All Forum Posts by: Anna Watkins

I'll add to this, as I read the thread a while ago, but just recently had a Smart Key deadbolt fail on me after a reset (as Eric had when he started the thread).  Kwikset said it can happen if the reset isn't completely firm (or something like that) and recommended a cradle reset at Lowe's or Home Depot.  Well, this 2-year-old thread says the same thing about the cradle, and this weekend I tried a rural Lowe's & Home Depot, and an Atlanta Lowe's, and none of the three stores actually have one.  Not sure I want to buy one, either, since they don't get great reviews.  

Guess I'll be taking it apart to reset (per YouTube videos), but they make me extremely nervous.  I hate paying $10 a cylinder to rekey, but it's better than a tenant permanently locked out of a unit with only one door.  On units with two doors, the risk is lower.

@Jason Rostar -- It's not necessarily that the selling agent didn't do proper research, but might be that s/he is of the "start at the top end of the range" philosophy, OR one of the type of agents who give high estimates in order to get the listing, even though s/he knew it was unrealistic.  Or inept. Many possibilities.  

As others have said before, as an investor it's your job to figure out realistic estimates, since it's your $$.  As a seller (say you're doing a flip, or selling your own house), same, otherwise you're also vulnerable to the 'pie in the sky' agent who estimates high to get the listing.  

In addition, I'll throw out another reason to learn to do your own comps even if you're not buying or selling -- tax assessments.  When you get a crazy increase, you can appeal, but your appeal has more legs if you have strong evidence.  How much did similar houses sell for recently?  In what ways is your house better than, or worse than the others?  It's exactly the same as a RE agent's process.

On the appraisal side, have you gone back to look at the actual sold comps data for that first house?  Were there comparable houses that did sell for $350k near the same time?  Appraisers are human, and are sometimes influenced by external factors.  I've been hit with low appraisals 3 times in a row (all on purchases).  One, probably I was over optimistic, and the solds didn't really support my number.  One, the appraiser was in a rush (both lender and appraisal company had dropped the ball and it wasn't pretty), and all I can figure was in a bad mood, and not inclined to be forgiving of the usual flaws.  The third time,  the appraiser's value came in exactly at my first offer ($22,500 under the original $120,000 list price, close to 20% off), which gives me confidence in my own comps.

Zillow's "Zestimates" stink, but their "sold" data is solid.

@Cindrell Harry - see above

@Michaela G. - are you launching airbnbs in your Pittsburg properties? or elsewhere in town?  

Congratulations, Cindrell, for taking the risk and succeeding with it!  I'm curious what general area of town your first Airbnb house is in, and where are the others you're planning to convert.  What kinds of guest are you finding most often?

@David Ward - thanks!  There's a lot I don't know for sure, since we haven't closed and it's hard to go double-check every time I have a new question.  Your info will be helpful in deciding our plan of attack.

@Patrick Squires - You're right about the standards level, but son is the one who suggested the carpet cleaning, since he's done it before.  

This whole house thing is step one in "teaching the kid to fish" but he's not ready to captain his own boat for swordfish just yet -- it's Adult .75 (you don't get to Adult 1.0 til you're paying your own bills).  And pretty much it IS my house -- son's benefit is experience, growing a great credit history, and getting off the school meal plan.  Oh, and any actual cash profits (beyond living for free) will go toward his tuition bill, so smaller student loans.

I think he and his buddies will be having a cleaning party in July, after closing and end of the current tenant residency.  The terrifying spectre of Mom as landlord will help keep things in line (and what I never find out about is probably best for all of us).

Anybody out there who's run a student rental with their own college kid as resident manager, I'd seriously like to talk details.

Thanks to everybody for the advice shared!

@Gail K., @Matt Clark, @Josh C. -- Thanks.  We will probably give it a try. For sure the hardwoods will have to be refinished at some point.  Let's hope we can push it to later instead of causing it to be right away!

Thanks @Account Closed for the experience and info.  I'll have to do some more investigating after we close on the house, as I'm pretty sure that it's the original wood flooring (from the mid-1960s), but I don't know what condition it's all in.

The carpet's either got to be cleaned or removed, and I totally want to do this on a shoestring. We're talking about college boys as tenants, including my own  :-)  Would a novice (my 20-year-old carpet-cleaning experienced son) be able to operate a buffer (I know a sander can be tricky)? 

I'm buying a house in Columbus, GA to use as a student rental, but the first student in it will be my college-age son.  We don't want to put a ton of money in right away on cosmetic stuff, so rather than pull up the serviceable but dirty carpet for replacement, or refinishing the hardwoods, we're hoping to just give the carpets a good machine cleaning.  The Fine Young Man has experience with the rental machines (he's helped a friend with his rentals), so it's an opportunity for him to jump in right away and get some 'skin in the game' with this new house.

The question is -- what happens to the original hardwood floors under the carpet?  Will they be damaged by the water and/or the heat involved?  The plan is to do a full refinish at some point, so if whatever we do won't do serious damage (beyond having to refinish the floors) then we're good.

If you've done this, please share how it went. Thanks.

Anybody ever had trouble with getting a cash-out refi due to number of financed properties??  I was investigating a while ago and a lender I've used before told me that they had a limit of 6 financed properties, and I'm at 6 now, headed to 7 (all conventional mortgages).  

Last May, I had to scramble for cash to close a deal -- borrowed against myself but at a variable rate -- and would really like to convert to a long-term conventional fixed-rate with enough cash to pay off the variable rate balances.  My credit is great, and I'm almost at the 1-year-seasoning mark. Lender suggestions?