All Forum Posts by: Roshan T.

@Kai Kopsch appreciate you pointing me to a previous thread as i'm glad this isn't the first time.

@David M.@Gary Siver

This GC is licensed in Virginia and came recommended for the kitchen remodel. They have done solid work in the area which is why I was very surprised when they suggested I pull permits.

GC said if I don't pull my own permits, then the sub-contractors will charge more to pull their own mechanical/plumbing/electrical, and that if they walk off the job I will have to pull permits again. Ok, the second point is a valid considerations, but if I pull the permits, will I be on the hook if a contractor shoots a nail through his foot? I'm trying to understand what responsibility the GC is trying to pass on to me other than ensuring work passes inspections.

Why would a licensed general contractor ask a home owner to pull their own permits?

I'm curious why they are pushing this burden on the home owner, and if I pull my own permits what are my responsibilities and liabilities. I've had several General Contractors advise me that pulling my own permits would save me time and money. What is the reason pulling own permits would save time, and how much $ savings would it result?

Any insight is much appreciated!

HI @Account Closed thanks for starting this thread. I too have been in awe watching events unfold over the past few months. This current period reminds me, in a sense, of Sept-Dec of 2007 when markets were first aware of the GFC but not its full impact. From that point it took the markets a year and half to bottom out in 2009. If I am to draw parallels from that crisis, we may not see the markets bottom out until late 2021 - 2022. The x factor will be government intervention (what will they do, and how quickly).

As @Shawn Roe pointed out trends in the stock market should be decoupled from the housing market for various reasons. Since the housing market is hyper local, Richmond still has a supply/demand mismatch. There are more people moving into RVA then housing available. Over the last decade RVA metro area's population has grown 12% in Richmond, over 10% in Chesterfield, and over 7% in Henrico and Hanover Counties respectively. While this is from 2019, I haven't seen the trend reverse yet. 

https://www.nbc12.com/2019/04/...

Hi @Chris Vee,

It really depends where in NOVA you are considering. Land values inside the beltway are much higher then outside.

The going rate for a custom build in the Arlington/Mclean/Falls Church area is around $250/sqft. I have not seen land available for <$500K in these areas.

If you're willing to consider outside the beltway, you may be able to procure land and build for around 1M.

Thanks @Linda S.! Sounds like Cozy is a good resource for tenant screening but not a one stop shop. 

Hi @Kai Van Leuven,

Just wanted to get an update on Cozy, is it still working well?

Also, do you manage maintenance & repairs through Cozy? If so, how do you set up contractors/vendors, communicate with them, and issue work orders/ payments?

How is the book keeping? Do you have easy access to all receivables/payables data and can you easily download to excel?

Thanks in advance!
Roshan

Hi @Daryl Luc ,

The main benefit from LLC is asset protection.

I will not make any transfers without prior approval from the mortgage company. My understanding is that mortgage companies could require payment in full prior to any transfer. Is it normal for them to do so, or do they typically allow such transfers without problem? 

The other property is owned outright. Current tenant are facing hardships (as are many others), due to the covid situation. To be eligible for SBA EIDL assistance for rental property owners, it appears you must be a business entity. 
Can rental property owners receive assistance if they are not incorporated, but file the rental income under Schedule E?

HI @Nathan Gesner,

Thanks for the quick response. Love the running analogy!

I bought my first property last year and have been house hacking through short -term rentals.
I'm looking to transfer the property from my name into an LLC and trying to understand the best way to go about this.
But also i'm trying to do the same for my parents who own a rental property in their names as well.

Thanks again!

Roshan

Hi BP community,

Rookie here looking to learn how to set up the "business" of rental properties.

- Incorporating an LLC,

- Opening a bank account for LLC

- Establishing accounting book

- Working with CPA's, attorneys, etc...

Any tips would be much appreciated!

Thanks In advance,

Roshan