All Forum Posts by: Ceril S.

Totally depends on how much rehab.  Our first place needed zero rehab.  We cleaned it thoroughly and had a rental open house that same weekend - it was rented within a week of closing.  Our latest duplex properties needed kitchen and bathroom rehab - we are doing all the work ourselves and that definitely takes us longer (roughly 3 months from closing to both units being rented and moved into), we are on our 5th property and working out what works for us - strongly considering subs for next units.  We are also averaging about 2 weeks to get a good tenant (at this time of year - seems shorter in the summer months here)

With a cash deal - you can close in NJ with a temporary CO (that lists all the deficiencies that will need to be remedied within a specific amount of time)  Best thing to do is talk to the town about their process.  (definitely make the call, even if you don't think you will proceed on the deal because knowledge for the future if this arises again is important)  As far as I recall, my bank wouldn't close with a temp CO.  However, you could close with a "cash" deal from hard money, do the rehab, then refi with your bank after rehab and full CO.  Hope that helps.  We have gone in and installed smoke alarms and fire extinguishers on houses we did not own yet.

I think Door levers on double doors look great and as long as finish is consistent, I don't have a problem with that.  However - definitely privacy locks for bedrooms and bathrooms, no locks for closets....

Before BP, I just looked at the depreciation as an "experience" cost.  I had an RV 10 years ago, that I bought fairly new and financed and then was upside down on my loan really quick - took a bath when we sold.  Fast forward to now - loved the experience with the kids, but, thanks to BP, I look at it differently.  I'll be looking for a 6+ year old rig that was ~ $100k brand new, paying $25K cash is pretty near the end of the depreciation curve.  Thanks for the input!

Another option that I was thinking of was to buy one low at the "end of the season", drive and use it through the "off season" here then sell it for the same price at the beginning of the next season = zero cost vacation? (and then no need to find a place to store it)

Hey BPers! I've been thinking a lot about hitting the road and traveling once we are empty nesters and I've been looking at RV's.  The depreciation is horrifying!  It's a house that I'll lose money on!!!

Do any of you own one? If so, how do you minimize the loss or justify the cost when it comes down to it?

I figure we will tour the country looking for our next project!

Thanks! - Ceril

Hey @Justin Mespelt - was looking into eLEND also - did you find out any information?

Thanks @Adrienne Bryson - that's what I suspected. We will look at other options. 

We are doing countertop research (yes another thread!) and came across this site: www.solidsurface.com

Anyone ever use them?  Someone had mentioned Meganite to us as a solid surface option that was also easy to work with and install (Cuts can be made with carbide saw blades, etc)  Also, the prices look really good.....I did a search here and did not find a single mention of Meganite.  So, needless to say, I'm skeptical.  We are usually on team Formica for our rentals, but the option of having a solid surface option that wasn't too expensive, sounds pretty good.  Any words of wisdom out there?

We are pretty old-school, I suppose! We have 5 units and pick up the rent check personally - some units have a cork board in the common hallway where we post emergency info and they can leave the rent check in an envelope there for us.  We deposit the checks on the way home.   And yes, this takes us maybe an hour or so a month.

@Pete Perez

I came across this when looking at HUD owned homepath properties. Hopefully this link works for you for Tacoma:

https://www.rentrange.com/rental-rates/3330673-141...

It's the only place I've seen that listed rental rates of SFH vs multifamily unit

Let me know what you think - if it jibes with what your research has already turned up. 

(Edit: just realized that link was for a specific HUD listed property - but you get the gist)