All Forum Posts by: Account Closed

I will be going through my first city inspection in a couple weeks, what I should be prepared for? The city where I own the home doesn't have a check list or sheet to give me before the inspection. So I am just wondering from your experiences what things should I be prepared for and what things should I do prior to inspection to help me pass?

Also, my friend just told me in a nearby city if they find electrical violations they will force you to fix them with a permit and licensed electrician contractor ($$$). They also force you to have interconnected smoke detectors.

Ahhh, that makes sense! thanks Mike.

I was just running a credit report on a possible tenant. After going through everything on the report I noticed a little note at the bottom of the page. It reads:

Is this a nation-wide law or does it vary for each state? I haven't yet had to deny a rental applicant for my other homes, this is a first. (I am a new landlord).

I had planned on just calling the applicant and telling them the reason why they were denied, but then I saw that note.

So, basically I just type up a letter saying "based on your credit report your application for rent has been denied"?

I use CitiCredit.

http://www.citicredit.net/

Lena, you have already made a good choice by joining this forum, you will find a lot of great advice on here. Keep up your research and read as much about the business as you can, but make sure you act on it!

I am a new investor as well. I started back in August of 08. I now have 1 rental, 1 rent with option to buy, and closing on another rental next week. What I found extremely helpful was having a mentor (also my RE agent) who is in the RE investing business to give advice, examples, and guidance along the way. Joining a REI club can help you find these sorts of people.

Real Estate to me at least, was a little intimidating at first, but that quickly went away after my first deal. You learn more and more with each deal you make. If I were you I would go out and buy a property, don't buy the first thing you look at (well unless its a stellar deal), but do your due diligence and purchase something. That will teach you more than any book. Hands on real life experience is the way to go! Too many people just sit around and read books and look at houses online but never go out and actually do it. Not saying reading books on real estate is a bad idea, its definitely a great idea & can teach you a lot, but you need to put that information and advice into action.

Good luck!

Mike - Couldn't agree more.

HAH, yes I have a very good accountant, who has experience in many areas of business including real estate.

He too gets his jollys off by reading tax codes!!!!! Last year, he sent me home with some reading material on dividend taxation lol.

Thanks Nick, I will ask my CPA when I get my taxes done, I'll check that book out too.

I own a rental property with a business partner, and we plan to buy more soon. We need to set up a business structure, whether it be a General Partnership, LLC, LLP, C-Corp, S-Corp etc. What do you guys think the best business structure would be for us? Thanks.

The application on the forms page is pretty good, however I didnt get one applicant to send it in or fill it out on site until I shortened it up to a page.