All Forum Posts by: Scott F.

Congratulations Kay on your purchase!

Not knowing your background and only assuming this may be your first or largest purchase, if the manager is doing a good job consider keeping them on until you get control of this property say 3-6 months or you find someone that specializes in 10+ unit properties.

A property manager can be your best friend. Perhaps they are great at their job but the former owners had them on a short leash or restricted budget. Sit down with them and find out what some of their goals are, do they align with yours and the direction you want to take this property?

Ask the former owners what the strengths and weakness of the manager are – do you agree with them based on your vision?

Good luck!

Hi Max,

Remember the guy that’s always floating around called Murphy? 

I may be a bit conservative but I’ve danced the real estate dance for a long time and in my opinion and experience having more cash to purchase free and clear or as an emergency backup plan is ALWAYS better than charging into the next project, because that’s where Murphy will be hiding.

Move ahead slowly with more cash - you will live beyond the pitfalls that will eventually show up.

Thanks Ashley,

I try to always replace the receptacle and covers, but other posts here are correct if it’s a non-grounded receptacle (at least in my area) and the City inspector checks it with his/her tester and it shows open ground – ding, ding, ding replace it!

But if, not these look like a great quick fix for the correct receptacle style. I live at Home Depot (Isle 1-200 depending on where my coffee from the Pro desk leads me) and have never noticed these before. 

Thanks for the tip, but knowing me I’ll buy them online for much less.

Anastasia,

I had the same thing due to a tenant overfilling the trash can, leaving the top open next to a concrete wall and an empty field = Free lunch for all! 

My pest control guy used bait stations specifically for rats and surrounded the home with them.

The plan was to get to them before they entered the home and died in the walls, it worked. Within two weeks we were rat free, never to return mostly due to closing the trash can and not placing trash bags on the ground next to the can.

Rats don’t just hang out for fun without a food source nearby, they are smart and actually spend most of their day grooming themselves – go figure. 

When you do this hit them hard and don’t give up, try an exterminator or if it’s a DIY go to the local Home And Farm style store they have better baits (Ramic) and bait stations for farmers that need them around their livestock and barns. Good Luck!

https://www.qcsupply.com/230010-ramik-rodenticides...

Benigno Cunanan, here's a tip I give to everyone, my kids, my friends and myself. If you reach a point where you HAVE to have it you will make big mistakes - being blinded by your ambitions. (Here's the tip) "Always have the power to walk away from a deal". If you can do that you will make wiser decisions.

Benigo,

I agree with Anthony and Rohan above, plus you will trip the due-on-sale clause in the current owners mortgage.

WOW, great job Drew!

Several of our kids also own investment properties but they weren’t 12 years old when they purchased them!

Thanks for sharing that with us.

I purchased a 6 unit one time that had been built as 4 unit - 2 units up and 2 units down. I converted it back to a 4 unit because of the layout and flow of the property. It was way too choppy as a 6 unit and I felt the tenants would appreciate the 4 unit layout better.

I ALWAYS ask myself “could I live here” when buying or renovating a property (not that I want to). But if it’s a heap to begin with and becomes a twisted heap after renovation you may want to rethink your plan. What does your local zoning or City Inspection department say about your plans to make the changes, you may want to consider them before you find out you can’t do what you intend to do or worse you have to undo what you just did.

Hi Ed,

How funny this post shows up today, we just finished a job about three hours ago that had oak floors that were previously carpeted. Go with oak floors, solid surface like vinyl plank, or vinyl, avoid carpet when you can, it always wears out, stains and smells after a year or two.

Hi Ed,

How funny this post shows up today, we just finished a job about three hours ago that had oak floors that were previously carpeted. Go with oak floors, solid surface like vinyl plank, or vinyl, avoid carpet when you can, it always wears out, stains and smells after a year or two.