All Forum Posts by: Mike R.

Remember brokers only make money when properties sell so their interest is to get you to buy/sell. If that means they have to convince you that your expectations are out of line then they will do it. Bottom line is that prices today are too high regardless if you are a flipper or a buy/hold.  Why buy a prop at a cap rate less than 6 when you can buy muni bonds and get a tax equal yield that is close to 6 and you don't have to do tenant screening, maintainence, etc.   

Work on improving your current holdings so you can increase the rent and just wait.  Wait for interest rates to increase, new bees to start selling when the decide this isn't what they want to do, etc.  prices will fall and better deals will be had.  

sorry to ask but i want to clearly understand the issue.   If I advertise an apartment for rent and I get a call from some asking if we do section 8, my answer could be no because we are not approved by the section 8 authorities. Frankly I'm not interested in section 8 due to the additional regulatory oversight, inspections, and the fact that this authority can tell me what the rent should be.  So are we saying that I have to subject myself to the additional govt oversight if someone with section 8 applies?

"However, you can ask for documentation from a qualified professional that attests to the fact that the tenant/guest has a qualified disability and that this particular animal provides a necessary service specific to this person's disability."

so do you think we can require that the documentation include reference to a specific animal such as the breed/color, etc?  

Kitsap county Washington...short ferry ride to Seattle

Still trying to understand what we have to do to accommodate a service animal, but long story short, we have a tenant  (the only person listed on the lease) that we have noticed the smell of dog and cat when our lease specifically forbids animals.  when asked about the smell of animals, we were told that the significant other (not listed on the lease) has a service dog.  we explained  that pets are not allowed and that they are responsible for their guests to which she responded that we have to make accommodations for that dog.  

so a few questions:

1) we don't believe we have to make accommodations for a supposed service dog a non-tenant.  are we correct?

2) the damage to the unit (i.e. the smell) is from the carpet which was relatively new when the tenant moved in and did not have an oder.  we believe we can deduct the cost of new carpet from the security deposit because it isn't normal wear and tear because the lease prohibits animals.  are we correct?

3) we actually know someone who wanted to bring their dog shopping and to restaurants, so they asked their Dr. to write a letter saying the "needed" the dog (i.e. it was a service animal) so i doubt this is really a service animal, but can we ask for proof that the dog is in fact a service animal?

has anyone ever done a web search on themselves?  scary what info is out there that renters can find.  how do you stop you personal info from getting on the web?

run away

not sure I agree you only one one prop under FHA but no you can't buy in the name of the LLCs. Buy it in your name, make your payments for 6 months and then transfer prop into LLCs. Word of caution, banks can call the loan if they know you transferred the prop to an LLCs

Thank you for your replies

I also wonder about the remote monitoring and does the technology work with other providers?  I.e. What happens if the original provider sucks and you want to change or if they go out of biz?

5 and 10 years from now you should expect interest rates to be higher so i would push the bank for a 10 yr fixed period.  on a second note, i would think you could get a residential loan for a duplex despite your husbands self employed status.  not sure a commercial lender would bother with a duplex loan (too small)...check with a credit union...lots of self employed get residential loans