All Forum Posts by: Jeremy Hua

I used Cozy, it's simple to use, and it offers pretty good expense report at the end of the year as long as your entries are accurate. It's also convenient to issue a credit to the tenant for small repairs. For instance, the toilet handle broke, and my tenant bought a new one and installed it. I just credited their Cozy account for the handle.

I recently sold mine, that was held in an LLC, and the new buyer, also LLC.

Some of my friends that hold commercial property, hold it in an LLC, and then when it's time to sell, they sell the LLC, that just happens to hold the property. But, some counties are catching on to this. It's so the property doesn't get re-assessed and taxed at the higher value.

I had water & sewer, as well as trash billed to the LLC. The city puts a lien on the property for any unpaid utilities, so if the tenants chose not to pay, ultimately it's the property owner's problem. The only problem you might run into, is a 4' tall above ground pool on sale at Walmart for $100, and you're eating the cost of filling it. A solution to this would be to not have any spigots outside, or attach an addendum that states if they exceed a monthly average of $90, it will be back billed to them.

The rent I was charging each month has these costs built in. City of Columbus actually has a table that you can reference to show approximate costs depending on how many people are in the household.

I also used Cozy, and it didn't bother my tenants. It's really not that expensive, and it's standard anywhere you apply. 

What I did like about it, is that it weeds out the tire kickers.

It sounds like they're manufacturing a crisis where they just happened to come up with the solution five years ago.

I would at minimum install the correct discharge pipe for the washer. All it takes is for one time for the hose to unclip from the window, and all the water discharges onto the floor.

And they happened to be at Disney World for the day.

Welcome to your first professional tenant.

File the eviction, and reclaim control of your property that's going to cost you thousands to turnover. You're not going to get anything out of them, the orange has already been juiced.

@Ben Patel

I presume you’re a franchisee of Subway. The Patel family has a strong precedence in my state, but that last name is also pretty common. A friend of mine made their fortunes with Subway, and have since sold off their units to two other friends, and his brother. At their peak, I believe they had 15 units. 

Not that they’re the types of people to sit around and do nothing, they’re retired now, waiting on the next opportunity. Very savvy couple, and inspire us to do better. Everyone says Subway is junk, that no one wants to eat there anymore, but my friends are doing very well with their stores. 

Stay away from units that do under $10k a week is their advice. 

For $2.6 million, you could buy a shopping center or a Walgreens building and NNN lease it for 5.5%-6% and not lift a finger.

@Shayna Hatcher

I have a tenant that has a felony, but it was back in 2009 for a drug charge. Him and his wife have been great so far.

I will say, that felony was a huge hurdle for them, as no one would rent to them because of it.