All Forum Posts by: Mark Nickoson

Colin,

    I add my welcome also.  Good to meet someone in my own back yard.  I'm in Centerville, but invest in other areas south of Dayton.

Mark

Was that a load bearing wall you took out in the kitchen?

The only "B" in that area would be for "bull" from someone's rating.  Most of what you had listed I would say is "D" a little is "C".  None of it in my opinion is "B". 

Wow!  Excellent.  Can you come over to my house?

Michael, I think it depend on the age of your purchase and what has already been replaced.  Everything has a useful life.  I not only make an upgrade plan for the current tenant, but I also make a plan for the next vacancy which I assume will be around 10 years.  I do have some must do's.  I always replace hot water heaters, I paint and replace painted receptacles and switches.  I have only recently began running a scope down the main drain line and I will do that on all new purchases.  But I have one place with a Lennox furnace that is near 40 years old and it works just fine.  I've only recently put it on my list to replace once the current tenants vacate.  I think it is worth having a plan.

You said the inspection report said that the roof needs repairs.  What are the repairs they speak of?  Your mention of a hail storm only sounded like an opportunity for a claim.  Was it the source of the damage?

Steven,

   I'm a lifelong resident of Dayton.  I've been investing here for 8 years.  If you want to know specifics about the different areas of town, I know many but not all.  Keep me in mind.

Mark Nickoson 

I bought a property at a Sherriff's Auction.  I paid for it without a loan so my holding cost didn't include loan payments, but it took me years to make required updates because I didn't have the money to hire contractors and I didn't have much time.  You have to treat real estate like a business and get the work done.  I learned a lot of lessons by doing the work myself, but I would have been much better off finding some way to get contractors in to get the work done quickly.  I probably spent $10K in taxes, insurance and utilities.  And because I did not have the property placed in service (ready to rent), I missed out on a few years of deducting depreciation on my taxes.  When you buy a property, have a plan to get it rented or back on the market in less than 60 days.