All Forum Posts by: Mike Dorneman

Rick M. All the above advice is great, follow it. I’ve also always thought about the tenant screening process similarly to a hiring process. I’ve listed and rented 3 properties in the past few months all through FaceBook. I get the opportunity to check out their profile this way, and I list all the details in he post. I direct the applicant to Private Message me with any questions and/or to begin the application process. I have the applicant select a specific time for the phone screen, like a job interview, if the applicant fails to make their ph be screen on time, the process stops right there. After the phone screen we move onto a showing which also has a specific time that I hold the applicant to. We additionally do credit, criminal and eviction checks. I find these extra “hoops” allow us to screen for the best tenants that we’ll be able to train and become me the type of tenants we all want. Good luck!

What @JonHoldman said. I had the same situation early on. Keep track of all your expenses (Home Depot receipts, contractor invoices, service changers...). Your accountant will be able to correctly categorize them come tax time. It’s important that you note what the expense specifically was, your accountant will break down your expenses into different categories rental owners are able to “expense through”.

@patrick Liska I agree, I suspect they had previously frozen. Bottom line, the deal was great and I’d pay the same price even if the pipe issue was disclosed. I appreciate everyone’s feedback!

While I’m pretty sure I know the answer here, I figured I’d throw it out to you all as well! Closed on a deal yesterday, the inspection went well last week and final walkthrough as well day prior to closing. Homeowner didn’t want to run their boiler of have water service in a vacant house so he had the water meter removed. So as the story goes, when we had the water Co install the meter yesterday and restore service, the baseboard pipes started popping at the solder connections and quickly turned the first floor into a small waiting pool. Do I have any recourse here, or just bite the bullet and begin repairs on my own? Thanks!!

Michael Faurest Have you had the chance to get any quotes yet? I’d specifically ask for a breakdown between materials and labor. I’ve seen major margins on drywall labor. Also, what happened to cause you to unexpectedly need drywall???

@bryan Cash our refi. It’ll take some leg work, but you’ll be able to find a lender that will write a commercial loan on your first deal and allow you 80% of the ARV (after Reno value). I’ve used this tactic BRRRR strategy, to turn my first deal into 3 additional in 6 months. Best of luck!

Travis M. I use Erie insurance here in PA. Very affordable and Landlord friendly. They also set up all of my tenants with renters insurance. Good luck

Recently closed on a great deal through a wholesaler. I paid $4,500.00 for the assignment. I’m wondering what others have paid for assignments? Does the price typically depend on the sale price or are you seeing a flat fee approach regardless of deal size? TIA

@Nicholas Fear is the main reason people fail in this business, just jump in. You may get a property manager, but turn that into a networking opportunity. Write out a brief script so you’ll have something to follow when that hometown does answer and says, Yes! Good luck

I’ve had success by working the rental pages on CL and the local newspaper. I simply let them known that I’m not interested in renting, however I would like to talk about purchasing their property. The phone calls usually have about a 79% success rate “meaning the owner is willing to talk at least”. You’ll then obviously need to analyze the deal as you would a listing you might find. I’ve been able to identify some very profitable off market deals this way. Good luck