All Forum Posts by: Matthew Paul

Fix the cabinets , paint them white ( Sherwin williams gallery is an great cabinet paint ) .  Some led recessed lighting in the kitchen and a new counter top . LVP flooring the whole level , including bathrooms . Yes new toilets and have the tubs reglazed as well as the tile walls . 

Cost ?     All depends on your location 

More rent ?    Dont know your area 

Read the lease , if thats what it says and you and your daughter signed it , then they can take you to court and will probably win 

All the same things can and will go wrong in your own home . Can it be stressful  ? Sure . And yes plumbers , electricians , handymen can be expensive , you have 2 options pay someone , or repair it yourself . 

Dont know what condition the houses were or are in , but generally speaking , older homes that are "deals" cost more in repairs .  

I cant tell you what to do , but investing in rentals over the long term has been great for me , some times there are more repairs , sometimes less , but thats just the nature of the business

 Of course there is a real estate crash on the horizon .  Now , how far away is the horizon ? How long will it take to get there ?  Sure real estate will crash but when 

 The house didnt have to be up to 2020 code , It just needed to be up to code the year it was built . A 5 year old house isnt up to todays code .  Built in 59 , yes there will be some settlement , I have a couple houses that arent level inside , but they are fine and are rented . 

Its a difficult situation , right now you have a fixed loss of 30K . This isnt hard to recover from . Now dumping another 100 grand into the house could possibly put you behind the eight ball . 

I recently sold my house FSBO . And some potential buyers brought a buyers agent and submitted offers . They included their fee at 2.5% a couple were at 3% . So i was now negotiating with 2 people over money , the buyer , and the agent . I told the agents , that they were hired by the buyer , they are to be paid by the buyer . If they want their fee to be from the proceeds of the sale , get rid of the % and write down a flat number . Now you can add that number to the sale price of the house or ask your buyer to cut you a check , you work for them , not me .

I got push back from agents .  Things like the house wont appraise for that much then , and my buyers are at the top of their budget , thats not how its done .  I simply said , then thats between you and your buyer , do you want to tank the deal for them ? 

I sold for over asking , I paid zero in commissions , the buyers agent was paid directly by the buyers , How much ?  I dont know , and I dont care . 

( Its a sellers market in my area with very low inventory in my price range )

Dont build on the 14 acre parcel . Have your father  carve out a part of the property as a single  lot to build on .  Check with local zoning rules etc .

Pre Qualify just to look at an open house ?  Sure I can see that on the million plus houses . But on your average 400K to 700K houses  (My area)  . I dont see the point .    Just like buying a car , i dont tell the salesman what I can afford , I negotiate a price and then provide the proof 

 What makes you think I left money on the table ?    I got over asking , more than the apraisal , didnt pay a sellers agent , and 1% to the buyers agent . Buyer is happy and so am I . 

If you value your friendship , I would tell you not to do it .   I could list so many examples of why not , but the internet isnt that big . 

When you mix money and friendship , it rarely comes out good .