All Forum Posts by: Michael Karl

Being from the area is have to advise you if you do not have a local contact you need to be careful near the new UB medical campus.  A lot of the area is up and coming but if you go a couple blocks in the wrong direction the neighborhoods are very rough.  Those neighborhoods don't seem to be making the upturn in the area like most of the other areas.  If you are not careful you may end up with a house in the wrong spot that nobody wants to rent.  

I am  gonna agree with a lot of what has been said already in that it depends on your local market.  If you are new to being a landlord is would suggest checking out Craigslist a discount seeing what others provide in your area.  Something good to think about, if your local market does not give you an obvious answer, if you provide more then the basic you can charge more for rent.  Yes you have the risk of the refrigerator or other appliance breaking, but making the rental easier for someone to move in to means they will pay more.  Not sure if you stated if it's a single family or part of a multi unit.  But in my area most multi unit building the kitchen  appliances are included and the hook up for washer and dryer are there, but not supplied by the landlord.  

Good luck and make sure you let us know what you end up doing great in the end

Thanks Ray  I love the drywall calculator for all the extras  I hang my own drywall but when my finish guy comes in inc feel like he always say grab 2 buckets of compound and 2 bags of quick set.  Sometimes he is right on sometime he is over and I hate wasting money and product.  I am gonna try this out on  your next project  

Sue  thank you for the prospective.  I always looked at the 1 year lease as a built in insurance but I never looked at it from the other side of the coin.  Especially a great point about waiting 6 months to see if I like them. All great ideas.

I am currently in the process of buying a 3 unit rental in the Buffalo New York area.  All three units are currently rented.  One unit the tenant has only been there for 3 months and is currently under a 1 year lease.  But the other 2 units the tenants have been there over a year and are now on a month to month term.  After the purchase can I have the month to month tenants sign a 1 year lease?

I recently started a rehab project that my brother and I are doing some learning while rehabbing.  We believe that we might have some foundation issues but without knowing who to contact I am not sure which way to turn.  If anyone from buffalo has a suggestion on a consultant or foundation repair company that I can contact I could really appreciate any advice of good companies to work with. 

thanks

My brother and I are currently waiting to close on a house the we intend to flip.  We close on the property on September 14th, this is our first flip and the more I read on the site I feel like we need to form an llc to keep ourselves protected. 

The question I need answered is there a way for us to form an llc and transfer the contract to the llc so when we close we don't have to put it in out personal names then transfer ownership after

any help would be great

thanks

thanks for the welcome @John Steele  yes a lot of the real estate in and around buffalo is doing great with a lot of large development going on downtown its starting to improve the whole area. 

I have been listening to the podcast for almost a year now, and have been interested in rental properties or the possibility of getting into flipping houses.  my brother and I just bought a distressed home that we are planning on flipping, so I finally signed up to get the most out of bigger pockets.  looking to make some new connections and see how this whole process works.