All Forum Posts by: Jennifer McElliott

Thanks @Mike Reynolds - yeah i figured it might be a bad idea.  The seller has had to update the flooring in one unit due to water heater damage/explosion and it looks like she did it with the current tenant in it, but I wasn't sure if that meant she put her up in a hotel for during the work or how she managed it.  

Both tenants probably won't be able to pay the new renovated rent rates (they are paying around $800-900 and after reno-s i plan on increasing to market, more like 1200...) and I'm just guessing that they won't be able to show 3 times rent.  So in order to do the renovations (with them out of the unit) do I just raise the rent in a new lease even though I haven't done any work on the unit yet to justify the rent increase?  

in our area i've seen listings that say rent is x, and there's a 'sub charge' for utilities and they do a generic 100 or 150 for utilities on top of rent.  

Hey all - this is the first time we're closing w/ inherited tenants... and the place is outdated and worn.  The tenants are both (this is a duplex) on month to month leases that are under market but I suspect that's also because the units aren't in tip top shape.

my questions are:

1.) do we remodel w/ the tenants still in the unit - and they just live through the inconvenience?  

2.) when folks inherit tenants, and you have them sign new leases with you - how have you handled this when you plan on upgrading their unit, don't sign a new lease until the remodel is done and resign at the new rate (if they can pay the new rate...?)

I guess the broader question is - how do most folks handle inherited tenants... i spoke to one of them while our inspector was going through the units and she sounded like she's been living their happily for the last couple of years while her neighbor has been there for almost 10 years now.  They both get along and seem to be nice people.  

Thanks!

well if he seller finances it to you, then he won't be getting a large sum that he'd use towards another property, so that in effect would also be one way for him to avoid having to pay capital gains on proceeds or a payout.  

@Natalie Kolodij - yes I did... this one happened to fall in and out of contract 3 times prior to our bid getting accepted - so now we're getting a bit of a discount on it.  This seems to be the only way we're able to pick anything of value up these days!

@Matt Gragg - a flooring guy would be great - I'd have a couple of projects for them (my own home included!) 

WOW that is a huge jump!  Thanks for the heads up... might be worth doing some of this on our own given the labor cost and how small our project is!  Thanks again @Account Closed!!!  

Yeah i realize that's probably true - I was just looking for what others in the area have typically paid - esp on the labor cost - which would possibly stay fairly stable regardless of the finishes chosen.

Given the area, i.e. Everett/Marysville/Lake Steven the assumption is a solid blue color area, so not high end finishes, but something durable but nice. 

Thanks for the reply though @Jeremy Pakalka

Hi Snohomish Folks,

Can anyone give me ballpark figures on costs for cosmetic remodels that they've done in the Lake Stevens (or Everett/Marysville) area?  

I'm in contract for a duplex in the area and it will require new laminate flooring (about 800 sq ft each side) and we want to replace the baseboard heating w/ wall units and probably also touching up their bathrooms w/ new toilets and tile...)  

This is the first time we're buying a unit that's not turnkey ready so this is our first foray into having to deal w/ contractors!  

Thanks in advance for any tips/insights you can offer!!!

Hi All,

Has anyone been in the situation where you find that 2 separate properties that you want to buy are actually owned by the same person (in our case, same couple)...?

If so, have you done anything to strike up a conversation w/ the (previous) owners to possibly negotiate a better deal?  

Currently we're in contract for one of their duplexes and just found out that another duplex up the street that we're interested in is also owned by them and listed w/ the same realtor. Both duplexes have had a bit of a history on the MLS - i.e. they were originally listed over 96 days ago, went into contract and for various reasons fell out of contract. We're getting the first duplex at a discount now since they want to be done w/ the showings and the ups and downs of selling.

Thanks in advance for any insights or past experience in this area!!