All Forum Posts by: Ed O.

I wish there was a yes answer, but there isn't. They make the rules, they cut the checks. If you push back, you're more likely to have a tougher inspection next time.
The one you might be able to get by on is the attic access. It makes sense to try and be in the better graces of your inspectors and to meet them at the homes when possible. It will go a long way towards reducing repair requests if you can build rapport with them.
These don't sound like a terribly expensive list of items. Compare it to your costs of turning over the unit, and for me at least, I'm getting things fixed and keeping the cash flow coming. Be sure to get your renewals done ahead of doing this work.

The section 8 Bible has been regarded as a good resource. One thing to keep in mind, is that despite the fact that it's everywhere, it is operated very differently from place to place.
Some offices are great. Some are awful. You'd be best to talk to Rob and see which places are good and which ones to avoid. The experience is like night and day, depending on which office you work with.

If they all suck, they cant be trained at this point. At least you can get a discount if you toss them out at the same time. A clean slate might be worth going for here. Can you bump up the rents too?

It's a pain learning this way, but the trick is to get the inspection scheduled way in advance to try and mitigate the pain of waiting.
I have no idea how the cities can selectively inspect rentals and leave owner occupied units alone. It's a safe bet that the "rich" landlord will be held to a much higher standard, which is garbage. It should all be the same.

Oddly enough, on the Harps, I got 3, Entirely free refis, (citi x 1, chase x 2) completed. The HARP program was 100% designed to force you to go to your existing servicer for the refi.
The other ones have been a bit of a grind. I have one in the que at BOA that's been a nightmare, as expected.
Wells Fargo has jerked me around on rates and fees and I decided not to purse it further with them.
The chase transactions were pretty good.
My refi with Citi was rotten, they dropped the ball and then had to completely underwrite the loan twice. They then needed three attempts to close it after that. It was free at least.
The big banks are getting a great deal too. It's my understanding that for every deal they close like this, they get a huge credit towards the recent mortgage company lawsuits that were curiously brought about by the justice department.
The takeaway from this, you have to work with your existing servicer on a harp deal. There's tons of restrictions if you look at any other servicer than your existing one. Hmm.. I wonder if the lobbyists and fat cats had this in mind...

Good idea. I have looked pretty hard at hotel rooms I've stayed in to try and come up with economical, durable thinks to use in my rental business as well.
I'm not sure if I would go the wallpaper route, it works in hotels, but seems so 80's to me.
I'm guessing with short carpet, it's tougher for crap and gross things to hide and perhaps easier for a vacuum to pull out the mess. After changing out the carpet 99% of the time on my turnovers, I'm in favor of restoring the old hardwood underneath or using Allure. It takes a lot more work to trash them as compared to carpet. Some of my long term tenants have ripped out their own carpet and exposed the old hardwood floors, apparently, because they cant stand their own mess they've made on their once new carpet.

That being said, I think I could only justify carpet on 2nd floors. Just my .02.

Warren Priske
Must be state farm. They suck and pulled some similar stunts on myself. I pondered going liability only where I could for awhile, but not too seriously. I then found a new agent with premiums in line with what is reasonable.
A year or 2 later, I had a total fire loss. Just before my loss, a friend lost 8 units in the big Joplin tornado and was covered. Another large landlord there was rolling the dice and lost big.
Some ideas to get the nasty premiums down:
bump the deductible to 5000 or 2000.
switch to an ACV policy. people here argue both sides of it.
find a new agent. Call agents 3-5 hours outside of your market, but in your state. Hopefully they will see you as gravy and not another in market customer to gouge. Also, do not tell them what you're currently paying or what you'd like to pay. Be sure to let them know you're shopping a few agencies to get the best deal.
Paying premiums annually is also an opportunity to save as well. Monthly and biannual payment plans add cost to the premiums as well.
Self insuring is a high stakes bet, too rich for me.

Mike Tiffin
I can't speak for Michael, but I don't know of anyone that promises to be out of the loan ever. Too many variables at play to commit to it.

Sounds good to me.

Karen Margrave
Thanks for the bump. Good stuff!