All Forum Posts by: Kristen Watts

@Andrew Boettcher thank you!

@Wayne Brooks thank you!

@Joe Splitrock thank you!

Tim, thank you for taking the time to calculate and relay all of that to me. 

Good day BiggerPockets landlords. I have an increasingly disruptive problem at a property comprised of a main 2/1 home and a stand-alone studio behind it. Turns out the studio, which is attached to a one-car garage, all runs on the same electrical box. This was not addressed in our original home inspection in October of 2013 nor have we noticed or had any complaints about the problem. A few months ago, a new tenant moved into the studio unit. The garage (which includes a washer/dryer and an exterior light illuminating the backyard of the house) is rented to the tenant in the main home. The studio tenant complained (rightfully so) that the washer/dryer and the exterior light are running off of her electrical system. We immediately said we're so sorry, didn't know and said we'll address it. We've asked for the studio electrical bills and they promised to provide them (after saying they aren't that much) but we've received nothing. So, I've been waiting while trying to estimate the usage on a bulb and a washer/dryer, which the house tenant happily provided me (her type of W/D and bulb). I can't do anything until I have the bills in question on hand and talk to the electric company. I've told the studio tenant I will offer compensation and a plan going forward for compensation. Instead of cooperating, she called code enforcement so now we have a slew of other issues, none having to do with her complaint. Typical stuff they pick on like peeling paint, a missing screen (which tenants remove all the time) and things of that nature that don't affect the tenant's life and they haven't complained about. 

The studio tenant is insisting I make the house tenant stop using her light and W/D. I don't believe I can do that as it's in violation of the house tenant's lease. I'm trying to come up with a fair solution but can't when I don't know what the costs are. The studio tenant has aggravated the situation by calling code enforcement. 

I'm looking for advice/solutions to this problem. The most extreme and expensive would be somehow wiring the W/D and light all the way across the backyard of the house into its electrical box. Is that even doable? Are there other solutions to separate the wiring that are cheaper? My original route was to estimate costs, reimburse going backward and then reduce the studio rent by the estimated usage coming from the house. Again, they won't hand over the bills so this is a no go for now (maybe they will eventually). Also, the studio tenant is generally cantankerous, very rude to the house tenant and us and seems unhappy in the unit. I've offered to let her out of the lease, refund the electric and let us all go our separate ways but she refuses that option.

Any and all ideas/advice are appreciated. Thank you in advance!

Awesome Jason; thank you!

I'm a buy and hold investor who currently owns 4 properties totaling 7 units plus an Airbnb. Looking for purchasing opportunities in Saint Petersburg, FL in very specific areas of town. Central Oak Park, Palmetto Park and Historic Uptown. Roughly from 4th Street N to 49th St N and 5th Ave S to 14th Ave N. Interested in multi-family ONLY (unless you have the most amazing deal on a SFH I've ever seen). Please reach out if you have a deal that meets my criteria as I'm ready to move immediately on my 5th deal. Prefer minimal to moderate/cosmetic repairs and turnkey properties. Thanks in advance!

That would be great Jason, thank you!

Hey Jason, thanks for the response. I'm guessing I could, but I'm trying to do this quickly so I can make an offer and that's going to take time. I've already called a couple places and they won't give a line of credit on rentals. If I put my house on the line, I can walk out in 10 minutes with the money but that's a last resort. I want to use the equity in the rentals but banks don't seem to like that and I don't want to lose the property waiting for a second mortgage, having appraisals, etc. You know how it goes. It was the realtors assistant that gave the inappropriate info about the owner. Apparently, she needs more training. Totally inappropriate.

We currently own 3 properties (6 units total; one is our primary residence with a studio out back). Property details listed below. According to the property appraiser's site, this is where we stand with each one. Looking for property #4. Found one we like. Property is two units, listed at $155k but the real estate agent made the mistake of telling us there's a health issue for the buyer, they are older and looking to dump their rentals. Price has already dropped $10k in 45 days. We took a hard hit from an issue with the city regarding an after-the-fact permit and everything going wrong on each property this year so we've only got about $8k in cash. Looking for the best way to scoop up this next property using the equity, preferably without putting our primary residence in the mix. The property we're looking at is directly across the street and down the street from our rentals so we know the area well. Up and coming close to beaches, shopping, culture activities, restaurants, etc. in a growing and desirable town (St. Petersburg, FL). Any advice? Thanks for all replies!

Property #1; primary residence: Owe $167K, estimate on appraiser's site $453K - income $740 per month from studio, mortgage $1400 per month.

Property #2; 1st rental purchase; owe $43K, estimate on appraiser's site $155K - income $1625 per month, mortgage $492 per month

Property #3; 2nd rental purchase; owe $52K, estimate on appraiser's site $129K - income $1500 per month, mortgage $520 per month

We would prefer not to use cash as we're not in the best position for that at the moment. Looking for suggestions on the quickest and best way to attack this ASAP.