All Forum Posts by: Brian H.

Found a property built in 1926. It is rented as a triplex with possible great cash flow.  It does not have a permanent source of heat. I guess people buy heaters? That's not something I want in a property I own. In a property like that, what is the best option for a permanent heat source? Adding forced air heat would be crazy expensive, right? I just hate baseboards because of the potential of fire from carelessness.

Hey everyone,

So I am starting to entertain the idea of widening my investing radius. It is currently only about 45 minutes from where I am. Seems like a lot of people on here have a much larger area where they do their investing.  I am a self-managing investor, so I don't want my radius TOO huge but, as is preached over and over on here (in a good way!), if we screen correctly we won't be too busy in terms of self managing. 

Anyways, my big quandry is how to appropriately research newer areas?  Sadly, for me, this involves ALL the things.  But, finding a good, but not too busy, realtor to work with me as an investor who hopefully has a good working knowledge of the rental market as well, is my main and first priority.

Also, when looking into new areas... how do you all go about researching the area as a whole in regards to population growth, crime, median incomes, etc. Is city data a good resource or is there somewhere else?  

Also, if anyone is reading this that may be near me and have any info on areas such as Forsyth County, NC or Catawba County, NC, I would greatly appreciate it!! 

Thank you so much for any information to help me with all this!!

@Bill S.  I like this a lot... plain and simple and I like the "Fire, Flood, or Blood, call 911 all else can wait until normal business hours."   Thanks for that!

@Jabriel Porter As far as I understand, @Bill Neves was saying he mainly does his MH deals in-park because you are only buying the MH and not property as well, which would jack the price up.  I'm assuming they don't hold hem long enough for the lot rent to matter much?

@Linda Weygant   

I had always read/been told to have the tennant completely responsible for their keys. If they get locked out, you are right in not being ok with them knocking out a screen or anythign... but they are to call a locksmith. But, I guess we can't rely on them to actually do that instead of trying to remove a screen... I just know I don't want to be called at 4am because someone is locked out. I run a kitchen full time so I am pretty exhausted all the time as it is!  Guess I just have to balance what makes the most sense for me.    I know some people (maybe alot?) have talked about using the keypad locks? @Justin Jarboe mentions key fobs in his addendum up above.  Are those possibilities to keep you (and me) from being bothered late at night?

Also, you include prescribed medical marijuana in your rules for no marijuana?  I'm curious about this only in the sense that, if something happened and they got in trouble federally for this, which is unlikely, it wouldn't affect your property at all would it? I feel like this is a very gray area for anyone, which is frustrating. I dont' live in an area where any of it is legal, so it's is black and white, but I am just curious.

@CJ Ashton

3. That sounds reasonable. It is 2017. Paying electronically is basically the standard.

4. The two SFH I have on contract have space for two, maybe three, vehicles each in the parking area. Not really room to park on the street. I was curious if it is reasonable to limit the number of vehicles because of that?

6. I don't really know what would lead to unreasonable use or wear on a washer and dryer either, lol. But, I figure it's good to cover ourselves because I'm sure one day we we will be standing there shaking our heads looking at a washer or dryer with something crazy wrong with it and going "THAT is crazy... I'm glad I covered myself." But perhaps not. Hopefully not!

9. I would not be wanting to make money off bulb replacement either. Just was curious if it is a good idea to specify what you will charge per bulb in the lease/addendum up front, as he did with replacement keys and key fobs?

@Justin Jarboe Thanks for all that! 

So, I have a list of questions and will list them per numbered item. These are things I am thinking about in regards to my own lease if I added an addendum like this. These questions are open to anyone really, just specific to your above post.

3. How is direct deposit working? Do you do this through bank or a site like cozy.co? Do people push back and want to use checks/cash?

4. I don't have specific spaces but is it reasonable to limit the number of vehicles? What is a reasonable number to work from in that case? 

6. How do you determine "normal and reasonable use" for wear and tear on washer and dryer? How do you handle that if it is beyodnd "normal and reasonable use" wear and tear? There is nothing specified in the adendum, should there be?

8. Would it be smart/reasonable to include loud children, loud fighting, loud vehicles?

9. If tenant does not replace bulbs upon leaving, then what? Should there be a charge per bulb listed to cover you? 

11. Should you also have them required to have you listed as additional insured so you know if they cancel?

13. Is it smart to also include any sort of drawing on the wall or scratching from kids or others? I know some minor stuff happens but what about anything excessive? If they have a child that they don't control and he/she draws all over the walls in crayon or marker?? Stuff like that?

15. Should you have something about what happens if you discover pest issue on a visit or exit inspection and they did not inform you?

16. Is this enough to cover video recording of unit? This was discussed in another thread discussing using body cameras on any entry.  People were kind of up in the air as the the legalities and necessary steps required to eb able to film in the residence as it may be considered invasion of privacy? Maybe not if they agree to it?

17. Is charcoal or gas preferable/safer? If so, should we restrict to just that type IF allowed at all?

Just questions I had... look forward to any responses! :)

 You can check on the county website instead of calling.

@Kelly O'Quinn

Sounds good! I understand if it is something you cannot share. Was just curious and wanting to get a general resource together for people on BP. Thanks so much!

@Russ M.  

I hear ya. Wasn't sure if some addenda are just basically general.  Thanks!

@Nathan Gesner, @Kimberly H., @Russ M., @Christine Kankowski, @Dan Perrott, @David Krulac, @Kelly O'Quinn

Would you guys be willing to get in touch with me and share these addenda and clauses so I can gather them all into one resource for others?

The file section on BP is pretty cluttered and unorganized. I'd love to start collecting things like this to organize for anyone to browse/use.