All Forum Posts by: Michael King

G'day @Iris Cruz mate!

I have especially liked the lockdown since there's been predominantly light traffic on the roads and getting into the hardware store has been relatively easy. All so I can do renovations on a couple of apartments. The more people out on the roads, the madder I'm getting. 

In my area what I'm seeing is low inventory and maybe not high prices, but certainly not bargain prices. Higher than expected, for sure. Being a buy and hold guy, for now I'm a hold then buy guy. So hanging on for my next deal. 

Good to hear from you Iris, how's the market in Australia? 

It's a great target audience and I think I will add this to my tool box!

I like to reduce the rent. A rent reduction reduces your reportable income to the IRS so you save a little in tax. Collect the receipts and save some more. 

One of my tenants just did 2 days work mulching and gardening. He paid $260 for the supplies (I have the receipts for tax). I reduced his rent by $260 and rounded up to $400 for his effort. He's extremely grateful as am I since his work was beautiful. Increased value on the property, he and his family are in a better mood...it's a win, win, win.

Another tenant sent me a photo of the P trap under her bathroom sink; it had separated at one of the joints. I man-splained how she could fix it and she did. She saved me a 90 minute round trip covid drive, plus 10 minutes inside, plus gas, wear and tear. I reduced her rent by $25. She was over the moon. Me too, I didn't have to make the drive.

I would be generous. @Account Closed for asking about this. 

G'day mate! We have a thread also for Aussies, you may want to have a look through it to find some information for Aussies.  https://www.biggerpockets.com/forums/311/topics/801577-calling-all-aussies

Welcome aboard! 

I was getting reamed by Renters Warehouse to the same tune - one month's rent for placement (or lease resigning), plus monthly 'management' fee. Took me about 2 years to wake up to them, but I fired them at the end of 2019. 

My new PM is pretty laid back and he'll resign a lease for $100; finding a tenant I think he said he'll charge a third of a month's rent. He's a good bloke, another Aussie in the USofA. 

@John Runde welcome aboard! I like Dutchtown and South Hampton; not sure about the other areas. Thanks for doing your healthcare work. What do you do?

The city. But...

I called the city when I was buying my 4 plex to ask them about the property and outstanding code issues. The inspector was familiar with the property and said there was nothing outstanding. They do an annual inspection and this year, a new inspector goes through the place and finds multiple, obvious code violations. And work done without permits. 

I would pay for a city inspector to check it. For my 4 plex it was $80 for him to go through the place. 

I would certainly look at apartment buildings, or any multifamily for that matter. The more apartments you can get, the merrier. You've got a strong downpayment for sure; maybe something in the $2 - $3 million range should have a good return. Definitely do a LOT more research before you jump off the cliff though.

@John Walter @Mark F. John I'm also curious about what you need to make a basement legal to live in. Obviously I'm in a different area, but curious what the buzz words are. 

I also have a similar complaint in my 4 plex. I had to tell my complaining tenant that in this time of lockdown everyone has to be more understanding of children making noise. Looking at your local noise ordinances you tend to find noise restrictions for certain hours of the day and types of noise. I'd say your complainers will have to put up with it for the time being. It sucks, but if they're not happy maybe they should consider a place where they don't have to share walls and floors. This is why I live on 3 acres.