All Forum Posts by: Jen R.

Following, as I hope to do this in a few years! Would love to move overseas, if only for a year or two, in order for our kids to experience a different culture and gain some international perspective. I’m always researching different countries’ cost of living and visa requirements to compile some good options...would love to hear from someone who has done this successfully.

A few other things to consider - it is very typical for any appraisal that is completed at the time of purchase to come in close to the purchase price, regardless of whether the purchase price was “under market”. Most appraisers will tell you that the truest indicator of value is what someone is willing to pay for the property. With that, having an appraisal completed for a cash-out refinance can be a lot more variable. We always meet the appraiser at the property and submit a list of all the improvements we’ve made to the property since purchase. I also tend to include a couple of comps from the neighborhood of sold properties with a similar finish level. 

Hope that helps, and good luck!

Absolutely! We require all of our tenants to purchase renter’s insurance and name us as additional insured on the policy (that way we get notified if they let the coverage lapse). Not only does this protect their personal belongings, but it also provides liability. If they are found to be at fault for setting the kitchen on fire, for example, their renter’s insurance would cover that instead of your homeowners policy.

I’m not in the KCMO market, but have always been able to successfully appeal property taxes on my own - it’s usually just a simple form to fill out and submit, and it looks like Jackson County has the form posted on their website. I’d hate to give up a year’s worth of savings to have a lawyer fill it out. Good luck!

One of our first tenants schooled us well on a few things....

1. Not requiring first month’s rent in certified funds. It’s a horrible feeling when that first check bounces after you’ve handed over the keys.

2. Likewise, not starting the eviction process as soon as possible after non-payment.

3. Not verifying transfer of utilities before move-in.

In the grand scheme of things, 4 months lost rent was relatively low tuition, considering those tenants impelled us to solidify and enforce the policies we have now. With that:

4. Not networking and learning from other more experienced landlords to help avoid making major mistakes!

Beautiful rehab! Hope you get it rented out quickly!

@Ronda R., my husband attended one of her events a couple of years ago, but didn't come away with much - said the info would be good for beginners, but he found it mostly a waste of time. That being said, that was awhile ago, so this seminar may be different. The good thing was, as Cheryl mentioned, it wasn't just a high pressured sales pitch. Hope that helps!

@Crystal Em - thanks for sharing these pics; I feel like this would be a good option if the existing surround were in good condition and didn't need to be replaced. 

@Shawn Ward - love your creative designs. I am hoping to do a flip next year, and I would love the opportunity that would give to splurge a bit more on design! 

@Account Closed - I like your color scheme and the tile design - this is a good alternative that would still be affordable. Thank you for sharing!

@Jim Adrian - thank you for the pics! Using a 12x24 tile is a good idea. In the past, our tile selection process typically ends with us saying, "how cheap can we possibly go without it looking awful?" But upgrading to a larger tile would be an easy way to update the look. 

@Shaun C. - The bathroom you shared is gorgeous!

@Will Barnard - Thanks for the suggestions! I do love the versatility of subway tile, but don't like the idea of adding all those grout lines to clean. I also assumed that smaller tile would increase the labor cost due to the extra time required. In the past, we have always done our own tiling, but we are trying to hire it out this time. Getting an estimate tomorrow, so I'll have to ask how much that would affect the labor costs.

Thanks for the ideas, everyone!