All Forum Posts by: Matt Turbitt

new install or repair?

If the fan is old like you say I'd replace it and while your up there see if it's actually venting outside and also that the vent isn't clogged by a bird/mouse/squirrel. 
For what it's worth for you and anyone else reading this in the future, bleach is never the answer. always tilex at a minimum. professional mold cleaners not only kill the mold and trap the spores preventing them from going airborne but also create a lasting barrier on the surface that prevents future growth.

Regardless of if he has deprecated the rental properties he will owe the depreciation recapture when he sells. it's mandatory from the irs, they assume you have and there's no way around that.

But more importantly, to the OP what are your goals? why do you own rentals? what do you want out of them long and short term?

Samuel I think you may be missing something so maybe this example using your numbers will help. the house is 70,000 you put 14,000 down (20%) the mortgage is now for 56,000$. you fix up the house, get the value to 95,000 and refinance. you still have to keep 20% equity on the house. Leaving 20% of 95000 in the house the mortgage is now $76000. That 76000 pays off your old Balance of 56000 leaving you with $20,000 to spend on your next place. Now obviously none of this takes into account taxes, fees, insurance, moving costs, rehab costs, etc.   

Is this the main or secondary sewage line? if the main you can add a back flow valve or check valve to prevent that. though the real issue is you need to see why it's clogging and address that moving forward

Few things to keep in mind is you'll need a hud qualified agent to bid on a hud. and with the way Sage (the company who sells the homes for hud) has been operating lately you really want to have a realtor, lender and closing company who are familiar with huds. 
Also how to you plan to finance? cash, conventional, fha? something to keep in mind is almost all conventional lenders cannot lend on a home where the water is off.
Final note, if you like the home bid early, bid often. good luck

Just float a laminate or luxury vinyl in those rooms, click plank vinyl will offer you the best protection against pets since it's not permeable like wood and laminate. take some pictures of the oak to a flooring store and tell them you need something that will compliment it. You'll be fine installing a few rooms of floating floor. read some family handyman articles and you'll have a good understanding.

I'd say it's only an ok offer not a good or great offer in any way. What would be the current value of the home? you have 175 in so 200k? He is not offering you a 'no seasoning required' loan like you'd want in a BRRRR. He is offering you just a standard cash out refinance you can get anywhere. He is loaning based on your original purchase price not the new value. and he is making you keep 30% equity which is standard but 20 and 25% are possible too. I'd keep looking and see what else is out there.

Honestly just about any bank would be happy to refinance  your loan assuming it's your primary. the sticking point normally comes when you purchased less then 6 months ago and less then 12 months ago. 
Since you are past the 12 months every bank is going to do a new appraisal. I'm shocked yours won't do it to keep your business but o well. Find a good refinance bank in your area (here we have one that will do it for under 600 out the door) and make the move.

If your talking 4 sfh then tankless isn't cost effective for your situation. also they require regular cleanings and more expensive maintenance. the one situation they can work out well is if you have a 4plex and use one commercial unit to handle all 4 apartments.