All Forum Posts by: David Nacco

@Charles Carillo that’s a good idea I didn’t even think about that. If that can be done I will definitely look into that option

Can anyone give me a rough idea of what I should expect to pay to remove asbestos siding and replace with vinyl on a 3,650 sqft 2 story home? I’m trying to decide if it’s worth the trouble on a possible rental property.

@Daniel Long following

@David Nacco typo, sorry $75,000 leftover, 55,000 after closing costs

@Sue K. They owe 100K and could only sell now for like 70K current condition. If we put $40,000 into it it could sell for around $215,000. So after paying off the mortgage and rehab costs there would still be a $65,000 spread, probably left with around $45,000 after closing costs conservatively which we would split 50/50.

@Luke Carl I was referring to people who just take care of the turnovers for you like cleaning up and everything not actually managing it. I don't personally own STR's so I used the wrong term there.

@Heather Carrow Virginia Beach is a great area for short term rentals and theres a lot of STR managers here who could manage it for you!

@Sue K. They are not living there and they are also not delinquent. They are able to pay the mortgage they just have nothing left to maintain it or to rehab it. It was their prior home and they kept it to let their kid live there who later ended up having drug problems and basically just wouldn’t pay them and trashed the place over time and because of the condition it’s now in they couldn’t sell it for enough to cover their loan without fixing it up. They just want it gone so they can stop worrying about it.

@James Billings-Kang Thanks! I definitely plan on having an attorney write up the contract

I mean net listing not lease