All Forum Posts by: Bruce Woodruff

My thought....if the old floors are that important...why the heck rent to people with pets? The easiest most sensible thing to do would to not allow pets. Problem solved.

If you absolutely must (for whatever reason) then I wouldn't bother with carpeting or rugs. Just let your floor take the wear. You can refinish several times, and if necessary, you can find some red oak or yellow oak, you just have to know where to look. It's really expensive though, so once again, why allow pets? Plenty of good renters without pets out there (or just cats).

You're hearing a lot of advice to Househack. Better to get out of your parents house and start living. You don't need to be a 'licensed' Realtor (or Contractor), but it wouldn't hurt to learn as much as possible about both of these industries.

 Yes, sewer (if cast iron or clay), also. roof, electrical and foundation....

I don't see this having much value. Most pre-sale inspections are paid for by the seller, and then only when close to being listed....as @Clayton Silva said, things can change a lot by the time this actually gets into escrow. And a basic JHome Inspection will not tell you what you want to know....you don't care about broken GFIs and stuck windows, you want to know what a kitchen remodel costs.

If you really want this house, just do your own 'inspection' (with a GC) and see what you think it needs in terms of upgrades....then do your ARV comps and see at what price-point this would make sense to actually take on. Do not let the fact that you just 'want this house' have anything to do with this. It has to make significant money or you shiuld not be interested.

Example:

1) Your research shows that nearby and similar properties are selling for $800k. 

2) You estimate that the needed repairs to make this place as nice or better than the nearby houses will run $200k (be honest about this number and make it generous).

3) How long will this renovation take? Add 20-30% to your guess at this, because it will ALWAYS take longer and cost more....... ALWAYS.

4) You want to make $100k profit for your investment and risk (which can be ongoing). Let's say this will take 10 months, so that's $10,000 a month...then subtract your living expenses and taxes. So you're down to maybe $2000 a month you get to keep...barely worth it. But your numbers may differ. Make sure you're accurate on them.

5) So in this example, your offer price would be $500k, right? Generally a seller will not like this and want closer to market even though it needs a lot of work and $$....but stand firm. Why even do a deal unless you will make good money?

Unless you throw her out (legally of course) she will not leave. You know this, she's already LIED to you several times.

Before you start spending money, just look up one of the other units on VRBO or Air and see what their numbers look like....

As @Joe Villeneuve said, keeping a mortgage is a powerful tool that many don't think about. If a lawyer finds out that you have a free-and-clear property, just imagine the glee they will have figuring out how to get all of your juicy equity.

I know this runs contrary to how we were raised...I still strive to have no mortgage, I just like the way that feels! But it is not necessarily a smart move business-wise...

Re insurance, yes it is a must. Do you think Trump/Gates/Musk/Bezos/Etc, do not insure their properties? You bet they do! Load up on insurance and sleep well, you cannot withstand one or even more serious accidents on your properties that had million dollar settlements....

#1 Grout - I don't think you have a leg to stand on here. Grout is a porous material and is really hard to maintain for anyone, I would expect a renter to do anything more than just wipe the counters  regularly. Cleaning the grout with a brush and bleach (or?) is another deal altogether...

#2 Cabinet - Depends how big the chip is? A large one (over an inch or two) could be considered negligent damage...but a smaller one is pretty natural, just wood-glue it back on and secure with tape or a clamp for an hour.

IMHO, if these are your biggest issues with a renter, you are doing great. Don't sweat the small stuff!

Of course it varies person-to-person....but experience is definitely a good teacher and failure is an even better one...

"I don't like no."

If you take some basic sales courses, you will notice that they don't use the word 'NO'. They always say 'NEXT'. So focus on next , not no.....

Hope that helps!