All Forum Posts by: Uwe K.

Although he floor plan confuses me a bit (is that full bath on a porch? :-), I think the only way to make it happen without having tiny rooms is to take something away on the first floor (assuming left if the first floor). If oyu open ip the weird space nect to the living room, you could take the left part of the LR and make it a BR.

For the bath. In the upper left, is that a half bath "box" just dumped in the (almost) middle of the room? Could you extent that box. Not sure of the function of the rest of that area. Laundry or so? A problem you might get is that the bathroom appears to be too close to the kitchen, and turnoff for some buyers.

I like both your pics. However, also "concerned" about David's cost and curious.

I have mostly low end rentals and so far either used glass block, or, when I was lazy and it wasn't a major job, left the window and put up a shower curtain on the wall side of the tub. Not really an option for a tenant who has a decent paycheck, though.
But glass block versus a vinyl window, I was always wondering why glass block? One could gt a vinyl window, one pane (I think they call it picture window or something like that) with privacy glass. With both, window and glass block the inside has to be trimmed out somehow, which would likely happen with some PVC. So there isn't much of a difference in terms of water sitting anywhere, but the glass block is way more work to put in, I think.

Side note: Glenn, don't you need a GFCI outlet near the sink?

I doubt there is a correlation to be found between the finish and the technical quality of the appliance. The compressor of a fridge couldn't care less if it has a stainless steel box or a green cardboard box around it.

But if you choose stainless, consider that if you go for the cheapest, you will get the cheapest, incl. the looks. We once rented a fairly new condo with SS appliances. Cheapo stuff throughout, which was ok for a rental, especially considering the quality level in the boonies. But the condos were built for resale initially, so the entry level line did look cheap, lots of black plastic still visible, most basic features, tiny fridge which looked lost in the large 33" opening, and a dishwasher that kept you up at night with the noise.

For that stuff, I would recommend to rather save the $100+ per appliance or get something in the same price range in black or so, getting a slightly better quality. Otherwise you have the bling bling rims on your basic model Corolla. Just spend the money on the options and have a radio.

Although there are probably different meter types out there, I think most should have some kind of flow indicator. All the ones I have seen have little gear-type wheels that turn if water flows through. Even a small flow will be noticed with the wheel turning.
If you have a leak and assuming there are no Gremlins working, it should always flow, especially when all the fixtures in the house are off.

I've had a meter a while back that wasn't working at all, which I can see happen technically with a mechanical one. Not sure how it would jump crazy like that with a mechanical one.

Someone could fiddle/tamper with the meter, of course. But they are built in a way that it for sure will be noticeable, such as broken covers etc.

That is a very nice way of saying "I am not going to live in the 'hood" ;-)

The market here is getting tighter, too. Good properties at a fair price have accepted offers in a heartbeat.
Junk houses are still readily available, although they seem to go more quickly, too, compared to 1-2 years ago.

Besides that, I thought there is a realtors code of ethics that also says they should forward any offer they get without prejudice, including offer price, hair color, and shape of nose.

Important point: Include vacancy! Subtract a certain percentage or amount from you gross income. The place is fully rented now, but in half a year, you may have turnover and not get rent for a month or two. Use at least 10% (of gross income), I tend to use 2 months (e.g. due to higher eviction probability or generally higher turnover area) to be on the safe side.
8.8% is kinda crappy IMO. The expenses number, is that yours or the sellers? What else is included? Lawn care, reserves for the flooded bathroom and the leaking roof?

Since it is a fourplex, can you look at any comps out there?

Wait, are you talking about the Chinese now? Are you sure you are not talking about Americans? :)

To the original poster: Forget about it: You spend thousands in travel expenses that you have to make up first before any savings kick in. And purchasing in bulk does not mean 10 light fixtures, it means 10,000. Even if you plan on rehabbing that many houses, storing them costs you a chunk, too.
Besides, I doubt you will be able to buy the Moen faucet at H-D in China somewhere. That stuff is made there, but only for Moen, and not for John Doe.

Joe, I actually meant the pricing process before it goes into MLS. The 3 BPOs etc. I was familiar with. But at that point, I believe, the bank had the highest (or even only) bid at he court house and took possession. I can see the sale price at the auction in the sale history, and in those I see sometimes highly inflated prices, sometimes close to the last "real" sale during bubble times.

I have a little bit a related question that came up when I read Steve's posts.
You said the banks set the starting price? I thought it was the court?
When I see a property on MLS that had been foreclosed on and is listed by the bank, the sale history sometimes shows me a ridiculous last sale price. Say. property listed for $30k, about the market value, last sale at $75k 6 months ago, current owner is the bank.
Is the bank then bidding the large sum because technically they pay themselves, so the amount doesn't matter? And the higher the bid, the more losses they can claim or how do I have to understand this process?

I have no intention on bidding, but was always curious when I did my due diligence. Oh, and sorry for hijacking the topic... :)