All Forum Posts by: Jane S.

Hannah;

RUNDONTWALK THISWILL KILLYOU!!!!!

JANE

Hi you are so lucky! The tenantvolunteeredtomove!

I cant believewhatthisipadisdoingtome

Hire a good home inspector to go over it tooth and nail. Be there during. Get an experienced property manager to go over it and give you feedback. Be there. and make sure the sewer line isn’t broke! You cant afford to replace it. You’ll need to have it “scoped” not expensive.

Ask for a couple more weeks to do these things. Find out who is the trustee! Get a name!

I have done many deals and believe me, even experienced I miss things by cutting corners prior to closing. This is your first so establish that you are serious and not to be played with.

If there are tenants underpaying current rents you could be in trouble, since with the pandemic they might be impossible to get rid of. 

I would NEVER close on a multi if it had sitting tenants. I had one seller tell me never to evict a certain woman tenant, she was his piece on the side! Go figure. I fought hard not to call his wife about it.

The best house for an investor is an EMPTY house. Good luck.

Jane, looking for cash flowing investment

Maybe hire a home inspector to give you some input about the rental world near your house and what impact your updates will have. If you tell the person its not to make a sale but help with setting prices maybe you can get a discount for a little simpler no-report inspection. Also look at all the houses on the MLS in your price range to see how they were updated (esp. bathrooms, floors, paint colors).

How to add photo?

My favorite rental has 1.5 baths! BUILT 1964 during a drought so city put a limit on plumbing. But the finished basement has plenty of room to add a 3/4 ==house has to be empty to do this==competing properties selling in the <350K with 2 baths. If I add a 3/4 it will have “3” baths so very desirable

2100 sq ft with a gorgeous huge sun porch and many mid-century details, hardwoods, great location

Very safe, walk to huge park

Probably have to pay someone (GC) to draw up plan and building dept might not issue permits (plumbing, electric, walls, etc) so that might be cost.

Appreciate your ideas. The laundry/utility room has furnace & hw heater, laundry, shares wall with garage, could do some reorg there. Since the plumbing is already there for the washer & etc. So far no tenants have ever used at-grade garage for any vehicle ... all sorts in there what a messs 

I think i should wait until they pay feb. rent before I reply. Otherwise they might just leave me a disaster and use the sec. dep. for rent. Your opinion matters!

Tenants moving out feb 28 wrote me they expect to get the deposit back on Feb 28 at which time they will “deliver the keys”. 

They are immigrants and the only good English speaker in the family moved away. And i dont speak Swahili.

They repeatedly ignored the terms of the lease which clearly state what they are required to do/provide in order to leave property in same condition as when they moved in. It was a fresh rehab & they were the first tenants. I never asked for late fees when their rent was late, it was never more than 4 days, my bank switched their rules for deposits.

It is a large family and the house is stuffed with belongings. No way can I tell what needs to be done.

I plan to write to them reminding them to read the lease. They will need to have someone translate it. They said they understood the terms when they signed it last year.

Appreciate your comments on this and what you would do.

Jane

Tenant paying late for second month in a row asked if Gov. Polis banned late fees till 2021? i suggested he research it. I haven’t heard of this. Anyone?

Good luck with utility overage ... I found CSU not cooperative in helping me with calculations ... it’s a typical old style org with very few current online features