, I would like to ask you a question.

How does it play out when, hypothetically you have a job about to start and you get damaged materials (in this case, all of them are unusable)

As the owner, how would we go about dealing with this with the contractor in the best manner/what has worked in your business.

I appreciate the wisdom in advance.

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Quote from @Willie Creear III:

Not my first, I have completed a garage conversion and along with two room additions. The garage conversion was pretty intense as it was the first time doing it but the experience helped me figure how to scale my futures. Honestly looking for DADUs instead but I can't beat the right price for a SFR that makes sense of course!

Tell me more please,

What did you do with the garage, and the additional rooms?

How much did you spend to add in the additions and reno the garage?

How was it estimating the cost for the reno?

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Seattle, Washington

Quote from @Carlos Ptriawan:

Quote from @Jason Allen:

Quote from @Henry T.:

Parts? Oh my god. Get a cheap a** dryer off craigslist for $50, and pay some kid $50 to deliver and connect it. Or, write a new lease and make the tenant supply washer/dryer. Send them a notice for lease violation for not allowing reasonable access to make a repair. Weekend accesss only! Heck with that! Contractors only work during the week. Tell em' who's boss. Evict! Call the section 8 office and tell them what you're gonna do.

Hardcore, my friend, hardcore.

what do you mean hardcore LOL

this is the most practical answer, just buy used appliance and install it the next day, case closed LOL

Would you recommend going with used appliances over buying new?

I would be interested into hearing if in general people prefer to save on cost by buying used? (I would think that it would come with a greater chance of needing to be repaired again sooner than later)

But would love to hear your opinion on this!

I appreciate any response in advance.

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Columbia, Maryland

Quote from @Ray Hage:

Quote from @Wilson Feliciano:

So I came across a property that seems to be price within my budget but it's in a flood zone. What are some of the things I should be looking/asking about when acquiring such property ?

If it makes you feel better, I bought my house which is in a flood zone in Florida (most of my county is in a flood zone so whatever haha). Not saying I recommend it, but know the risks before going in. The most important thing to check is where it is in relation to other houses (meaning is it the lowest house on the block), is it on a slope, etc.

Also if you have time, go to the house during/after a very heavy rainstorm and check out the flooding....You can easily get a quote for the flood insurance cost. The downside, your insurance might be 600 this year and 1200 next year so just make sure you are getting a good house for the money because the costs could go up significantly.

Hi Ray, loved this reply.

Questions for you, when it comes to speaking with an agent about a flood policy..

1. I am not familiar with these types of policies as I am a beginner, and I will be sure to speak with an agent when the time comes. But, when we are talking about "flood insurance", is this typically one policy that you are paying for, or does this include others like "fire" or "hurricane" insurance? Or are these all separate and different policies?

2. How common is it for people to "bundle" policies for there rentals with personal poicies like auto, etc? And would you recommend this to begin with?

Thank you so much for any wisdom,

God bless.

1 Vote

Jersey City, New Jersey

All Forum Posts by: Kyle Sosnowski

Kyle Sosnowski has started 7 posts and replied 70 times.

Post: My PM wants me to pay for the entire work bid before the work is done. What do I do?

Post: Mortgage rates just hit 8%!! So... should you buy a home/investment???

Post: How many STR do you have and what have you learned in your journey?

Post: How many STR do you have and what have you learned in your journey?

Post: How many STR do you have and what have you learned in your journey?

Post: About to submit an offer on a multiunit in Chicago and am paranoid about it

Post: General Contractors refusing to quote without them buying materials

Post: Looking to connect with Investors with 0-10 Properties!

Post: Can landlord be sued for broken dryer?

Post: Home in Flood Zone