All Forum Posts by: Eric Mcginn

I have this great clean little 1bd 1ba SFH I'm closing on a nice street in a so-so neighborhood in a very expensive county. It's the most affordable house in the county at the moment to my knowledge and I've placed an ad for a reasonable rent which is receiving lots of interest.

I have several excellent options for potential tenants lined up. 
One of which is interested in a “rent to own” situation. Their income more than qualifies them as tenants but they are young with limited credit. 

I was surprised by this inquiry and hadn’t considered it before. 

What are the pros/cons? 

Purchase price is $140k. Rent is set at $1500 with tenant paying all utilities. 

I think it’s easily worth that as a working duplex in that location. That’s how I’d approach it if you can clean it up a bit, as a operable duplex with potential to expand. Because 6k sqft with a tear down in r3 doesn’t sound like $2M+

I expect my applicants to come with a filled out application, paystubs and ID. 

😂 lol! I'm feeling this more this year doing taxes and applying for a refi is getting I credit complicated even with 5 properties and 9 units. The quadplex is as much paperwork as the SFH so this makes sense.

I prefer to deal with Airbnb vs VRBO 

Both as a guest and as a host. Just based on past interactions and differences in platforms. 

I’m considering putting a little wood burning stove in the fire place so it can still burn wood, but won’t be a big fire next to the capped off pipe. It would also actually produce some heat unlike an inefficient fireplace 

Seems like converting it to gas is the general consensus, conversion kits look to be about $500

Thank you 

Are you running STR OR LTR?

I have a 2 bedroom cabin in the mountains that has a great open living space with fireplace. 
the fireplace has a capped off natural gas line in it. 
I’ve been SRTing on Airbnb the last couple years. Never really any issues, and people seem to enjoy it. 

I’m trying to sign on with a a management company and they are suggesting that having a fire with the gas line there could be unsafe and that I should convert it to gas only or have it decorative only. It’s not a big problem for them but that’s what they’re suggestions. 

The cabin has central forced hot air heat so heating isn’t an issue. I personally find it a nice option to roast some marshmallows and to be able to burn downed branches etc. but it’s also kind of a pain and does a terrible job of actually providing any heat lol terribly inefficient. 

I just don’t know what to do, unfortunately it doesn’t have a key-valve somewhere safe, only a small metal valve in the fireplace next to the capped end. 
I could try out a remote controlled kit with ceramic logs. Or just leave it as is. Or install an insert. Or designate as decorative only.....?

Frozen pipe means you found the area to insulate better so it won’t happen again 

If you aren’t sure about your water main/ sewer main get insurance for $10 a month. 

Roofs leak and heating systems need maintenance. 
water heaters don’t last that long but fridges usually last forever. 

Get those things under control and it should be easy street again.