All Forum Posts by: David Albertson

Ok, hold on a second. I took the pics and video to cover MY ***. The tenant wasn't there and doesn't know about them. I told the tenant over the phone that I found nothing that even resembled mold, but i would wash the wall down to make her feel better. As far as I know, the tenant can't sue me because there's mold there (which I'm pretty sure there's not). What a person could be successfully sued for is if they know about the presence of mold and do nothing about it. Am I right?

2 reasons for the bleach rub down. The first, I don't know what the white chalky substance was. The second, in case there is a problem, I don't want to appear that I'm ignoring it (negligence).

I got a call from one of my tenants today. She told me that she's been sick for a month and a half, basically since she moved in. She said she's had hives, swelling in the face, feet and tongue. The other day she was having trouble breathing so she went to the ER. The doctors told her that she was having an allergic reaction to something. One of the things they listed as a possibility was mold. So of course she goes down to the basement and sees something on the wall and freaks out. That's when I got the call. I went over there after work to check it out. The only thing I found that even resembled mold was a white chalky substance on the bottom of the subflooring where there had been a water leak at some point in the past, but was completely dry now. So, I mixed up a bleach-water-dish soap solution and sprayed everything down then scrubbed and rinsed. I bought 2 box fans and turned them on high to dry everything back out. I also bought a mold test kit from Home Depot and set it on top of the refrigerator. It takes 48 hours to work. Is there anything else I should do? Should I be in contact with an attorney? I personally think it's bogus but I sure don't want to find myself in court. Any suggestions would be greatly appreciated. Thanks.

Bartstop

EDIT: I forgot to mention, we also took pictures of everything and video of me mixing the bleach, spraying everything down and opening the test kit. I was thinking that at least we could prove that we are attempting to remedy the problem.

I know that this is the million dollar question. But, here it goes anyways. When the rebound comes, what is going to change? How hard is it to find houses dirt cheap in a "normal" market? I realize that all markets are local. My problem is that my experience with RE only dates back to '99. And I bought my first investment property in early 2007. So far I've seen both ends of the spectrum, so I'm not sure what to expect. Right now I'm buying houses that appraise in the low 70's for 20-30k. Is that still going to be possible? Am I going to be able to actually sell them for 70k? I haven't had any major tenant problems yet. So I guess holding them for 5 years or so won't bother me too much, I'm just wondering when this is all going to pay off. :D

Sorry if I'm rambling, I'm bored.

Bartstop

I gave up on Craigslist, way too many no-shows. I have found putting a "INFO TUBE" on the "For Rent" sign works much better. That way I don't have to describe the property and explain the screening process to every caller. They're only $10 at homedepot and you can make copy's of your info sheet at most grocery stores for 5-10 cents a piece. You'll waste that much in gas with just 2 no-shows.

Here's an example of our info sheet:

Big_Bo, are you going to do this full time or do you have a regular 8 to 5 job?

$1000 / 2 = $500 <------ Have to figure your expenses.

$500 - $100 = $400 <------- Subtract your cashflow.

$60,200 for 30 yrs @ 7% = $400.51 <----- The most you could pay for a property that rents for $1000.

Somebody feel free to correct me if I'm wrong.

Bartstop

Is there any way to find out if FannieMae has declared it a declining market?

Mouschi, I've noticed you've been posting a lot of questions here in the forums, that's a good thing. I recently started RE investing myself. The first house I bought was a nightmare, and still is. I paid too much, I put too much $$ in to it and when it wouldn't sell I was forced to rent it out for less than what it costs me a month. I made all the newbie mistakes. When it finally does sell, I will probably take it in the shorts. But, in the mean time, I've purchased another property. But this time I used MikeOH's advice and bought it dirt cheap. It is absolutely critical that you acquire properties at a huge discount! Do you see the "www" button at the bottom of MikeOH's posts? That is a link to his website. Go there and buy his book "1 minute to rental property riches". Read the book, and when you're done, read it again. If you use his formula you can't help but to make money. Fortunately because of the foreclosure crisis, there are many properties for sale that will meet his number requirements. Many of them are listed on the MLS. Oh, and one more thing, don't be afraid to ask questions. The advice you will get in these forums is priceless.

Good luck.

Bartstop

Actually it's a locally owned bank and they helped me when most other places turned me away. But, lately they've began to get snooty, mainly because they're used to writing mortgages for $200k+ homes. I'm sure they view me as the trashy slumlord as I'm barely meeting their $30k minimum for a mortgage. My RE agent told me the practice of excluding certain areas is called redlining and is very illegal. But, I may have found a new source for funding. So far they seem to be a lot more investor friendly, but I'm a little hesitant because they're owned by the same RE Agency I'm using to find these properties. I think they're affiliated with Wells Fargo, is that any better?