All Forum Posts by: Dante Pirouz

I use Zillow's rent estimates as a conservative baseline when trying to figure out what to charge for my rental properties. My properties always seem to get more than the Zillow estimates but I can use a percentage increase above the Zillow estimate to figure out what to ask for. I find in my area the Zillow rent estimate is much better than the other rent estimating tools out there. That said I don't put too much value in the Zestimate for property values...recently sold prices are more useful but not the complete picture of course. One of my properties jumped from a Zestimate of $60K to $160K in one  month and I know it would actually, realistically sell for about $100K - $110K so go figure!

Red or black but I think red would be great contrast and it means good fortune if you're into Feng Shui :)

I agree with @Steve Vaughan sanding the floors should solve the problem since the staining only usually goes so deep in the wood. Always works on our rehabs no matter how bad it smells. Then you can lay your flooring over.

@Maria Fortner It is in North Port Huron. PM me if you want more details!

PM me with the specifics. Thanks!

Does anyone have any opinions/experience with multiunit rents in the downtown Pontiac area?

That definitely exists in my area in Michigan but probably tough to get in Cali...maybe partner with an investor in the Midwest !

Be careful with being too optimistic with your rental number. If you can't rent it at $850 and have to rent it at $650 are you still CF positive? Do you have all the expenses covered in your analysis (don't guess on property tax; look it up for the property,MI can be expensive) 

Regarding your question whether it is a rental or a flip it could be either. The real question is what is your goal: do you want to be buy and hold or do you need cash from a flip to do more investing? Run the flip numbers and see which one works best for you.

Finally have you talked to the seller about the details? Have you looked at the property inside and outside? If you haven't you must before you can truly know the next step. Listings/pics aren't always what they seem so you may end up seeing and talking to dozens of deals/sellers before you find the one that really makes sense on paper and in real terms. 

We try to refurbish and keep hardwood floors (HW) when we find it in the house (usually under crappy, stinky carpet) by refinishing it. Tenants love it and I use extra thick coats of dark stain if there is a lot of discoloration and damage and always double or triple up on the coats of varnish so that it can withstand a beating. At that point it is virtually waterproof so even with pets it holds up really well. Laminate is great and we do use it in kitchens and bathrooms and when the HW is non existent but it is more expensive per square foot (tends to cost us about $1.70/sf when we install ourselves but can be much more) than HW refinishing. We always do HW refinishing in-house so the cost is only renting the sander and the stain if needed and varnish maybe $200 in total for a whole house/unit vs. $1500-$2000. Hope that helps!

@Callum K. When you say private lenders do they tend to amortize like a local bank would, 20-30 years, or are these only short term type loans?