All Forum Posts by: Rijm D.

Thanks, got it all done.

Thanks, got it done thanks to Kerry. Bought space heaters and placed them inside my property. 

Hey guys, haven't been here for a while. Not sure I post in correct area. Need someone pass by my rental in Indianapolis East Warren by 70 and 465. How do I find those good Samaritans I can also pay some?

Hey guys. Not sure where the section went or where to post. Would need help with my property in Indianapolis East Warren by 70 and 465. How do I find those good Samaritans I can also pay some for a short favor? Anyone know anyone there?

Hey guys, haven't been here for a while. Not sure I post in correct area. Need someone pass by my rental in Indianapolis East Warren by 70 and 465. How do I find those good Samaritans I can also pay some? 

 Hey Rebecca,

I have a house in Indy and they Manage the house next to mine. So thought make it easy on them, they could check both houses same time for any issues. I meant to get going with them before CV19, but they refused to give me the info on the property owner next door to verify references to themselves. Then I held back as I did not want a new renter in it that then would not pay anyways due to CV19 relief.

I too dislike the first month rent take, but it seems so common with all agencies, and on renewal or rent increase they take another fee that I feel would cut into any profits. In general, how do you feel about them now? Do they nickel and dime?

Shall I move forward with them, after I would ask them how they handle finding tenants that could actually pay right now. 

Thank you, 

RD

I am looking to find a PM that does not charge full 1st month rent for tenant move in. It seems so generic. If rent is $1600 or $900, they all seem to take first month to market, find and place tenant. Is that the norm here?

This PM I'm considering now does Turn key on side. So assume they have Handy man and all set up inhouse. Reason I consider them is that they manage my rentals neighboring house rented at same rate as I would consider mine rented at $950 priced.

*They take 10% and full first month.

*If lease is renewed, stays at the 10%.

*Any late fees collected stays w agent. Not shared?

*Do I ask if they upcharge maintenance or at cost or in house?

*What are standard terms for lease renewal, at what rate would they be allowed to take 50% again?

What else is really important to ask/ consider?

This new CV times, can I make sure they rent to someone w a job so i dont get stiffed rent as soon as they move in?

Thanks,

RD

Last Sentence, good answer. So would you suggest me being the money guy  to also be on title?

Is there a reason you would only recommend buying with the LLC for a short term flip? In this case we are talking 3 LLCs for 4 months. Or can they be reused thereafter.

Thanks!

Hey BP. Doing my first Partnership with someone I met on BP. We will go in 50/50. He found the deal and secured a HM lender for the 80% based and secured on the property itself. I will pay the 20%, fees, closing, EMD, Rehab costs and we will work together to get the rehab done ourselves and with professionals. We won a tough Hubzu bid and intend to rehab it to flip in 4 months time but also consider to hold.

Question is, how should title to the property be held? Dis/ advantages? In his name alone, or both of us? Do we need an LLC together or each one an LLC or just in our personal names? Tax benefits? I would like my money back out as it comes from a Heloc I have to pay back, and I try not to have this hit my Debt to income for my preapproval with a bank to buy more buy and holds in Indiana. Does holding a Title interfere with that?

We wrote out a contract with all details following a BP partnership template. Will that contract supercede everything else? What did you find important to mention in it? Buy out clauses, ...We intend to be honest and nice and hope not to need the contract anyways, but death clauses and such are important. 

Thank you, 

RD

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $63,500
Cash invested: $63,500

Cash purchase, winning bid