All Forum Posts by: Andrew Jones
Andrew Jones has started 15 posts and replied 233 times.
Post: How bad is Retail doing?!? 5 years FREE RENT!
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
I just saw this sign while I was shopping in a nice retail area in Burbank, CA last month and couldn't help but take a picture and post it here. Can this be correct 5 years free! I am assuming they must be requiring a 25 year lease agreement or something. Is this common?
Post: I'm RICH, RICH, RICH!!!!!!!!!!!!!!!
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Originally posted by Andy B.:
(sorry, just thought it was funny that your name is Rich and you were posting about being rich -- I did enjoy the post though)
HAHA!
Great post Rich when I have kids I will definitely keep this mind.
Post: Hello from Los Angeles!
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Welcome to BP!
Post: BiggerPockets is Back Online after 36 Hours . . .
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Man, I am very glad to website is backup.
Post: Welcome TaxMan, I no longer hate you.
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Originally posted by Steven Hamilton II:
I owe every year. My goal is to hold onto my money and earn on it as long as possible.
Same here.
Post: Is your local bank lending to value?
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
No, on initial purchase they are lending based on purchase price. Refinancing after about year or two is possible though. I have done it. The paper work is a PITA though.
Post: How do I get rid of this MOLD? Picture included.
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Originally posted by Joel Owens:
Rental
Example it has an older insert tub.You want to rent out.You find out that as long as the old tub and shower is clean tenants will pay 800.With a new tub and shower they will pay 820 a month.
Tenants only require a clean bathroom nothing special. Rent is $650 for 2+1.
Putting in new say costs 1,500 for example.It will take you a 20 a month 75 months (over 6 years) to recover your money.
So your answer depends on what you are doing with the property.Not just for the mold but the fixtures,valves,toilet,and supply lines for the sink and toilet etc.
If you get a contractor to fix this they will charge a mint.If you get a mask and take it out and just put cement board up you should be fine.You need to make sure exhaust fan works,is proper size and suction rate for that size of the bathroom,and is properly vented to the outside of the property.
Make sure roof is properly vented as that could cause sweating and mold problems.If you look into the attic and see mold on the underlayment of the roof boards then you either have a roof leak or a breathing problem.
No mold in the attic.
The roof vents for air going in and out (cycling) could be too small ,in wrong location,or too close together.
Hard to say without being there.
No legal advice.
Thanks for the info Joel.
Post: How do I get rid of this MOLD? Picture included.
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
This is in a property I just bought and I was aware of the problem and have a few ideas how to fix it, but would appreciate your input. This mold is in a bathroom with no windows so the vent is supposed to turn on automatically when the light is on, but the vent is not working and I will have it fixed. The picture captures the extent of the mold that is visible. How much do you think it would cost to get this fixed if I hire out all the work?
Post: Standard Managment Contract
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
PM is tough gig. When buying investments just make sure to buy right so you can afford plenty of fees just in case. To OP I think fees are not as important as how good of a job they do. If my units stay filled and maintance is done right my properties will do well. That said it is hard to say how well they will perform without having people you know that have used them or use them yourself. As others have mentioned just don't set it up were it benefits the PM to have tenant turn over frequently. Make sure that the contract provides a way to fire them within a month.
Post: It's Feb 2012, what did you accomplish in the first month
- Investor
- Los Angeles, CA
- Posts 242
- Votes 61
Purchased a 6plex which is now in escrow and will close early this month.