All Forum Posts by: Michael Herr

Assuming 4 or fewer units and you have a down-payment. 
Get a standard fixed rate (fannie-freddie)  backed loan an from a residential lender at a local/regional bank. 

Felix, the other thing I do often is call up the listing broker,  let them know I'm an investor and don't want to waste anyones time with a bunch of useless showings. 
(I drop my realtor's name for full disclosure that they wouldn't be dual-agent) 
I then ask for a verbal description of the place/condition. 
Most listing brokers in that price range aren't motivated to put a decent description or more than just a photo of the outside. 
It's nice to cross of a bunch from my list without having to visit the property. 

Yes, a clawfoot tub is a turn off. 
The shower curtains that do the full circle aren't great. 

Sell the clawfoot tub. (decent shape should fetch $500)

Go plastic surround, there is a spraypaint frosting product I use work existing windows in bathrooms.
On higher end remodels I get a glass company to make a frosted double paned setup and then case it in with PVC trim. (doesn't open) 
Ends up costing about the same as a replacement window.  And is classier and easier to clean, longer lasting. 

Since the window is in the shower, I'd spraypaint the glass white remove the trim insulate and put the plastic tub surround right over it.  That is, unless the outside siding is easy to patch over in which case I'd remove the window proper. 

Always put in a vent fan. 
Install the shower rod permanent with screws (never tension rod). 
I like the curved ones to give a bit more feeling of room in the shower. 

All that being said, unless it's really bad I'd do a coat of paint remodel and clawfoot tub shower conversion kit on a low-end rental. 

You are definitely sending the wrong message to the realtor. 
In my area finding a realtor is easy. I could get 20 to show me a house tomorrow. 
One of the problems for new investors is they read a book, think they know it all (and come across unjustifiably arogant) and want a realtor to submit 100 offers for 10% of the asking price because that's what a guru told them to do. 

Not saying you fall in that camp, but you are doing something that conveys a message to the realtor that you aren't worth thier time. 

Track record would help. POF letter ia about the best you could do short of track record, but you shouldn't need it. A phone call should be enough.

Maybe call the main local office of one of the big national places. Receptionist will transfer you to the new guy that's hungry. 
That won't be the best realtor, but it will get you keys to houses and ability to submit offers on MLS properties by tomorrow.

@brent coombs

He said nothing about seller financing. 

@ben is your question more abiut the ability to sell a house to a person in general without an agent/broker? Nothing about the buyer being the tenant makes the sales transaction unique. 

I like to use the same colors over and over again. 
I never paint white. Nobody likes white except painters (job security)
I use the colors: anew grey(light grey), olivewood (green/grey color), and a tan color that I colormatched years ago. Doesn't have a name, but I have the numbers that paint mix computer needs.

Some people say to only use one color. I like a little variety and can't get one color to work perfect in all situations. 
Not a huge deal for me to store 3 five gallon buckets. 
Every time I paint I pour a bit of paint into a labeled glass jar and leave it in the basement for touch-ups. 

Olivewood goes well with my standard kitchen remodel. Fake granite laminate, cherrywood color cabinets at local discount store and on sale glass tiles at home depot. Greyish porcelain floor tiles from home Depot. 

For the reasons already mentioned:
Leave 1 tub per house. 

I like to have a main hall accessible bathroom with a tub, all others converted to showers if remodeling. 

Is this Buy and Hold or flip? 

If Buy and Hold, a Line of Credit, secured by the property would allow you to borrow for thia project, pay it back, then borrow again for the next one. 

You also might just want to buy with cash,  then refi to pull your money out so you can fund rehab/repeat process. 
If you wait 6-12months you can potentially pull more cash out depending on if you bought with good equity.  (prior to 6-12 months banks on the residential side banks lend on the lesser of purchase price and appraisal) 

Clarification: ensure roof ventilation is done close to correct. (an attempt at proper ventilation should be enough to stop mold in most climates) 

Never remove mold without fixing the underlying problem. 

Can't tell you much without seeing your home/looking at the problem. 
Look for the water source.
In an attic, likely suspects are roof leaking amd humidity. 
Humidity mold could be from inadequate ventilation, or improper exhaust. 
Make sure vents are done at least close to correct, and make sure bath fans and dryer discharge to outside, rather than into attic.