All Forum Posts by: Brian Ploszay

I don't like the extreme pro tenant rights, but your area is expensive for good reason.  There is high demand on the real estate.  

There are some who are concerned about displacing people.  To some extent, if someone wants to sell their rental house, you'll have to get it vacant as there are few buyers who want it rented.  Even if this wasn't a gentrifying area.

My area has some new regs that help tenants that are getting displaced.  One is that you need to give the tenant a 120 day notice, if they are a longer term tenant, provided it isn't a suit for non payment.

If you can't do it, then pull out of the deal.  But the seller is going to sell this to someone else.  You conscience is clear but the results are the same.

1.  Communicate with this builder through an attorney.  

2.  I have recorded a contract on the deed before.  Discuss with your attorney.

3.  Someone mentioned a buyout.  Sounds like a good idea.  Doubt they would offer much, but some compensation would be fair.

4.  Resolve this issue now.  This guy is your builder.  If you make him go through with your unit price, you might not be happy with what he delivered.  The relationship has broken at this point, even if the contract is still in place.

5.  Interesting that the contractor wants to "break" the contract.  If he could unilaterally, he would have done so.  You own something here.  A contract.  

When meeting contractors and tenants, I like to look humble.  Showing up with a van, minivan, truck is preferable. 

@Jon Greer     Lumber prices are starting to level off, if not go down.

Blackrock is one institutional investor buying houses, but they are a very small percentage of the market.  No group can corner the market, or really make a dent nationally on pricing.

I did research on this.  Big institutional investors make up between 1 and 2 percent of the purchases.  Investors on the whole are participating in buying houses.  But most are like me - smaller landlords.

You can refinance and take some money out to buy another property.

Generally, if you have too much equity in a property, you're right to think about liquidation of it.   All investments seem pricey these days.  But also the purpose of investing is to make more money, which you can one day enjoy.  You can remodel your house, take a vacation or get a new car.  Enjoy yourself and take some profits!

Great question.   In some locations, especially colder climates, basements are simply very common.

1.  Finished basements are risky for tenants.  Water inherently gets in a bit.  And you have a mold risk or risk of damaging their contents.

2.  I prefer unfinished basements in rentals and I put into leases that any items stored in the basement are not protected from water infiltration.  

3.  I even advocate / demand that tenants put their washing appliances up on blocks, just in case there is any water.

Occasionally, water comes into a basement when the street sewers are clogged after a heavy rain.  Sometimes basements have seepage because of high ground water levels.  Foundation cracks are actually easy to fix

In some Southwestern locations, a metered use of your water to fill a swimming pool could be costly.  

@Stephen Bradford    I support, however, build-to-rent single family developments.  In the long run, affordability of housing for renters occurs as new housing gets built.  As a landlord, I guess you can argue that new developments are against your interests.  And you'd be right.

30K to 50K for rewiring seems a bit expensive.  Get more quotes.