All Forum Posts by: Marian Smith

@April Dagonese IMO you should have disclosed that the jets did not work. Potential tenants look at properties and choose based on amenities as well as location, condition, etc. So you are on the hook because it is implied that everything they noted at viewing the property actually works. I would offer to lower rent $10 month to compensate either/or fix. If the tenants really want a jetted tub then they will choose the latter...and you now know that a jetted tub is worth something to renters. (I say $10 month because I rented an apartment that was $10 more a month than another unit and the "reason" was an extra 10" on the kitchen countertop making it a breakfast bar. weird but true.)

@Miguel Devaughn I have a property in the flood zone and my insurance has gone up from $100 month to about $400 month since 2007. Your lender requires insurance. There is no competition to offer flood insurance in the flood plain that I know of and the government wants to raise insurance to true risk levels...reasonably so as they are losing money each year. I havent sold because the city is going to build a dam and I am waiting for that so my risk drops to near 0, but it is an expensive wait. If the building is in the flood zone I advise a pass.

I meant gravel to absorb impact from a fall...all the parks here have gravel or bark mulch under their playscapes.  Many backyards do too.  There truly may be some liability there...maybe call and ask your insurer.  or add gravel or bark mulch.  Be sure to require renters insurance as a fall and a broken arm will likely result in some sort of claim.

@Robert Smith Is there gravel underneath? if not I might be inclined to remove. liability

@Daniel Moscoso houzz.com, model homes in your area, and yes, use Redfin to look at solds, sold prices per sq ft and dom. Also, you can tell the flips often by white painted brick and black trim. They usually know what sells. Here the tear down and new builds are using lighter wood floors looks like a blonde pine (w no yellow or orange) and off white walls. Not so much gray except maybe in bathrooms. But I still like gray /greige.

@Matthew Cassidy My city added parking spaces to a branch library using concrete grid looking blocks filled with gravel...looked kind of like thin breeze blocks or cinder blocks with an x pattern (I think) laid like pavers and filled with gravel. No idea on cost...might be more than asphalt but looked potential diy. I parked on it. looked nice too.

Sounds like your inspector made a misidentification.  

@Jia Liu How long ago was the activity detected? what does the original report say? what treatment was done and in what locations? Were any repairs made to the damaged areas....because one way of treating termites in walls is to spray a termiticide foam at the top of the wall and let it drizzle down killing what is in the wall. The studs may or may not be hollowed out or the bottom edge eaten up so nothing is supporting that section of wall...or mostly ok. Who knows. Was there leaking water or ground graded towards the house...and that fixed? How old is this house? Newer houses have pressure treated sill plates but not so sure about 50 years ago (I have seen 50 year old sill plates completely devoured by termites). I am not sure how you can estimate damage but I think there are some infrared cameras or some technology that can look in walls...might just look for movement so active termites but might also compare density readings between areas of wall. I don't know about that. But your inspector is telling you it could be a small amount of damage or the structure of the entire house could be compromised. And that is true...but it takes a while for termites to eat a house....years, probably a decade. Not an expert at all.

@Derek Miller Sell and take your gains tax free. I have seen many people start a ltr portfolio with their own house, usually a modest house in a desirable area that they have owned for years and can thus cashflow nicely. If your house on a large lot and with a pool does not translate well into a ltr, sell the place. If your location is good for a str because it is close to the beach or Savanna, maybe buy IN Savanna or on the beach so it is excellent for a str (so you do not have the vacancies). But it sounds like you are really interested in ltr. Take your gains, and wait for an opportunity. Just playing devils advocate here because everyone else is bullish. Why stress yourself out with the job and move, etc. One thing at a time can be more pleasant.

@Kevin S. You need a realtor bring a buyer. If you can find your own buyer you do not need a realtor at all. If you know the value of your property. And you can read a contract. Most sellers need their property listed on the mls to get market exposure and you can list for as little as $500. But you have to agree to pay the realtor representing the buyer a commission. Stick a sign out front and test the waters. Give a title company a call and ask if they work with private sales. Is there a state re sales contract that everyone in the state uses?