All Forum Posts by: Blake Morris

ok.  thanks.  ill tread carefully.

I have a HELOC on my primary mortgage. Just refinanced it to another bank. The bank I have my original HELOC from sent me a payoff letter that says unless I request it in writing my line is still able to withdraw until 2023 (paraphrased). That line was for 25k. I refinanced it to another bank with 25k line because they have a lower introductory rate.

so...what if I refinance to another bank next year who offers an introductory rate and bank number 2 does the same as the first one by leaving it open where I can draw from it.  then, ill have an available 50k to pay cash for a rental at prime rate versus paying higher interest with a 30 yr fixed.  the payment would be interest only on both lines but id pay more than just the interest.

50 k plus 10-15 I would throw in anyway for a down payment is plenty for my niche. no closing costs.  no appraisals.  cash in hand.

anyone done this or do any of you see anything I am missing?

william R....how did you get a multi family with 3.5 percent down without living in one of the units?  or did you occupy 1 of them?

I use one at work often. They are good for some things...not so good for others.

Its awesome for removing pet odors, smoke odors including the smell left over from fire damage. that's about it.

Mold removal is highly questionable. it also would be a poor way to attempt to kill pests as the machine would likely burn up before you got the unit to a level to be poisonous for pests.

An ozone machine produces an unstable oxygen molecule that attracts itself to odors and burns them up, leaving just clean air. Put them on a timer and give them a hour or so to rest between running. Open all doors, closets and leave the fan motor running to circulate the air. Ozone is heavy so it will settle at the bottom of the room. so, you should run it somewhere high like at the top of stairs or on top of a fridge.

As far as safety goes, it has a 30 minute half life. I do not recommend being inside a unit when one is running as it can be hazardous. Also, keeping in mind that half life, do not enter the unit until about 30 mins to an hour after you have it scheduled to be turned off.

Awesome thing to have is you have a lot of opportunity to use it. If you only have a couple SFH them I wouldn't own one. They make smell good products that you can put into paint to achieve the same effect.

if you have any questions about them, let me know. I have experience with 2 different types of them.

Nicole,

that just goes to show you how fickle an application is. Continue to advertise and show your unit until you get a signature. That way you don't turn down anybody who shows interest and if someone cancels on you last minute you have back ups. Rent it at a first come-first served basis. Whoever signs the lease first gets it.

My advise to you is to come up with a way to screen your tenants using a scoring system. That way you are able to prove that you treat everyone the same and your scoring system you use determines their eligibility or the amount of a deposit you require down. Don't get discouraged from being a land lord. If you get good tenants, it will make your job 10 times easier and you wont have to pay a PM.

Message me if you have any questions, I would be glad to help in any way I can.

Not to belabor the point here...but generally if you have to ask the question "is this a scam?" Then it probably is.

I agree with @Michael Seeker 's reasoning. IF you do it right it seems to be a nice, cheap upgrade. And, yeah, if it gets damaged, just sand the spots and repaint again.

If it will pass in your rental market, then I don't see why you couldn't give it a try. Especially if you can replace them in a worse case scenario for pretty cheap like @George Paiva suggested.

if you decide to paint it, post a pic of the final product. I would love to see how it turns out.

im not the most experienced guy on here by no means but I wouldn't paint them either. I don't see it ending well. the end caps wouldn't transition well I wouldn't think. if those curtains are yours...you could probably replace them with a cheap type of curtain that would tie in the color of the floor and countertop. kitchen looks very rentable to me as it is right now.

I would not take him off the lease without proof that the girlfriend, who you originally rented to, qualifies to your income standards. make her show you her 2 most recent pay stubs. The more people you have on the lease the more you can collect on bad debt, at least in theory. I know that she just was qualified several weeks ago but make sure she hasn't done something stupid like quit her job and then you only will have one person on the hook for the rent.

Just like there was a process involved to get her boyfriend on the lease, there should also be an equal process to take someone off. All this being said, you do not HAVE to take him off the lease but it may be the right thing to do. Provided that she still can afford to pay you.

Hope that helps. Maybe someone on here will elaborate and share a personal experience, or two.