All Forum Posts by: Henry T.

Mistakes? Not putting in the lease everything I could think of. 

Quote from @Bob Stevens:

Quote from @Henry T.:

Built in 1900? If I had a choice of any inspections, sewer would be first. In Seattle a worst case scenario can cost you up to 100k if you have to repair into the street and put in a new tap. (a new tap would mean a new construction impact fee from the city).  If the house was new construction it's probably ok, but who knows if some goon screwed it up. I'd still do it. It's your largest potential expense aside from the house collapsing.

 Its about 10k from basement to street . Not sure why it would be 100k, its just PVC, 

10 or 20k will get you to the sidewalk, once you're tearing up the street add 25k. If you need a new tap the city wants 30k(10 years ago). Add it up! That's with no problems or obstructions or under slab, whatever. Tree in the way? You'll need to get a certified arborist for your removal permit and where your new trees will go. Forget about it. 100k is a real possibility. Seattle is nuts.

I'm wondering. With all the new regulations about HVAC motors and new freon requirements, and the certain likelihood of outrageous service calls.....why not just install window units in each room? They're cheap, and if there's a problem just buy a new one for 1/10th the price of a service call.  The power usage may be equal to the large blower motor and large condenser. We dont need AC up here, so Im not familiar with the current draw. Just wondering.

I learned from the school of hard knocks. Watching others, and others who were often wrong and realizing what not to do. Slowly landlord associations started popping up in the 90's, which helped a lot. Though they only covered the basics.  Seattle is forcing me out of business, I refuse to play with their insane laws. I'm now relocating out of the city.  I plan to eventually have just a few units.  Like someone else said today, I wish there was a BP when I started.  Though I am winding down, I still love real estate, it's tangible, and I'm still learning more thanks to the BP community.  Every topic is here!

Starting out today as a DIY landlord is very dangerous. It's a different world from when I started. 40 years ago landlording was the open wild west. Today (at least in WA state) every law you can think of has been written against you, and you'd better know them or you'll be in hot water fast. HUD, Fair housing, State Government, Local city councils, it's overwhelming. So much has changed. Today you need a good PM, but the problem is finding a good one.

I did a tear down 10 years ago. City required asbestos removal first. I found an inspector who collected samples and tested $400 total.  I remember him saying to be certified it was a one day seminar.  Asbestos came back positive. I hired an abatement contractor to remove all the old 1940? sheet rock from house. $1100. (a good deal I think).

30 years ago I removed Cement Board siding from a house. I started it myself. The neighborhood went ballistic accusing me of killing them all and their babies. To assuage their fears I hired a contractor to do the removal. Contractor and employees kicked up 50 times more dust than little ol' me. But the neighborhood was happy to see them in their cheap white suits and yellow belt detectors which never alarmed. After all was done the neighbors apologized for over reacting and I was now out $2400. eye roll.

My personal thoughts are the danger is over blown. It was a hazard for ship builders where the dust was so thick you couldn't see 3 feet in front of you. But it's also possible one little sliver can go cancerous. But we're exposed to it all the time, it's a mineral naturally in the environment.  Be careful, follow the rules. It's not a big deal to navigate the removal process.

Built in 1900? If I had a choice of any inspections, sewer would be first. In Seattle a worst case scenario can cost you up to 100k if you have to repair into the street and put in a new tap. (a new tap would mean a new construction impact fee from the city).  If the house was new construction it's probably ok, but who knows if some goon screwed it up. I'd still do it. It's your largest potential expense aside from the house collapsing.

I've always thought Chicago had outrageous property taxes. Does that enter into this? or necessitate some of the increases?

Yes. And hope your judge isn't elected and owns four dogs. If you can find them, they need to answer for it.  But don't obsess or spend too much time on it.  

What's your plan if your tenant stops paying after the first month?  From what I've read NJ is not landlord friendly. Sorry, I don't mean to kill your fun, but I'm in Seattle.

Quote from @Todd Goedeke:

@Henry T.there are no hotels that check the ID of every person checking in. Also, you don t need an ID to visit someone at the hotel.

 Hey, thanks for setting me straight. You should at least have the ID of the person booking.