All Forum Posts by: Account Closed

I've got a guy in Indiana that replaced AC unit and heat pump for $3,500 on a property I own.  You need to get more quotes.

Handyman went over and checked things out - roof was shingled and shouldn't have been because of the narrow slope over the back porch and bathroom. Looks like water pooled up because of recent rains and leaked in. Tenant didn't see the water leak.  I've got to re-deck and re-roof the back porch. What a bummer.  Guess estimates from a roofer are forthcoming.  Also got a call from my other property manager out of state - need to replace the water heater on a rental out there.  It hasn't been a good real estate day today LOL.

 LOL - I think it's more likely that someone was jumping on the roof (there is no attic in this area), or a limb fell on it when the neighbor was trimming the trees.  I'll know more tomorrow.

I have landlord insurance - $3,000 deductible.  My concern is this on the Eastern Plains of Colorado.  If it's a roofing issue, I'm concerned about snow load.

Property manager texted me this image of the ceiling in the bathroom of one of my rentals. Tenant says "it just appeared" and that there is no water damage.  Handyman and property manager will be out there tomorrow at 3:30pm local time.  Bathroom wall is a retaining wall and I see a point of impact...we'll see how this unfolds.

Sounds like you found his rock bottom price.  To me, it sounds like the seller is not willing to negotiate on price anymore.  It's as is - take it or leave it.

If time is an issue, then hire a property manager.  Once you place that tenant, you're going to find yourself just as frustrated responding to that tenant's requests and issues.

EKS&H (they have a location North and one in the Tech Center) or Richey May in Denver (Tech Center area).

I've worked in Tax since 1993 and those are the two firms that I would trust outside of the Big 4 with relation to real estate type transactions.

Plan on having the electrical completely brought up to code before you're allowed to have electricity on the house (if electric has been shut off for over a year, it needs to be re-certified).  I would also plan on a new furnace and (if applicable) air conditioner.

As far as interior condition - I would not be surprised if copper pipes and electric wire have been stripped from the interior.  You might also have issues with rusted out drain pipes.

Everything else is easy :)

1) If you did your screening appropriately, then it shouldn't be an issue.  Many situations could warrant this - as an example, in your area, there are a lot of people in the oil & gas industry.  Do they work on a well in the gulf?  3 months on, 3 months off is common working on a rig.  They could be an ERP consultant installing SAP or Oracle or another software package that requires them to be in a corporate apartment for months at a time.  In both situations, it may be worth their while to pay up front and not worry about being late on rent.  When I was a consultant, and had a corporate apartment in Houston, I had to pay a ticket on my car that was parked at the airport (I was flying out on Sundays and flying back on Fridays).  I had forwarded my mail to the corporate apartment out of convenience....car registration notices do not get forwarded via the USPS and I totally spaced it.  This could be convenient for the tenant.

2) Talk to an accountant about this - you MAY need to spread the revenue you receive over the life of the lease (Sept - Dec reported on your 2017 tax returns, and the rest on your 2018 tax returns) depending on your individual situation.