All Forum Posts by: Robert R.

Also to consider with the tub resurfacing. I am under the assumption only a porcelain tub can be refinished, not the plastic/fiberglass tubs.

Just Don , the one piece fiberglass/plastic tubs are great choices if you can get them into the space. Very hard to make those leak, outside of physical damage.

Hi Rich,

My .02 cents.

Tile counter top will need to be removed and a new counter top installed. A laminate counter top is your cheapest option. While the counter top is removed, it may be useful to repaint the cabinets and replace the hardware if needed. Home depot has straight lengths of countertops in stock.

Appliances, replace with the most reliable, least expensive options available. I know other land lords on here sometimes use dinged/dented, but still, new appliances from outlets. You can also find practically new appliances on craigslist.

Bathtub refinishing. Lowe's and Home Depot sell the materials needed to refinish the tub on your own. I did it once, consider myself fairly competent in rehabbing, and it was not very difficult. I will say that there are a lot of fumes with the paint/polymer. Make sure the area is well ventilated.

Bob

Personally, I would start with a certified letter, which stated whatever certain legal actions you planned.

Does anyone seek out and use a locally owned lumber yard? When I worked for a contractor we would specifically use the local lumber yard. Everyone knew what they were doing, were willing to help, and gave a discount on our bulk purchasing. Home Depots/Lowes have been hit or miss for me whenever I go to purchase something.

I sense some anti-apple sentiment in some responses. I'm no apple fan boy. I have only owned one apple product, my 11" mac book air. The price was not low, but it is the best computer I have ever owned.

I think Steve Jobs and his approach with his turnaround of Apple during his second stint as CEO is best summed up in the link below. If any landlord approaches his real estate business with the same attitude, they are bound for success.

http://www.youtube.com/watch?v=Yu0qeb_rJYU

It would be all new construction. He would not rehab an old building to try and make it work, he would start from scratch. The overall design and function of the housing would be simple, elegant, and purposeful. It would be solid and well built, no gimmicks, with only options that added value. Materials would be sourced from vendors according to strict specifications. Enough variance would be available so each unit could be personalized prior to move in. Once occupied, services/changes from approved vendors would be available to further personalize each apartment.

Buy used. The rapid depreciation on new cars far outweighs the standard maintenance on a good used car.

I looked into this area a few years ago. Even though the timeshare itself sells for only $0.01 to $100, the transfer costs can be in the thousands, in addition to the ongoing cost of ownership. I also found that many of the timeshares that are priced so low were on aging properties that were not as marketable as newer properties, or the maintenance fees were beginning to rise. I was not able to find any timeshares where the rental income would be able to turn a profit above the cost of ownership.

Sorry to hear about your parents, I dealt with similar situations with both grandparents and parents, I can empathize with your situation.

As far as settling the estate, wouldn't liquidating the assets and dividing them as the will stated be the easiest route? Your father's investments may not match what you, or the estate, may have in mind.

Are the selling costs so high that you would want to hold and manage these properties?

HVAC filters are so cheap. If they concern you, I would provide them as a land lord. Furthermore, replacing them gives one a good excuse to enter the property, replace the filter, and give the property a once over in the meantime.

Oil heat: in the past when I rented, the lease spelled out the remainder of oil like the amount of gas in a rental car. If the tank was half full, then I needed at least half tank of oil in the tank when I vacated. This arrangement worked for me and my landlord. Also the tank had a level gauge attached to it.
If not, you could just arrange to leave the tank full. Any difference could come from the security.
If the security deposit is not close to covering a full tank of oil, then you could leave the tank 1/4-1/8th full and expect nothing from the tenants, hoping they don't drain it completely thus requiring a call to an HVAC service.

I would be interested to hear other landlords input in this.