All Forum Posts by: Kristopher Kelly

Good morning,

I have two parents (divorced) that have a large amount of debt. Does anyone happen to know what will happen when they die? I don't want to inherit debt from them, especially my mom that is in 150k+ of horrible credit card debt and other high-interest debt. I had a buddy that had a friend her great uncle died and he had no other family besides her and he left a bunch of "debt" to her without her knowing. How can I avoid this? And how does this work? Thank you all for any help you can provide. 

@Eric Bilderback

Who made them go to college and get into thousands of dollars in debt? It’s not the only path and it is not required. They need real education (financial) not getting mistakes they made paid off. You don’t get your money back from a bad deal if you make a mistake…neither should anyone else. This is how people learn.

Investment Info:

Condo buy & hold investment.

Purchase price: $191,600
Cash invested: $10,000

Buy and hold condo definitely a rush buy but sitting at a 3.25% interest rate.

@Anna Strausbaugh

This is so cool! Thank you for this thought and I would've never known if you didn't post this. This is a game-changer for me. 

Hello BP Fam,

I am sitting here on a Thursday painting my soon-to-be-first rental, a primary residence that I am renting out once I move to Florida in a couple of weeks. Buying a third floor condo in a very desirable area of Delaware made it a great buy. Meeting the 1% rule and almost at a 2% cash flow to purchase price. I have learned a couple of things about a third-floor condo I just had to pass along. 

Starting with, If the condo has a washer and dryer in the unit check when the last time it was cleaned. I say this and some people will laugh, but a small state like Delaware took 16 calls to 16 different companies to finally get one that could clean a dryer vent on a third floor. The reason why it is getting harder to find companies that can do this is that any crew that needs to use a ladder over 40 feet I guess has to have that coverage in their insurance contract. Meaning a lot of these dryer vent and HVAC companies don't have insurance coverage for this due to the increased premiums of the insurance agencies over the last 2 years. I'm not sure if this is a Delaware-specific thing or not but 4 of the 16 companies specified this was the reason and the others just didn't offer the service past a second floor, to begin with. The builders of the condo back in the day may have not followed code or there wasn't a code for dryer vents as of yet but sometimes they will use a flex hose all the way to the dryer outlet which means it cannot be cleaned. In this case, you will have to get it replaced with hard metal tubing. 

Ways to fix this problem that I have found is to contact the COA or HOA and ask to get the outlet for the dryer re-routed. This depends highly on the politics of your HOA/COA. I am currently working on this issue with my COA and will update to let yall know what I find. The fix I found was to call a big name company like Stanley Steamers that can do this and they are coming out next week to do the job. The problem with this is that it is extremely expensive for them to break out the 40 FT ladder because it takes 2-3 guys to do the job at this point. In the end, you only have to clean it out once in a while but it's a pain in the butt, and if Stanley steamers leaves ... There's no company that can clean out this dryer vent. There are over 60 third-floor condos in my community. Big problem if anyone has insight let me know! Thank you all and have a great weekend!

HelloBP,

I’ve posted about this before. I got a quote for 12,500$ for a water heater, gas furnace, a/c unit and all the ducting and lines replaced. Nothing is broken but they are old. What do y’all do? Replace on a 0% for 2 years line of credit I can open and replace it? Or wait until it breaks and replace as needed? Thank you for the help!

@Jaron Walling

I'll have the quote later today but I will have to get another quote. This guy ballparked 11k for the furnace and ac unit at 11k. I looked up online the most all three should be for a 2-ton unit is 8-10k at the most. 

Hey BP Fam,

Who would've thought huh? I have 50k in equity and went the route of renting out my home vs selling. One thing I should've thought about was that the HVAC and water heater are all 20 years old. The costs to replace all three are anywhere from 10-15k. From a tax perspective do I have to wait until my tenants move in to be able to write these repairs off? Basically, can I do it now in April 2022 and the tenants don't move in until June 2022. will I still be able to write off the repairs? I hope I am explaining this correctly. 

@Alicia Marks Video ready and I have submitted through the link! Love this forum and have met so many people. I don’t get how people are in the real estate space without being in the BP fam!

@Aaron Bress

Yes! I second this.