All Forum Posts by: Steve Combs

For me, 

1. A/C Repair

2. Appliance repair

3. I don't have a third, its routine maintenance at this point.

Yes, the lender can stick you with paying for their title insurance, and usually do. It covers any defects in title that may have happened in property history. It is hardly ever used, but if a problem does occur, you will be glad to have it. 

Did the tenant say anything to you about the tree needing attention before the branch fell? Did the tree appear to be needing attention or dying? Did the limb fall during a rai or wind storm? Unless you told the Tennant to put the trampoline under the branch, I don't think you would be liable. If you want to the tenant, you can share the cost with her. I want her to move, tell her to go pound sand.

I would do your normal background/reference checks. If everything checks out, you should be okay. I had the same situation. They were tenants for two years. In my case they were good tenants, paid on time and took care of the place. One good thing about single guys are no little kids to spill grape juice on carpets or crayon scribble on walls.

As stated above there are good agents and there are bad agents. From my experience, the bad outweigh the good.

I primarily invest in sub $50,000 units. Most experienced agents don't want to deal with these because they are focused on the bigger commissions. This leaves me with new agents that don't know the difference between hot and cold water. That is an exageration, not by much though. They either havr never bought thier own home or only bought one or two personal residents. None have actually had investment property. They don't get cash flow. But, I need them for the mls access.

When you get an agent that "gets it" make it worth their while to keep you as a client.

I am still new to BP, but I agree that colleague requests need to come with some message and/or connection. I don't mind connecting with people, but I would like to know why your reaching out to me.

In the short time I have been here, I have my own pet peeve that I would add: people that don't use the search function. I have seen several posts asking for help explaining a concept or methodology. Examples have been Crowdfunding or Sub2. There is a wealth of information on these and other topics, if people use the search feature. But some people just post a new thread asking the same question, as if to say, "I don't really have time to do my own research, so can you sumerize what has already been explained?" My unposted response is "if you don't want to put in the effort to research what's already out there, your probably don't need to be getting into REI, as it is going to take more work than searching BP."

I hope have not offended anyone.

Steve Combs

How long has he been on the job or worked in the industry. For income with irregular cycles (self-employed, commission, seasonal or bonuses) it is okay to ask for W-2s, 1099s or tax returns for the last two years. If he can't document it, your taking a risk.

As the others have said, don't give her money outside of an attorney or title company. Promise her a quick close. What expenses does she have that can't wait 2-4 weeks?

It has been my experience that even if I get a judgement against a tenant, they don't pay. If she ais willing to move without the cost of an eviction, let her go. Use want you can of her security deposit. On you next tenant, have them pay the oil bill, as they will be getting the benefit of the oil. I have some clients that even include an annual "furnace fee" in their lease to cover the filling of the tank.

Bury the property with levels of dba and llc's. As much as you possibly can keep your name of of all documents. If you can, take your name off of the deed and tax records for your primary residence. Keep separate telephone numbers for business and personal calls, ignoring the business line after hours. And be very careful what you have on any social media accounts (Facebook, Twitter, LinkedIn) the will look for you. Set everything to private.