All Forum Posts by: Jeff B.

Not a dime.... yet :-)

But I just started as an investor in Feb. with the purchase of my first SFH rental property. Currently looking for the next one, with many more to come.

The only way to know for sure is to do some field tests. Drop a one pound brick on your left foot and one pound of feathers on your right foot. Then see which one hurts the most! :lol:

Steve, the pics you show are close. It's amazing what filth people will live in.

We've decided to pass on this one. Let someone with a little more ambition take care of this one.

Rebecca, don't give up on it without doing your due diligence. It may very well be worth the effort.

The mortgage company isn't going to care that she has passed so long as someone is paying the monthly mortgage. Also, once the name on the title changes, the mortgage company may demand payment in full.

As I said, it will have to go through probate before anything can be done with it. This will likely take anywhere from 3 months to a year or more depending on if there are outstanding bills. Since you said she passed a couple of years ago, you may be able to do a summary probate and get it done a little quicker. I just went through a similar situation with my grandmother's place in Florida, so I've been there, done that.

But in the end, you still need to determine the value of the property and determine if it will end up being a good deal or if it will be better to head on down the road.

Yeah, I'm really afraid the coat of Kilz (or whatever) isn't going to be enough. I was kind of thinking it will probably be a total gut. Not really what I was wanting to do. The cost of a total gut puts this as a pass for me.

It sucks as it is in a great area with a lot of potential.

I really appreciate the feedback!! Thanks!!

Looking at a house that has been owned by very heavy smokers. Overall the house is in poor condition and is a short sale. Nothing that scares me, except the fact that the walls, ceilings, heating ducts, windows, EVERYTHING has a very heavy coating of cigarette smoke. What is the best way of remediating the smoke? I know I can use Kilz on the walls and ceilings, but what about the ducts and the insides of everything else in the house? Is it something that I'd have to get a company like Servepro to come in and do a thorough cleaning or are there other options?

House is in an area of 130k homes (all similar) and has a shortsale price of 70k. Rehab is probably 12k-15k plus whatever the smoker cleanup would cost. It would likely rent for 1100.

Craigslist or occasional sales. A couple of months ago, I picked up a 4 pc set of stainless for 1600 at HH Gregg. I think it may have been a special order, but it is certainly a nice set for a rehab/rental unit.

Rebecca, you need to find out who really owns it (check the county auditor's website to see who currently owns it). If it is still in your aunt's name, it will have to go through probate to have the title changed to whoever is named in the will or the state will have to determine the successor (may also be a life estate, but you'll have to determine that). Depending on where it is and it's value, it may be anywhere from 2500-6000 to go through probate. Then, you'll have to work out a deal with the new owner. The bank may have issues with it being sent through probate, but you'll have to check with them.

If you have to pay the additional cost of going through probate, it may put the value of your investment in the property too high and you may want to look at other options.

I know you said you had just refinanced to the 15 yr, but you might think about refi-ing to a 30 yr. That would drop your payments by 300-ish/mo. That would provide a little cushion on the expenses and you wouldn't have to dip into your cash on hand to pay it off earlier.