All Forum Posts by: James H.

We might have gone with tile if we had found $3/SF installation (labor only).  I got 3 quotes and they ranged from $9 to $11 for labor only.  Everyone was in the same ballpark.  I am not sure where you guys are finding people for 1/3 of the price. :-)

Our agent is insisting that buyers run from vinyl.  So, we are going against her recommendations and taking a risk.  But, we ended up going with Legends 20mm vinyl plank.  The cost is $7/SF, including materials and installation.  Honestly, I cannot tell the difference between the engineered hardwood and the Legends.  It is hard to believe that the average buyer would be able to. 

Originally posted by @Erik Drentlaw:

Thanks, Dane.  I sent you a colleague request; it looks like that is the only way to sent PM's here on BP.

I am beside myself on this one. We also got real hardwoods installed for around $9 in a condo that we are doing a "forever" buy and hold for. But, these quotes for tile and engineered hardwood are ridiculous. We are doing a flip (first.) So, I cannot wait around for the month it takes to do a real wood floor.

I just got a quote from another place. They did not give me a tile or engineered hardwood quote like I requested. Instead, they quoted high end vinyl planks (20mm) at $7.50/sqft installed. Our agent says to stay far away from vinyl planks in the DFW market. Thoughts on that? 


Jim

We are in the middle of a rehab and have decided to install wood look-alike tile or engineered hardwood.   The quotes I am getting for both are about the same - $12 - $14 per square foot, including materials.  We have gotten 2 quotes so far.

We have installed carpet at rentals before, as well as solid oak hardwood floors.  The solid oak floors ran us about $12.  So, we are expecting the tile or engineered hardwood to be less expensive.  But, apparently not...

Do I need more quotes or is this about what everyone else is paying?

Jim

Here is a true, personal, story.

Back in the late 90's, my wife and I were living in another state.  We were young, newly married, and both had a significant amount of debt.  ($50K).   No savings.

We noticed that credit card applications asked for "Household Income," not individual income. So, my wife applied for a dozen or so credit cards and ended up with quite a portfolio of cards with no balances on them. She took out cash advances and paid off all of my student loans and credit cards. She also took out enough advances for a 5% FHA down payment on a $200K home.

We waited three months for the money to season in my account and then purchased a home in my name only.  Because I had paid off all of my debts, my credit rating was great and my income was high enough to qualify for the payments on the home.

Three years later, the real estate market was booming and our home appraised for $300K.  We refinanced the home for $250K, put the home in both of our names, and paid off all of the credit cards.

Those first three years were awful.  We worked 60 - 70 hours per week and barely had money for food.  But, it was smooth sailing after that.  We would not be where we are today if we had not done this.  But...  Yes, we purchased our first home with no money down and while deep in debt.

Nerd Wallet has an article about the legality of including a spouse’s income when applying for a credit card.  Perfectly legal. 

I cannot say I recommend this path.  It did work out for us, though. 

Ah...  You would be surprised around here.  This young man is in his mid-20's.  He has 2 small student loans.  But, other than that, he has no credit cards, no car loans, no bank account...  He makes a nice salary.  All of his money is spent on parties, though.  Fortunately, he prefers to go to expensive bars rather than make noise in his condo.

I have a couple of higher end SFR tenants who are the same way. I just do not understand why someone would demand a paper check from his employer and then pay fees to check cashing places rather than getting a bank account. Of course, I do not rent either. ;-)

I made an appointment with a tenant today to do some preventative maintenance.  The tenant and I had agreed that he would pay this month's rent in person when I arrived.  When I got there, the tenant's girlfriend was there.  But, he was not.  I finished what I needed to do and asked about the rent.  The girlfriend (who supposedly does not live there) claimed to have no idea where the money was.

An hour or so later, I got an email from the tenant asking if I could come by and pick the rent up.  I did not respond since our family was already busy with holiday activities.

Another hour passed and I got a message from the tenant stating that he was on his way to a bar with his girlfriend and had left a money order under his door mat.  (This is a busy condo complex.)  I decided to go get it.

When I lifted his doormat, I found a blank money order, with no payee filled it, for the complete amount of the rent.  The receipt was still attached to the money order; so the tenant has no way to track it.  Not only that, the money order was not in an envelope or even wrapped up it a piece of paper.  It was face up!

@Omar Cantu - One good thing about having the truck payment for 15 months and then paying it off is that (assuming you have been on time), your credit score will go up significantly when you pay it off.  That will also make qualifying for a loan easier.

You mentioned a $10K car.  Don't be afraid to get something MUCH cheaper.  I drove a $1500 car to/from work for several years with no maintenance except for oil changes.  40K miles on it before the water pump blew and the engine fried.  Best cost per mile of anything I have ever driven.  Reliable too.  

@Account Closed:

 Do you mind sharing the general gist of what you say in your mailer? Your response rate is higher than what I've seen just cruising on BP, and I'd appreciate some pointers!

 It is very simple.  It is basically the standard template from Yellow Letters Complete's website.  We add that we and handy and do not mind getting our hands dirty.  So, we are willing to consider a home in any condition.

We had a tenant who wanted to do this.  She uses Chase.

I called our bank and they told me that this is not uncommon and is going to become more common. 

Sean, I think you are correct on #1.  For one of my counties, I just got an email from someone stating that he had sold his home in October of last year.  7 months ago.  The online county records concur.  So, at least for this county, the data is at least 7 months old.

We're up to over 3% response in less than 24 hours now.