All Forum Posts by: Colleen F.

@Micah Loewen if you can't fix it the additional language just draws attention to it.

@Bill B. It is a thought the house could sell for 300,000 to 350,000 and rents for 2050 but it is so integral to the property that i would hesitate to do that as a sale might devalue eventual value of the parcel. 

House doesn't border a street. The apartments are in the middle of a private U shaped driveway coming from the street and the house is outside the driveway on the bottom of the U next to barn. Could do access ROW but there are about 2 acres of land behind the house which abuts another property not a street so parceling it out wouldn't be the best option for the land. In the end It is likely the whole property could eventually go to a developer but the apartments are a historic granite building so they would have to stay and building out would be in the house and barn area and the acres behind (currently treed so little maintenance).  I don't think the lawn guy is going to charge much less for just mowing the apartments and not the house.

@Shawn Parsh  The only reason to throw out a tear down is this house is a little different and very old construction however, it is in a county with few year round rentals and good schools people rent it and make it work. It has something like tar in the foundation and crawl space so making it a full second story not sure I could get that permitted.  As a 1.5 story it has 1 conventional bedroom downstairs and a couple of weird shaped bedrooms and a bath upstairs.  And since apartments are on the same parcel it doesn't fit as well with the property as say a duplex would.  Sounds like you are in the reno as I go camp. 

@Jacob Sherman  @Bill B.  This unit is  on the same parcel as  a 5 unit multifamily property so there isn't really a price for just the house because it would be expensive to split off, if that is even possible or desirable.   I wouldn't be selling the whole parcel at this point because the property as a whole does well for me.  We are at the point of possibly replacing siding to make this house easier to deal with lead compliance so that was what lead to this question.  The whole property is about 2/3 paid off given current appreciation. I propose a duplex because it is more in line with the other units.  

@Matthew Paul I was throwing it out there to see what people use as a tipping point. Not sure I am there yet but its hard to time this kind of project.  I am getting the sense most people wouldn't do a tear down. Sounds like you waited for that long term tenant to leave and that worked well.  

@Account Closed   Costs will play a role and I think the next couple months in an election year will give an idea where those will head. Just wondering what people would consider the tipping point. I keep thinking the more regulation the more expensive it will get.  I have good tenants now but when they go I want to have a game plan. 

Here is the situation,  Have an 1800's ballon construction  3/1 single family , 1.5 story unit.  The  unit is rented consistently and is functional but also needs upgrades, new siding (has 2 layers), Some rooms could benefit from re-wiring and more insulation,   Painting is always an issue as it is not plaster but older thin wallboard. kitchen is fairly new, bathroom could use upgrade, upstairs bedrooms have some pitched ceilings but I don't think based on the foundation/construction it is a candidate for a full second story and it had a new roof a few years ago. It is always going to be a little funky upstairs.   Replacement if the town would go for it would be a duplex with two 2/1s. I think I would have to drill an additional well too.  What makes you decide a property is no longer worth fixing and to replace?   Haven't got siding estimates yet.  To upgrade completely ballpark I think 80-100k but I could just keep slowly chipping at it.  Guess probably 550,000 for a tear down and new build depending on what's required and maybe a year of down time.  Currently gets 2k in rent.  Two 2/1s rent would be close to double that. Another 3/1 in better condition, all full height rooms maybe 2500 - 3 k.  Just looking for thoughts as we consider the re-siding. 

@Troy Parker First, I would get more than one estimate. Go to a high quality paint store and ask if they have someone that does business with them they could recommend. don't look for the cheapest, look if there is a huge differential, if your guy is much higher than 2 others than the quality might be higher than you need. For paint let them buy the paint from one of the good suppliers since painting pros get discounts and you want good paint and all the same color.  If your friend can paint the kitchen and bathroom in a timely way have them do it. There is no reason you have to have it all done by this vendor or all done at once. It is okay to split the difference and have them paint some. That said it may be cheaper to have them come in an out.  Exterior painting definitely use someone, they have better setups like scaffolding and ladders. 

@Melanie P.  if you intend to talk to the company make sure the tenants signed release covers that, you might have to send it to them. I have called employers and most say very little. 

@Bill S. apparently Colorado thinks people don't have to pay anything but rent.  Curious are you still allowed to have additional financial requirements like no late payments in the last 6 months, no late rent payments in the last year or set a criteria like Debt to income ratio? 

@Alexandra Joy If she mentioned she might be moving soon make sure your notice policy is clear and she doesn't think that was her notice. I usually require written notice.