All Forum Posts by: Paul Schu

@Victoria Kowalski I would question why they would back out of the deal if they have to vacate the tenant. Is this a hot property with multiple buys lined up? For the tenant I would just do the standard background and income verification. Look at past rent rolls and the tenant’s history of payment. 

I would say don’t rush it, that’s when you might end up overpaying or getting a property that does not work for your cash flow needs. See if you can extend your current lease to end shortly after your redeployment date and if possible do as much looking online as possible while you are deployed.

Also you are buying so, don’t be afraid to go out and talk to a couple different agents. If the one you have is not getting it done try a few others and compare. 

@Victoria Kowalski i agree with @Judy Parker. Get the house empty and get your own tenants. It can be tempting to get a property that already seems to have some of the leg work done but I have never seen the easy way as the better way.

Also section 8 may require you to bring the home up to section 8 standards. I don’t know if you would have to do much or anything but you might depending on the property amenities and condition.

Good luck

@Eda Tekeoglu i have also used @Dave Foster as well. Out of 10 I would rate him a 10. He will break things down for you in a way that is easy to understand.

I found him to be easy to get in touch with, very responsive and probably even one of the more reasonably priced QIs.

When I do my next 1031 I will definitely use him again.

@Shelli Callan I am in a similar situation as I have a few older homes which also need some rehab. I checked a few resources online (mobile home supply) and found that they seemed a bit expensive for what they are. I have seen several posts where people rave about how economical it was to rehab mobile homes, but I am having trouble finding any solid info.

If you do find something please share.

Thanks,

Paul

@Tiko D. Blane thanks for the info. I appreciate your insight. I have put my Evansville plan on hold for the moment since I am still in a country that has not reinstated international flights. I do watch for deals in Evansville but it would be impossible to fly in and check anything out for probably another two months.

@Cole Tyrell I have a few inquiries out to the bigger national lenders but I am finding that the local banks are also more willing to lend on something close to them. A few have been pretty responsive and others not so much. I guess mixed results all around. 

@Justin B. I do pretty much the same thing and I am using USAA Credit Union I am not sure how many accounts they will let me have but I have not hit the limit yet. I guess I need to get more properties and find out...

I use separate accounts for all my properties but in the same bank. It makes it easier to track when you have multiple properties. Is it necessary? No it is not, but with one of my credit unions I can create a new account for each property and if need be transfer funds between accounts as needed. 

One tip I discovered for people with numerous properties and one account is to make the rent amount end in the number of the unit. Example apartment 101 would end in .01 unit 107 would end in .07 that way you can scan your statement quickly and see what tenants have paid and who has not. This makes is easier than trying to track down 10 different rents to see which ones paid and which ones did not.

I like the @Andrew Ashby plan of replacing smoke detector batteries and fire extinguisher inspections. I also have my PM replace the furnace filters. 

I would say you could inspect the property as often as you feel the need to or as often as you have time to do so. Most rental contracts stipulate inspection frequency so as long as you provide the required notice you should be able to when you feel necessary.

I also agree with the people above where you should tell the people about damages right away and do not let them try any home remedies as the work will probably be sub-standard. If they want to pay for a professional that would be OK but you have to ensure the standard of your property is maintained. 

Good luck.