All Forum Posts by: Chan K.

Hi BPer,

During commercial application process, do you usually put your name down or the name of the LLC/entity on the application when buying the property?

Hi BPer,

During the purchase and offer phase, there are two deposits.

- Deposit 1: During the "Contract to Offer", in which is usually $1,000

- Deposit 2: During the "P&S Agreement" ??

For deposi2t, is there a standard or requirement on how much percentage that should be for both residential and commercial apartment.

I have experienced it with:

"Residential", Deposit 2 is around 4-5%.

"Commercial", Deposit 2 is around 9-10%

I don't really know why Deposit 2 for commercial building is so high. I don't have a problem with the deposit, but I just want to put in as little as possible in case if there is something going wrong. 

Does anyone know of the requirement or standard for "Deposit 2"?

Thanks,

-Chan-

@Paul Donoghue It has been a long time. How's everything going? Based on the recommendation, I think I'll consider renting initially when time comes. I am in the process of acquiring a 6-Units. The neighbor investor has a laundry room setup, and he told me that my tenants can continue to use the laundry room after the acquisition. I am pretty comfortable with the current cash flow without the laundry room. I am fishing out information in case I ever really really need a laundry room in the future.

@Al Williamson and @Brian Ortins , thank you for the reference.

Does anyone from around MA know where to get a used Coin Op Laundry system?

I am interested in both the washer and dryer. Any recommendation of the local or website is highly appreciate!

Congrat!! Congrat!!

I am excited for you.

This kind of successful story keeps the dream alive and helps other stay focus.

Thank you for sharing it with us.

@Rober T.

Find a buyer. List the house for sale by owner - Write in the description that you are willing and would like to do seller finance.

Where is your house located?

Hi BP Landlord,

I have a prospective tenant whom is a section 8. She has three little kids, and currently lives in a shelter.

I really don't mind section 8 as some of them are good. I need to re-enforce the rule every now and then.

We have a concern about bedbug. My wife works in the medical field, and she used to volunteer around the community. She knows most people from/at the shelter carry bedbug.

My question is, how do you usually screen for bedbug? It is definitely expensive to remove.

Thanks,

-Chan-

@Account Closed Now that looks better.

For my next screening, I will try both your reference and John. I am already paying $30 using SmartMove without eviction check. The $33 is around the corner, but John is only $20. I have to call the website to setup the account.

The "masscourts.org" is pretty cool thought .... check it out. Very quick ... love it. The combination of both "mass*" and SmartMove will screen nicely.

I am experimenting both cost effective and convenience as it is going to be a part of my long term system.

@Ann Bellamy and @Account Closed Thank you for the reference, it allows me enough information to keep poking around.

@Account Closed , I don't know if the response is really help me here. For future reference, be a bit more discrete and provide example or reference. Your response gave me no additional information beside what I've already knew.

Hi BPers,

I am in the process of screening my tenant. I started using SmartMove which provides by BiggerPockets.

I have noticed that it only shows credit report and criminal check. If someone is evicted, will it show on the credit report or by SmartMove?

Unlike other site, SmartMove only required tenant’s email address (very convenience).

I tried another site that someone recommended, but the required information/paperwork from me (landlord) is insane.

Acceptable Proofs of Ownership (Note: on the following items, we are looking for your name, your mailing address and your property address. For longer documents, usually just the first and last page are sufficient):

• Title
• Property Tax Statement
• Copy of Deed or Warranty Deed
• Mortgage Statement
• Insurance Statement
• HUD 1
• Purchase Statement
• Settlement Statement

I don’t think this is convenience at all.

Do you use other websites out there for your tenant screening, in which will able to perform “credit check”, “criminal”, and “eviction” in one package, and CONVENIENCE with less requirement from the landlord?

The SmartMove is awesome and quick, but I don’t think the eviction is as part of the report? Is it??