All Forum Posts by: Maxwell Fontaine

Hey @Kelly McCandless I absolutely agree with you. You have the show value and you appear that you cannot produce you will be passed over. You’re first representation of who you are is on paper 9 out of 10 times. High school diploma or GED is the bare bones minimum for life today. 

Hey @Account Closed,

If it were up to me the numbers would really make the decision. If the smell is understood that it needs to be removed, and parts of the drywall needs to be removed that that is non negotiable. The floors and lower parts of the walls normally hold the source of smells so you could just replace 1/3 of the drywall in the rooms and fix up the floors for the smell. In regards to the full drywall removal, you will almost guaranteed find issues with your systems to some extent, outdated or broken etc. IF you have it in your budget to handle that than go for it ESPECIALLY IF YOU ARE GOING TO HOLD IT LONG TERM. IF it is a flip ehhhh morally you probably should do the upgrades or, more of the profit side of this coin, at least upgrade to pieces that have high contact (laundry, bathrooms, kitchens). 

If your numbers are too close just go high contact areas and minimize potential expense and do what is non negotiable.

I hope that helps a little bit.

Hey @Tyler Labelle, I would approach it from a future stand point.

1. Do you have plans to expand out to having multiple properties ?

2. Do you want to minimize the potential for headaches?

3. Do you want things to run as smooth as possible for as long as possible?

If you said yes to all of these than you need to start creating that system and stay true to yourself. You put down and had her sign YOUR lease which represents your guidelines. If you breach this than you are in violation and what is written down needs to be done.

Your lease is only good if you enforce it, other than that its just a piece of paper.

If you said no to any of those questions above, than try to work out a payment plan. I have buddies that have used a bi weekly rent payment (the weeks they get paid they pay 55% of the rent each pay check to insure they pay and you don't get caught paying for their housing... the extra 10% is just for your time)

I hope this helps even a little bit. Good luck sir.

Hey @Daniel Watts, 

Just from an insurance perspective you will need to be prepared to put an individuals name or all of your names as property insureds and the LLC as a co-insured.

If the extra payment of capital means you have "more skin in the game" you might want to allow them to not have their name on the insurance or if you have more skin in the game than you get to get the insurance in your name. IF THAT NEEDS TO BE DONE. That might scare off the idea of having a higher percentage in the deal depending on how you present it. 

That also applies for your builders risk insurance policy if you are rehabbing and it is vacant. 

If you need me to clarify anything or have any questions, feel free to reach out. I am here to assist you.

Get the @David Greene book on "Long distance Real Estate Investing"  and pay attention to the Core 4 he brings up. Basically gives you a road map so all you have to do is plug in the pieces.

https://www.biggerpockets.com/store/long-distance-real-estate-investing-ultimate

You got it man @Account Closed if you have any questions or common things you have your agent go over please let me know.

@Account Closed If your name is on that unit and you are leasing it out than everything is okay. I would doubt that the HOA guidelines has anything about the AirBnB specifically in there. But it would be detailed out in (short term renting/ transient) wording. Meaning you could get fined for renting out for a term less than 30 days per visitor. That is a very risky situation that you will be paying the bill for someone else making a mistake. If i were you i would say he is in direct violation of the lease agreement IF YOU HAVE THAT SUBLEASING WORDING IN THERE. GIVE IT TO THEM IN A LETTER BY HAND AND MAKE THEM INITIAL IT. It is considered a written warning and if you happen to see it happen again you would be justified in evicting them. That process may seem like a headache but its better than a HOA fine .

Hey @Account Closed from a liability stand point you need to make sure your insurance policy can support this moving forward. Landlord policies are flexible with the type of renting you do BUT you need to make sure you are able to even rent for less than 30 days in your rental. IF it does turn out that its not allowed in your landlord policy you could void the entire contract if the carrier finds out. I would check if I were you. I know this does not weigh the options of what you are specifically asking but this has potential to become a bigger issue if you have a lapse in coverage.

Hey @John Moorhouse Im assuming you've thought about that very long. But just understand if you do not finish at least high school EVERYTHING about investing just became more expensive. What you see is an ambitious young man with a plan, what everyone else sees is someone who cannot commit and see things through. 

AT LEAST FINISH HIGH SCHOOL MAN!

Since you are employing the PM and his responsibility is to take care of your property first and the tenant second, just make sure your PM is able to work to the best of their ability with the lease. Whether its yours, the old PM, or the new PM. They need to perform as best as possible. As long as that can be done with them than it should be smooth sailing.