All Forum Posts by: Account Closed

The survey is yours. You're not required to share it with the seller. If you choose to share it with the seller it would be out of good will. The title company may show the costs of the survey on the closing statement, but that is a separate issue between you and the title company. It is not normal for the listing agent to ask for the survey, especially before anything has even closed. Perhaps after the sale, should the buyer back out, the agent may request it for the betterment of their client, but even then you have no requirement to furnish it. One caveat, I suppose, could be where the deal falls through over some encroachment issue after the inspection period lapses where the title is clear but the buyer backs out for no reason. Just my opinion.

Recessed medicine cabinets are nice because they don't look like what they are. In my opinion, the surface mounts are old-fashioned. If its already in a rental, I'd probably leave it there. If there is just a mirror there I'd leave the mirror and consider other ways to maximize the space, such as the area above the toilet. You can buy the wooden cabinets that custom fit over the toilet sitting area. I think those are the best use of space in small bathrooms. 

While I'm no expert, bed bugs can be a huge problem. You may want to hire a professional to exterminate them, where they usually use steam to kill them. I don't think the cold winter weather will do anything to them. The good thing is that right now you are demoing and also the property is vacant, so it is the opportune time to do so. The worst thing to do right now would be to NOT fully exterminate them, put up your luxury units, get the units occupied, and then have to deal with the extermination. After the treatment, the bed bug company should be able to bring their bed bug dog out behind them to sniff the place to make sure the bed bugs are gone. It is a bad idea to hire a company that doesn't specialize in this area as not only will they waste time and money, but you could pay them for something only to have the bugs come back again, putting you further behind than when you started. Also, be careful not let any of the bugs hitch a ride on you or your tools and equipment, as then you could transfer them from property to property. 

I once had an inspector leave a pile of exterior masonite siding about 4 inches high. Perhaps some inspectors/buyers may use that as a way of telling sellers, "Hey you have damage here".  Fortunately the buyer ended up buying the home and we didn't have to take the issue further. 

Renting to college students is a great market when done properly. I see that you're also in the LSU area market. A good bit of properties around the LSU campus can be good investments. Living in one side and renting out the other is a good option. There are not many opportunities to do so around lsu however, that is in a desirable area, but you could always live in one room and rent out the rest, in a house with proper zoning.

Yes, if one has mortgage then interest would easily be in the top 3.

Insurance, taxes, lawn maintenance/appliance repair.

Zach, I recommend staining the concrete. It requires cleaning the floor, taping up walls with a barrier to protect the walls and baseboards, adding a stain, then adding a sealer. Concrete is my favorite flooring personally. Even ceramic tile can chip. Concrete is nearly indestructible. Here is a recent project where someone recently removed carpet from their rental and stained their floors. The imperfections on the concrete give it character. Even the holes from tack strips can be left alone and stained. Besides the quarter round molding should cover some of that up. Concrete is the way to go.

Does anyone else have ideas of use for raw land? What about how to use a small 40x100 parcel in the middle of the city? I have several clients who have vacant lots and they don't really use them for anything. I've had ideas such as "game day parking" (since near a college football stadium. Another possible use I've seen here is a community vegetable garden, which is a good concept, but doesn't generate any cash flow. Any other ideas?

@Roberto Treviño  Welcome to BP!