All Forum Posts by: Devante Boll

@John Leavelle I can see why you don't invest in properties with HOAs. When I had no clue of there being HOA fees, it looked like a great deal! I'd be taking a -$178 hit every month.

I have a question though, and I am not trying to force this to work with my question. I'm curious. Since the HOA is responsible for the roof, exterior siding, lawn, and plumbing, does that not cut back on Cap Ex and Repairs/Maintenance allocations exponentially?

@Amanda G. I don't mind at all! I rather not be found without my shorts.. @Mike Palikij I appreciate your input as well. I'm going to do more research. To be blunt, when I found out that there was a $500+ HOA monthly fee, I was beginning to doubt the deal. I appreciate you both.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP,

I would appreciate some more eyes on this deal. Some information that may help evaluations:

- I plan to utilize VA Loan

- I called a similar 4-plex property owner and asked him his rent prices, he stated he was renting for $1150. So I will be aiming to raise rent prices

- There is definitely room for value add.  I viewed the inside of 2 units and 1 of them is nowhere near move-in condition (I will be using that one as my classroom basically).

If you need more information, please let me know.

I found out recently that there are HOA fees. It was somewhat of a downer but I want to find out what all the HOA is responsible for, their reliability, etc. because the property needs some TLC that is not happening.

Thank you in advance!

Terrance - The deal looks fairly solid to me. Personally, I use a couple % points higher on management, vacancy, repairs, and Cap Ex to play it safe and give margin of safety. Try that out for reassurance, but take a shot sir! I hope it all goes well. I'm in the process of negotiating a 4-plex so prayers up for both of us.

Hello BP,

I'm in the process of negotiating a deal on my first 4-Plex, and while I run the numbers almost daily now, I am trying to see if there are lanes where I could be hurting cash flow. Particularly in the Homeowner's Insurance (Windstorm is mandatory here in Corpus Christi) department. Some companies do not bundle Windstorm into the Homeowner's Insurance premium which deters me from using them. Does the BP community have companies they suggest for Homeowner's Insurance that also provide Windstorm within the package?

Thank you in advance for your guidance and help.

I appreciate all of your replies and insight. Keeping it simple until it no longer works resonated loudly with me @Lesley Resnick, especially since I just finished reading a book that emphasized on simplicity and much more (Seeking Wisdom by Peter Bevelin).

I've shifted all rental income into a separate bank account and will start with Excel spreadsheets for now. Will keep Quickbook and Kitt.io in mind down the road.

Lastly, thank you for mentioning how some of you keep track of your documents for specific properties as well. All great information. God Bless and happy investing.

Hello BP,

What is your recommended way of keeping track of rental income? At the moment, my tenants in my first SFR pay by checks. Am I to keep all of the checks as proof of rental income for a duration of time?

I ask because when I approach a bank and want to show this proof of income I want to present it in the best way possible and I feel as though walking in with a manilla folder full of checks isn't very appealing.

Thank you in advance for the insight.

Such a inspirational read. Especially for house hacking. Thank you for sharing this and I hope the blessings continue to flow!

@Katie Stewart I appreciate the reply! The call went well and I asked most of those questions. Did not think about the pets or references. The prospective tenant is coming for a showing on Saturday so I can throw those in during conversation. Thank you again!

Hello BP,

Hope all is well and prospering!

Straight to the point. I will be making a few phone calls to prospective tenants with who are interested in my room for rent. I downloaded the tenant screening interview document that I found in the BiggerPockets File Place. My question is:

Should I go that in depth to where I should ask every question?

AND

What questions should I ask at a minimum when interviewing perspective renters with whom I will be sharing the household with?

Any insight is helpful. Thank you in advance!!