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Articles by Joe Splitrock
considering submeters for water
Forum Categories All Member since 2020 · 2 posts · 0 votes I have a four plex and I am wondering what the opinions are of sticking with one water meter vs submetering and letting folks pay for their own water? There are dish washers in each unit and washer hook ups. Thank you Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes 4y Member since 2020 · 2 posts · 0 votes 4y Thank you. That makes sense. I will monitor the water bill for now.
Dress for success, really matter??
Lake Oswego, OR · Member since 2015 · 174 posts · 115 votes 8y Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes 8y Just put yourself in the others position. I don’t see where it hurts to go the extra mile. Now if your applying for a roofing or welding job dressing up may work against you.
Tenant's agent asking for commission. California. Is this normal?
Forum Categories All Member since 2021 · 4 posts · 1 vote Hi I recently put my property up on zillow. I have my own agent who I think listed on the MLS. Anyways my agent is being taken care of. However the tenant's agent who found the property for their client is asking me for a commission now. He wants me to deduct it from the first month's rent. Is this normal? I am not an agent so I am unsure. What do I do in this situation as we never spoke about commission prior to the lease.
Closed on house number seven today
We closed on house number seven this morning. It is a nice 3 bedroom, 2 bath, 2 car attached garage home built in the early 80's. I would say it is in a B+ neighborhood. It is 2 blocks from an elementary school. Purchase price was $137K and it will rent between $1100 and $1200. Not a get rich quick deal, but we should be able to place a nice tenant who will stay there for years. Tenant will pay all utilities and handle lawn/snow. It should run on autopilot once we get someone in there.
@Ethan Cole I’m in law enforcement. Escorts vary by police agency. Obviously if it’s an eviction and handled by the courts, a deputy will handle then mandatory eviction. If the tenant is already out and you want to do a walk through not knowing if the tenant is still there, most likely an officer can meet you there. Either way, contact the local police in that jurisdiction via non emergency number and ask if it’s something they will do. My current job will do it no questions asked.
The dark side of a 28 day notice
I am upset with a landlord, who is playing it by the book. And maybe I am taking my job as an agent to personal, but this did cost me some sleep last night. I wrote an offer for a new client last weekend on a very nice starter home in the mid 200s - I just met them at an open house and they expressed they were in a hurry and had identified a property. They were pre-approved with a good local bank, I spoke with their loan officer, low down payment, but everything checks out.
Does my Rider delete my "due on sale" clause"?
In reading my 1993 fixed/adjustable mortgage note (5/1) I have the standard paragraph 11 "Uniform Secured Note" statement that can trigger a "due on sale" clause. It reads "If all or any part of the property or any interest in the property is sold or transferred without lenders prior written consent lender may require immediate payment in full of all sums secured by this investment".....and so on. HOWEVER I have an "Adjustable Rate Rider" on my mortgage which I believe invalidates this clause.
BIG DAY In our Short Term Rental World!
2016 this sub-forum was created. I found it soon after. It was mostly @Paul Sandhu and I trading stupid jokes and I had no idea what I was doing and I also had no money. 5 years later.
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Since the beginning of the year, I have purchased several properties in a neighborhood from a wholesaler, and I personally know of a second investor who has also purchased several in the same neighborhood from wholesalers (between us, we have 8 in the neighborhood of about 50 properties). When the sale gets recorded, the "sale price" is what the wholesaler and the owner agreed upon, and doesn't include the wholesaler's assignor fee (the price I actually pay).
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Greetings fellow BPers, Here are the pros and cons as I see it, of having a risk averse spouse: PROS: Every move, thought, plan, expense, phone call, email is questioned. This is good because it forces you to be sure that every step you take is moving you in the right direction, and you're not wasting time on distractions. CONS: Every move, thought, plan, expense, phone call, email is questioned.
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Originally posted by @Bruce Woodruff: @Jim K. is spot-on. The main reason there are fewer tradespeople is that the new generations are not interested in that sort of work. You go a jobsite nowadays and look at the ages of the people working....the average age is now 40s, where it used to be 20s or 30s. I'd say it's easier to find a good contractor than a good handyman. There is a market that needs an influx of qualified people, most college kids ought to drop out and learn some trade skills...
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Hello all Biggerpockets investors, I have been educating myself in real estate investment and would love to start putting in some actions. I'm finishing up my bachelor's in accounting and going for an one-year master degree starting in August this year. I'm in Miami FL right now but will be moving to Columbus Ohio in August for graduate school. I thought why not to buy a property in Columbus to do house hack instead of renting an apartment from someone else.
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Summary: I attended the December 2017 event as a VIP member. Compared to other events I attended over the past 23 years, this had the least usable content and the most red flags. I did not receive “VIP Education,” I did not sign up for the $50,000 Big Dog Program, and I was invisible to them once my decision not to sign up was known. I think there is some value to what they teach, but not for what they charge.
Able to write off trip/travel for real estate research?
I am wondering if I look at, investigate, research real estate while traveling am I able to write off the trip? I am interested in Belize and want travel there to investigate investing opportunities.
Cost Segregation study
@Jenning Y. You opened a can of worms :) Thumbs up for getting into these high-end technicalities and understanding the basics. You're on the right track, but this track does not necessarily lead to the conclusion you made. 1. Your example would be close to accurate if this appliance was depreciated down to zero without cost seg. Instead, it would only depreciate at about 3% per year. So after 3 years, without cost seg, you will only have $200 of Sec 1250 recapture.
I am in the process of planning a new construction project on a multi family complex with multiple buildings and I’d like to be in the neighborhood of 80 doors all said and done with around 6 or 7 buildings. I have a couole questions to throw out there: 1. I’m curious as to what the thought process is in determining the unit mix for 1,2,3 bed units when investors start a new project.
Can I get Commercial Insurance on a Second Home Loan?
I am getting a second home mortgage with 10% down that I will be Short Term Renting when I am not there. I want to purchase a commercial homeowners insurance policy, and have a quote. Will this be allowed by my mortgage company (I'm using Rocket Mortgage)? Can you have a commercial insurance policy on a second home mortgage?
Filling Vacant Rental Properties
@Account Closed The number one way that properties get filled is the sign in the yard. No kidding. Neighbors refer, neighbors leave their home and move into yours, people driving by who want to live in the area or who work nearby. I find it fascinating that of all the marketing we do, the number one way people find our rentals is the sign in the yard. Then, of course, there are tons of sites online for marketing - Craigslist, ForRent.com, Zillow, Trulia, HotPads, etc., etc.
Conventional vs. Investment Loans for a Duplex
Hi all! Fairly basic question. I am looking at a two unit property that is fully rented, and can't make the numbers work using an FHA loan. I have the capital to put a little more down with a conventional loan (15-20%), but my mortgage lender is telling me that if I am not planning to live there, I would need to put down 25% for an investment style loan. Any ways around this?
Why is Rent Due on the First of the Month?
So this may sound like a basic questions, but why is rent due on the first of the month? What about people who want to move during the middle of the month? Other bills in life are billed monthly, but the due date is based on the start date - like my car payment due on the 25th of each month. Has anyone every done a system of rents rolling in based on when they moved in? Or does this have to do with move out notice laws/procedures, like 20 days notice before the end of the month?
Smart Locks?
Hello, one of my projects is student rental condos. I am thinking about having smart locks put in. I have been looking at this one, http://www.kwikset.com/kevo because it appears to be the best on the market right now. Has anyone tried this? Or does anyone already do this? I have a cleaning service that comes monthly, I'd like for them to call me so I can remote unlock, and also if any maintenance is needed, same thing... Anyway, I'm just looking for some general comments on smart locks. Thanks!
I was approached by Catholic Services to rent to refugees
Originally posted by @Jay Ingram: My friends own a company designed for renting to refugees. They have some great tenants and some that aren’t. Make sure they have a thorough orientation on the expectation of a tenant and home care. For example, a friend told me a Somali family that lived in one of their units never used a shower curtain and eventually they had to replace the flooring due to water damage.
On-line Rental Manager Platforms: Zillow vs. Apartments.com
Zillow and Apartments.com (owned by CoStar) are the two largest companies in the rent collection business. They are bot publicly traded. Apartments.com had a rent collection service before they purchased Cozy. The new service is a blend of features from both services. I used Cozy for years and have been using Apartments.com for almost a year after transition. There are more features available now than Cozy had. They also have live phone support (Cozy had no phone number).
CARES Act - when can I evict?
Hello, so I'm confused about something. Courts have been hearing eviction cases in my area for about a month. I haven't had to evict anyone since last year, but I was in eviction court today as a "representative" for a colleague/landlord who could not attend. Ironically enough, I now have to serve a tenant tomorrow for having an unauthorized pet. They receive assistance from the YWCA, which recently sent me a letter saying that eviction moratoriums and the CARES act were in effect until August 24th.
Manage property on your own or hire management company ?
@Kristine Norris Congrats on your upcoming property purchase. I am a big proponent of using property management. It looks easy when things are going well, but it can be a real pain when there are less than ideal tenants or emergency repairs are needed. It's a tough job to manage a property well which is why I outsource all my property management. I am happy to do it so it can free me up to do the things I want and/or find more properties to acquire.
Buying a house by the freeway. Bad idea?
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Moving to DC, looking to buy & hold for a year or two then rent
I'm moving to DC over the summer at some point. Looking at FHA programs and first time home buyer options. Hoping to buy a property since I will be living in DC for a year or two, then rent it out once I move. Don't know good/bad areas so just looking for information, and hoping to build a small team to work with so that once I move away all of my systems are in place. This would be my second property, so still early in my journey. Thanks!
Cold Calling vs. Texting for Motivated Sellers
News Flash... They both work. Be careful if you go the texting route, you could get into some very hot water. If you have the time and patience utilize SEO. In SEO you are not reaching out to "motivated" sellers the motivated sellers come to you. If this sounds like something that interests you hit up, Jerryll Noorden... Guys something else.
SMS and Direct mail scripts
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Low cap rates on buildings. How to make it work?
I've been searching around the Yonkers/New Rochelle and Stamford/Greenwich area and the cap rates are incredibly low; almost not even there. I am seeing 1% - 3% cap rates in these four cities. What gives? How does one make money? I was looking at buildings between 1.2m - 2.5m and these cap rates are pulling in roughly 1000 - 1200 per month per building. This also assumes an agency loan hovering around 4%. It hardly seems worth it. Is the market too hot in these areas to buy anything?
Solar panels or Nah?
That looks like about a 5kW system. Rough numbers here but it’s probably producing about 7,000-7,500kWh/yr., which is worth about $1,000. There may also be some sort of production payment contract that comes along with it where the utility pays a certain amount for any electricity the system puts on the grid, so there could be some income from the system on top of that $1,000 in energy savings. It would be a selling point for me personally, as I’d much rather get paid than pay.
Housing Market Crash?
I think the housing market will remain steady in the intermediate term. The Federal Reserve is backstopping the Fannie/Freddie MBS capital markets - so interest rates on loans are still relatively low, and the capital markets are still liquid in that area - so credit is not drying up anytime soon.
To cash-out or Not To Cash-out?
Hi all, Here is the long and skinny… in 2019 my wife and I purchased a AZ home using a VA loan. After 9 months of sweat equity and renovation, I was offered a great job out of state we did not want to turn down. Fast forward to now, the AZ house cash flows about $200 after expenses and based on the PHX market, has also increased in value. No appraisal, strictly an approximation based on comps.
Building network of investors
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From Furlough to Big Steps in 2021
Hello, BiggerPockets, My name is Devin Cutler, and I live south of Seattle in Des Moines, WA. My wife and I have been House Hacking since 2019, and in 2020 we had planned on purchasing another House Hack. Due to Covid, I was Furloughed from my job as a Security Manager for a Major Hotel Corporation. Thankfully the rooms I have rented have been paying the mortgage. So we have not been hurting as badly as some others.
Hello Everyone, If my mother is to gift me $50k and I set up a payment plan to repay her, how does that work with taxes? I had never heard of being taxed on a gift (silly me). I was originally going to use the gift as a down payment but I learned that gifts can't be used to purchase property, until it becomes "seasoned". I DO NOT want pay taxes on any kind of money that my mom gives.
Debt Ratio - Living with Roommates
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Converting Attic to Legal Bedroom
Hello! In the process of purchasing a multi family that has an illegal 3rd bedroom in the attic of one of the units. I'd like to make it legal so that we can rent it out but am struggling to determine if it is possible. Trying to interpret the inspection report below. We need to install a baseboard or a radiator in order to make it legal. Does the text below indicate to you that it might not be possible?
Renting to family member
Subsidize her lifestyle by giving her money each month, which she then returns to you in rent. This is no different than if you took your rent profits and gave them to her to afford some other place. Better yet, help her find something she can afford. Or, let her live with you. Wouldn't bother me one bit to rent to a family member.
Why cash on cash return for hotels are so high?
Hi, Fellow investors I am relatively new to commercial REs and currently looking at motel/hotels. One thing I noticed is that compared to multi families or residential SFHs, the cash on cash return for motels/hotels are relatively high (can easily reach >10% in many deals). The only reason that I could think of is that it is more active than other types of commercial REs, but are there something else that I am missing?
Pipes Bursting all over the Place :( HALPPPipes Bursting all over the Place :( HALPP
There are those foam insulation sleeves you can put on the pipes. If you have the furnace in the basement it throws off some heat and you need to seal openings to the outside. Rock wool insulation I have put this in problematic single pane basement windows I am not ready to replace. Foam board insulation around permiters walls can be done.
Section 8 pricing question
Followed Discussions Followed Categories Followed People Followed Locations General Landlording & Rental Properties Market News & Data General Info Real Estate Strategies Landlording & Rental Properties Real Estate Professionals Financial, Tax, & Legal Real Estate Classifieds Reviews & Feedback Updated over 3 years ago on 10/25/2021.
WHAT THE HECK? Fannie Mae being shady?
Hey guys! I am in the process of getting an REO under contract through Fannie Mae, and LAST MINUTE they sent me this bogus Real Estate Purchase Addendum that TOTALLY negates the terms in our agreed upon offer..... My agent is telling me its "standard" - but I am refusing to sign unless it can be modified in a way that doesn't contradict VERY IMPORTANT TERMS in our agreement. Basically they now want me to forfeit my earnest money after inspection if I don't like the condition of the house.
Quickbooks or something else?
Okay, all this talk has triggered my buttons. Whether you own one house or 100 houses you are a "Business". The IRS will see you as a "Business". You should have an accountant and they will view you as a "Business". If you don't recognize yourself as being a "Professional Business Person" then don't expect your tenants to view you as a "Professional Business" as well. You will be just some person that's renting your home.
Paying consumer debt or investing with new capital?
I have about 25k in cash available. I also have about 45k in non-real estate debt. Credit cards, car loan. I really want to refinance my current residence to get it rented and look to buy a new home. Both the refinance and new loan get held up by my debt to income due to the bad debt. The question is, should I dump all the cash into those debts, hold on to it, or look to invest it? A little back ground. I'm active duty Army, own two rentals and a primary residence.
Should I pay off my mortgage once or keep paying it monthly?
Not sure how you would still have a mortgage on a property you no longer own. Unless you are just using the term mortgage colloquially and you really mean just an unsecured loan. A mortgage is a lien on the property, and when you sold the property the lienholder demands payment. If you don't make enough from selling the property you have to bring a check with you to closing to satisfy the difference. Are you talking about a HELOC you took on your own home?
Tenant refusing my entrance of property due to COVID
@Cole Fleishour home radon tests are notoriously unreliable. They are often placed in the wrong location or left too long. Anyone in the radon mitigation business will have a piece of test equipment that they will place in the property at the right location. It tracks levels over a period of time to get an accurate reading. Any doctor should understand the concept behind using a professional versus self diagnosis. Self radon tests only tell you to bring in a professional.
Security Cameras for Vacant Property
@Doug Smith I’m looking for the same thing for the same issue. Right now I’m weighing the Reolink Go, Arlo Go, and the Vosker Outdoor 4G. I want one with a battery pack or solar panel that runs on cellular (not WiFi) and has two way communication. Vosker doesn’t have the two way communication, but looks good otherwise. I’d like to be able to move it from project to project during construction.
There Is No Method That Can Target Motivated Sellers! None!
@Jerryll Noorden if direct mail doesn't work, then why is Amazon sending me post cards, texting me and calling me every day begging me to buy their products? Oh wait that is "used car warranty" people who are doing that. Amazon doesn't need to do those things, because when you have something that someone wants, they will look for you. In todays world, there is only one place people look, it is on the internet. More specifically they will search you out on Google and visit your website.
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