All Forum Posts by: Michael King

@Steven Sestir

I read 2 excellent books on rental management, and they are a wealth of information. They have the forms either in the book or a link online to get the forms for free. 

https://www.biggerpockets.com/store/managing-rental-properties-ultimate I bought the book from Amazon and got all the forms. 

Mike Butler's Landlording on Autopilot is awesome as well. I don't know if I can post the Amazon link. The book is only $20. Well worth the money, both books. Lots of your future answers are in there, along with questions you don't know you have yet.

Welcome to BP!

I would go in at $400K. You never get what you don't ask for.

It looks like a metal, braided flex line, which would be a pressure or supply hose. Looking at the joint at the end, it appears to be quick disconnect so maybe it's the retractable hose for the kitchen faucet. Really bad photo and no description to help. Is there water there on the fitting? Or is it just the rust that the tenant is worried about? And if so, what's a tenant doing laying on his/her back under the kitchen sink? 

Some tenants are just high maintenance - but that's why they're tenants and not owners, and we love them for it. Right?

A couple hundred to replace the turf? Just do it and dump the memory.

@John Morgan John it wasn't your fault; you are an unfortunate victim riding this BS out. At least the cops are keeping an eye on the place for you, so a bit of free security, right? Sorry that's a stretch, but it'll all be over soon I'd say and a good learning experience. 

A property management company exists to make fees. What on earth is there a 'locksmith fee' for? Did the tenants change the locks? If so, that should come out of security deposit. And landscaping? Did you authorize landscaping? I smell a rat.

In my experience, I spend almost as much time and effort managing my property manager as compared with my rentals. I guess your property is in another state?

If they do ask you about the deposit, you will need to explain it to them. Which would be a matter of having your father write a brief letter, which should not impact your loan at all. These loan underwriters seem to be an odd bunch. 

I just got a check last week from American Family Insurance for $100. They said because there weren't as many cars on the road...except they didn't think I'd be driving all over creation during the lockdown! I think I've done 3000 miles in my car since we were told to not leave our homes.

I would say it's the job of the landlord. But you would factor that cost in to the rent if it's not exorbitant. I have several properties around $135 HOA per year; I pay it, but the tenant has already paid it in the rent.

I hope that helps you.

 Okay I see what you meant now, thank you. I was thinking about other times I'd been taxed for taking 401K money. The 10% penalty.