All Forum Posts by: Sam W.

Hey Craig,

My take...

I'm with you regarding honesty. I dislike the clunkiness of pretending to be someone else - reminds me of when the jig was up for the Wizard of Oz My, "Pay no attention to the man behind the curtain".

Tenants know I'm the owner and "the buck stops here"....for good and bad things. Also, have never had a rogue tenant come looking for me (but that certainly doesn't mean it can't happen).

With regards to an LLC name, I like using words rather than personal names. Just me.

Sam

Pretty broad question....

Paul Nagy

Seems this estimate was right in the ballpark you were looking at. Are you going to have another estimate done as well?

The relatively small cost seems like money well spent for the extra bedroom - increases rents and the value of the property.

The lease survives the sale of the property. Remember you still must give the required notice if you decide not to continue or renew the lease.

What do you bring to the partnership and, more specifically, what risk are you taking?

In my area a good rule of thumb is that a basic installation for a basic replacement window (same size as old window) is about the cost of the window. So, a $130 window will generally cost $130 to install. That's my rule of thumb when rehabbing.

Would certainly depend on the price-point of the property you are flipping. A higher end buyer would expect higher end appliances.

Mineto....can they be split if you desire? If not, you'll have to calculate them as a package (almost like a 3-unit):

([Total Rents x .5] - Total Condo Fees - Total Utilities paid by owner) = Cashflow

Then calculate individually and consider selling off any condo that doesn't meet your cash-flow threshold

Is bothering them until they tell you to stop a good tactic? Any danger of being perceived as either a bully or a vulture?

Alex R.

It certainly would provide indication that the property was rented...as well as indication of income.

I find it less useful than some might due to how I invest. I have concentrated my properties in one area and have become very familiar with and proficient in that area. When I am looking at a property, I have a very, very good feel for the marketablily of the property (demand and potential rent).

Certainly if I was considering properties outside of my area of interest - or property types outside of area of expertise - I would find the Sch. E more useful