All Forum Posts by: Chuck B.

I'm in.  

@Emmy K. Might be interested as well.

I could do a real estate meet up every week and not get tired of them, truly.  I learn something new every single time.

Looking forward to it.

Best,
- Chuck

@Dan Graney - I was talking to @John R. about this exact topic the other night.  The duplex I live in now I probably would never have considered as a pure "investment" deal based on expected appreciation, price, rents, what investment financing would have cost me, etc.  That is, if I wasn't planning on moving into it, I probably wouldn't have bought the place.  

However, it was nice enough to convince my patient and supportive wife to move into half of it for a while (3 yrs now but moving out early next year) and by doing a fully conforming 20% down loan with a 30yr, super low owner occupied rates (3.8%) it will actually cash flow nicely when we move out and both sides are rented at full market rate.  It's helped too that rents have come up in the past few years, so I'll be able to make an extra $200 or so more than I planned when first buying the place.  

I guess this is my long-winded way of saying that great, owner-occupied financing terms and a little bit of time (for rents to come up) can make a so-so deal make a lot more sense.

Good luck!

Portland is one step up from a war zone but there are lots of local investors making money there.  There are a ton of little houses there that show pride of ownership, but there's also plenty of boarded up homes and problems.  The northern most section (think Portland avenue and north of that around 26th) and the far east side (the "warehouse district") have the most potential in my mind but it's going to take some time.  I purchased a rental and some commercial land on the east side based on what is already happening in that area.  

Awesome event and as usual I learned a lot!  

Big thanks to @Brett K. for putting this together and to @Clay Smith for the wealth of knowledge he always shares.  

Dear BP landlords,

 I know very little about power of attorney. I know that if I search on it there's far too many power of attorney purchase deals to find any results here in the forums that relate to just a lease...

My situation is I have a potential tenant who is newly crippled and cannot move their hands. They are in the process of assigning power of attorney to a relative. They want to execute a lease with me but I know literally nothing about how power of attorney works in these cases or if there are any gotchas that I should be aware of.   

Anyone have any advice or tips?  Can the relative with power of attorney just sign on their behalf?  Do I need a notary?  

Any help is much appreciated!

Best,

  - Chuck

You might try calling Catholic Charities and see if they have any needs and/or advice.  I know they did a lot of immigrant assistance at one time.  Let me know if you learn anything interesting and I'll follow the thread as well.  

Best,

 - Chuck

Hi Felix,

The water/sewer will depend the number of units and occupancy.  A triplex with studios will be very different than a fourplex with two bedrooms each.  For 3 people I'd plan on around $180 every two months.  

Garbage is covered in your taxes in Old Louisville (and the entire urban service district, AKA, the original city of Louisville before it was expanded to the entire county) as are streetlights and occasional junk pickup.  

Just don't buy a place down there that doesn't have separate gas and electric.  That stuff can eat you alive.  

Best, 

 - Chuck

Carpet can be cheap, that's the plus.  And it can be professionally cleaned and come out looking pretty fine.  (I use Maxcare here locally). 

If doing pets, I require a $200 non refundable deposit and $25 more per month, per small breed dog.  No large breeds and no cats allowed under any circumstances.  Remember that in KY any large breed that bites someone... The landlord can be held liable.  Just not worth the possible liability.  The KREIA has been trying to fix this  for the past two years but so far the trial lawyers have an allowed it to get through Frankfort. 

Best,

 - C

@Jeremy Jackson For a more middle or low income property, I almost never replace carpet, though I will clean it and leave it if it's still in good shape.  

My preference would be to refinish the hardwood if it's up there.  I have never used laminate flooring as I've been told repeatedly from other landlords that it does not hold up for the long run, especially if anything is spilled on it and left that way.  I have been using Shaw click-together vinyl plank (looks like wood and has a hand scraped texture) from Lowes but it's much more expensive, usually $2+ a foot.   It looks fantastic though and the folks that now have it universally love it.  

On first floors, kitchens and baths I'm using a lot of the wood-look plank ceramic tile too.  It looks amazing as well and is a lot more durable than even hardwood. 

I think I spend more than most folks on this stuff but my goal is the least amount of replacement and repair over the long run.  Hopefully.  :). We'll see...

Ps.  I don't think you should cut the rent to $820.  Especially with section 8,because it's more of a timing issue than it is a funds issue.  They tend to come in waves as the local housing authority releases paperwork or whatever.   You just have to market regularly and be patient.  And I'm getting $850 market rent in Shawnee as well now.  

Let me know if I can help with anything.  

Best,

 - Chuck