All Forum Posts by: Soren Ager

Thank you all... well things change rapidly. After seeing what the unit can rent fore, I am so keeping it. It goes way beyond my expectations, and my cash flow is doing well. Thank you though for the advise. I have asked my financial adviser to work it up anyway to get educated and have a template for the future, to at least have some directions.

Can any of you recommend a lead paint inspector. I have a house in Baltimore county that needs an inspection.

Hello everyone

Long story short.... bought another house,and was set on making it a rental, but there is real potential to renovate the house and make a decent profit. I have all the numbers in place, and of course when it comes to capital gains tax, that is where I am a newbie (I know the %) 

My question is simply, when you all do a flip do you just pay the capital gains tax or is there ways to be smart about it? I am only asking for legal ways to do it.

Thank you. 

@Greg Miller So basically you are calculating that you are turning a tenant every 2 years, and that month rent covers, updating the house with paint and so on, before a new tenant moves in. 
I have done the same thing on my rentals in getting the big $ items done up front. my second rental I am in the process of purchasing has a really old condenser (coil is 2 years old) so I will find a good deal and do it now, and not sit and get a call on Christmas morning that it broke. I totally agree that getting these items done up front saves tons of hassle. Not a fan of "operate till failure" as has become so common these days.

From my experience, being late on rent only gets worse, as time passes by. For me renter were late on rent for 4 months, and then all kinds of excuses. We ended up in court, and it got really nasty, with wild accusations and threats on my person. I did all the prep work for court, and went to court as well 2 times. It can really eat your time up, and you better have your rental licenses and papers in order or the judge will not help you at all. Oh and be fast with responses and proof to the judge, it goes real fast.

Hello everyone

New to the site, and hoping to learn from you all, and contribute. I hope some of you can help me with a , and a recommendations as well. 

I watched the BP video in regards to the cash ROI. I find that this can give somewhat of a picture of if rentals are even worth it. I have 1 and going for a second.

Question 1:

In the cash ROI calculation they suggest that you put aside 100$ for repairs, 100$ for capex and 100$ for vacancy a month. For me these numbers seems steep. I had a bad renter this year who I had to kick out by court, and even then I still did not spend that kind of money the calculation suggests. In your experience, how much do you spend on these 3 items on avg. a year?

PS. I am aware this differs for what the house costs and so on. This is based of a 120k house.

Recommendation needed:

Where do you go to buy kitchen cabinets? The cabinets I see at HD and Lowes, looks and feels like worst quality ever.