All Forum Posts by: Ryan M.

I would be on the phone with our electrcian to get it done tonight the next call would be to the power company and ask to speak with highest level person working tonight to start with and get a time when they are going to restore power. I would get that persons name & extension number and call back once the repair was made and hold the manager accountable until they restore the power.

I wouldnt't be posting on BP about it because I would be to busy coordinating the solution but that's me I guess....

If you lived in Chicago now would you go buy this condo in NYC as a rental property?

The loan interest can be be deducted if it's converted to a rental under other interest without a 1099, just be sure your parents are claiming it. Best to run that by them first because they likely won't be crazy about addtional taxes.

Our answer when someone asks would you rent to them again is they would need to reapply. We don't put much faith in that question.

We always make sure the landlord they have on their app lines up with the parcel owner. It's surprising how often fishy stuff is going on. We drop a postcard in the mail to where the property tax bill is going if there's any suspicion.

The end game is the key here. It doesn't matter to me that the CoC on mortgaged property is 20%+ percent it's still peanuts when the annual cashflow is like 4K. I'll take 10% with cashflow on a paid for property of 12K+ while having less stress and less tenants.

I can count on one hand the number of people that I've met that got into rental with the 90 - 100% financing and are still going strong 10 years later. Now I still am all for people doing this because we like to pick them up afterwards.

People talking about financing a refrigerator makes me nervous?!

What happens when the roof needs replacement? We only buy new appliances and a few at a time to get wholesale pricing. Around here a used fridge is worth a $50 rebate from the power company if it works but during winter we put them in a garage for pickup and they are naturally cold even if they don't work.

@Lisa Miller Where can you purchase this Orange Sol?

Send me $1,000/mo and at the end of the year I'll mail you back $1,500.

Zoning Variance.

In my case without the variance if 51% of the building burned it could not be rebuilt with the commercial zoning it's currently in. I made my case to the City and in the end the variance was granted, your results may vary however because it's up to the local board.

Seller financed is the key here. Getting a mortgage will be troublesome.

I had this on a property and ended up getting a variance prior to buying to get funding.

We back bill tenants on water where it's metered seperate. It's possible to have the tenants put the water in their name but if they don't pay the property owner is stuck with the bill. If the bill isn't paid it's added to the property taxes, so they are guaranteed the money with intrest.

To avoid that mess the water is back billed and it stays in the property's name.