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20 March 2020 | 31 replies
Also the Realtors that I work with that specialize working with investors and house hackers also know about the SST and will give their buyers a heads up when they want to see a property that wouldn't pass, and/or reach out to me to run numbers to confirm.You need a better team that truly cares and is looking out for your best interests.
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16 March 2020 | 3 replies
I’ve only had one tenant who ran a business from their home and issues arose when they needed special treatment because of this: requesting that yard maintenance only be done at a certain time of day, complaining about the level of neighborhood noise because clients needed silence, etc.
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18 March 2020 | 7 replies
Do I need to find a different CPA that specializes in real estate?
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18 March 2020 | 3 replies
Hi Donyae, my company "Property Rehab Central" specializes in Property Rehab Management and Property Management.
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17 March 2020 | 5 replies
My last piece of advice is there are property managers that specialize in each of these asset types.
6 April 2020 | 13 replies
The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…
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29 June 2020 | 6 replies
Find a Property Manager that specializes in what you want to be working on.
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17 March 2020 | 2 replies
Make it known that it is due to a special circumstance, the corona virus.If they come to you and express difficulty with meeting the rent payments, that is a better situation for you than if you pre-preemptively ask them (not sure how you are thinking of knowing when/if they get laid off).
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18 March 2020 | 1 reply
What special skills do you have from other fields that could assist an investor?
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19 March 2020 | 6 replies
These items can last for a very, very long time if moisture, humidity, and bugs are kept away.I specialize in pre-1950s houses and have one from the 1910's.