All Forum Posts by: Steve S.
Steve S. has started 294 posts and replied 637 times.
Post: What does it cost you to change locks when turning a rental?

- Dallas, TX
- Posts 649
- Votes 52
I have 3 locks, each with a deadbolt (front door, back door and garage) so I supposed that makes 6 locks.
It’s typically cost me about $400 to rekey them.
I feel I’m doing something wrong.
Thoughts? How can I beat reduce this cost?
What is reasonable to pay each time I turn the property?
Post: Anyone refinancing their rental mortgages?

- Dallas, TX
- Posts 649
- Votes 52
Originally posted by @Cameron Tope:
Haha I'm looking at refinancing the portfolio right now.
I've heard as low as 3.625% so far for 30 year investment loans.
Why are you going to Wells Fargo and not a local bank or credit union?
That’s who my loan was sold to from a local bank. It’s just a data point for comparison. I highly doubt I’d ever use them
Post: Anyone refinancing their rental mortgages?

- Dallas, TX
- Posts 649
- Votes 52
Nobody?!? Seriously?!?!?
Post: Need help - New experience with prospective tenant . Doozy

- Dallas, TX
- Posts 649
- Votes 52
Originally posted by @Mindy Jensen:
@Steve S. others have recommended this but I cannot stress this enough. WAIT until your bank gives the all clear on her check before refunding her money.
DO NOT refund until the check clears the bank and you confirm with the bank that the funds were good.
This STINKS of a scam. Do not rent to her. Even if this is not a scam, she's a flake and you do not want flaky tenants.
Thanks for all the feedback and perspectives Mindy and everyone.
Post: Need help - New experience with prospective tenant . Doozy

- Dallas, TX
- Posts 649
- Votes 52
agreed on all fronts. I wanted to make sure there's nothing i've needed to do to close this out with her. I'm sure she is going to be very disappointed and maybe angry.
Post: Need help - New experience with prospective tenant . Doozy

- Dallas, TX
- Posts 649
- Votes 52
without revealing too many specifics, here's a quick rundown of my situation.
I have a lease coming up and have been marketing hard. I find a single mom of 1 that loves the place and submits an application. All check out goos. I tell her i need the deposit and signed lease. I send her the lease and tell her to let me know when she can talk over the phone to go over it and make sure there's no questions. She says great.
Day goes by. No deposit.
I text her and ask about deposit. She apologizes profusely and says she will get it to me electronically tomorrow.
Day goes by. No deposit. I text she says, i'm very sorry, but my mom is going to mail you a check. You'll have it in 2 days.
Check arrives. I cash it. I ask again for the lease. She says I'll get it to you tomorrow.
Day goes by and no lease. She says, I will be in town in 3 days and would like to take some measurements at the place and will drop the lease off then. I say ok.
3 days go by, she arrives and I ask her to text me when she leaves as tenant had left for a bit so they could take measurements for their stuff. She texts me that she's leaving. I ask how'd it go. She said great. I said where'd you leave the lease so I can have the tenant put it aside for me.
She says "oh my gosh. I totally forgot. Can i mail it to you and you'll have it friday"
Meanwhile i have another prospect praying she falls through so they can give me deposit and lease. They call me asking if they signed the lease and if not, they will do it tonight.
Do i have any obligation here? I will fully refund their deposit. I need to tell this person who has been flaky for whatever reason that I'm going to different direction. I'm sure they will be PISSED as they've spent time and think they have everything locked down but yet i have no lease, only a deposit.
What should i do here? She's made me very nervous and it seems like she's somehow running a scam on me.
Post: Prospective tenant has asked me to do some upgrades. What to do?

- Dallas, TX
- Posts 649
- Votes 52
They’d like different faucets. A different color paint on the bedrooms. Different kitchen fixtures.
What would you do? This is a pretty premium high dollar property.
They’ve suggested they would be willing to chip in some. We haven’t talked $$$ yet.
I replaced the faucets about a year ago so they said they’d pay for that.
Painting I would probably do myself. What would it cost in paint to paint 3 bedrooms? I’ve not done that before.
How much time should I expect it to take me?
Post: Anyone refinancing their rental mortgages?

- Dallas, TX
- Posts 649
- Votes 52
What kinds of rates are you getting?
I have a few with Wells Fargo so will ask them but plan to shop around
May try to take some 30s to 15s at around the same price
Post: Need someone to do tile work in bathroom for leak through ceiling

- Dallas, TX
- Posts 649
- Votes 52
Basically the Plumber said the tile in the corners wasn’t installed correctly and is starting to drip out of the “pan” for the shower into the ceiling down below.
Also need to Kilz and repaint the ceiling.
Any suggestions on where to look for someone to do this work? Plumber I use said he didn’t know someone but it’s not work he or his company do.
What expertise should I inquire about to ensure I get a qualified person to do the job right?
What should it cost?
Post: Put 2 nicks in my brand new Quartz island!!!

- Dallas, TX
- Posts 649
- Votes 52