All Forum Posts by: Mike Fiorese

24 - lived in it for a year and a half before renting it out fully.

@Marcia Maynard Thanks Marcia, this is very informative.  One question, if I was to hire a PM, do they usually take on the responsibilities of contacting/meeting with contractors?

I do believe that being there is the best way, but unfortunately that leaves me with just the weekends because I have a full-time job and work late hours.

@Curt Davis @Franklin Romine  Thanks for the reply Curt and Frank.  I will eventually give a key to a contractor however this is the first time using him.  I want to make sure I can trust him to get the work done right before handing over a key.

I guess its best to keep going up to the property until I can build a solid team (contractors, PM, etc...)

The tenant is complaining about the timeliness of repairs but not being cooperative which is frustrating.

Recently I've run into a problem with my tenant not providing availability to let contractors in.  I have 2 repairs I have been trying to get done but have been unable to coordinate a time between the tenant and contractor. Is the tenant responsible for contacting and letting contractors in?

I have a clause in the lease stating that "Whenever possible the Landlord shall make arrangements for contracted workers to coordinate with the Tenant the time and date when workers may enter the Premises in order to accomplish repairs or services."

As a landlord I shouldn't be going to the house and meeting these contractors each time, right?

I live 50 miles from my rental so it is becoming a hassle to drive up there each time. Maybe it's time to hire a PM.

Private lenders usually come with higher interest rates than bank loans, they are primarily used in short-term projects. If you cannot get a bank loan I would consider utilizing family members (if possible) and negotiating a rate that works well for both sides.  

BP is a very informative site with experts in every subject matter.  Site members are helpful resolving issues and analyzing property figures.  BP helps people network and answer questions fast and efficiently.  I'm fairly new, but addicted to reading the forums.  

@John Rubino Are these meetings still being held?  If so, I'd like to attend but can't seem to find the group "BP Capital" on facebook.

I've seen the finished product of the rustoleum counter tops, it does not look as good as the commercial pictures above.  My fear is the home depot version would start chipping after 6 months of use. On the other side of the coin, its cheap and can be done in a day.

@Brie Schmidt Congratulation! It's a goal of many people on this site to quit the 9 to 5 drag and invest full time, including myself.  Good luck with your new portfolio deal! Wish you the best!

@Brie Schmidt The seller's ears must have been ringing, she emailed me yesterday and requested I contact a reliable contractor and give her an esitmate. I plan on setting up an appointment early next week to get this resolved ASAP. Hopefully this is the beginning of the end.

@Justin Pierce A letter from a lawyer is a great idea, it still may come down to that.