All Forum Posts by: Michael Slot

Thanks for the feedback. Just to update you. I️ negotiated a $300 nonrefundable pet deposit plus $50/mo pet fee. My thought process is I️ will have to replace the carpet when they move out anyway (I️t will be 4 years old at the end of their lease) and the pet markup will essentially pay for that. As far as the paint goes I️ offered to repaint whatever room they wanted as long as they bought the paint and I️ approved the color first. I like the idea of keep good tenants happy and paint is an easy way to do that. I️ did add a $100/room repainting clause to the lease. That way my labor is covered for when I️ paint I️t back once they move. Thanks again for the advice.

Greeting BP! I have tenants whose lease is about to expire. They’ve been pretty great and I️ offered them a year long extension. We will be signing a new lease within the next week. Suddenly, after we’ve agreed to new terms they asked me two questions that I️ thought I’d get some feedback on. 1.) they want to get a small dog or cat. I currently have a no pets policy however this is a duplex I’m hacking and i have a dog myself. Any thoughts? 2.) they requested new paint in the master. The whole apartment had been renovated and painted prior to them moving in. Again, it is in the lease that they do not paint anything. But I️ just wanted to see what others have done in similar situations. Do i just hold tight to the lease and risk losing good tenants or is there a compromise somewhere? Please let me know.

@ChristopherPhillips thank you for the advice. I can't load pictures through the app but I'm going to try your epoxy strategy.

Guys I need some help. I'm midway through house hacking my first duplex and I just discovered a wet spot in the basement after we got some rain. Upon closer inspection I found that I have a crack in my foundation that was previously patched and painted over. What do I do about this? My inspector and I didn't notice it when we walked through. Does this have to be fixed before it can sell? Should it? If so how does one fix such a thing?

I have a previous engagement, I will have to pass. Hopefully I'll get to one of these soon

Is this still happening tonight? I would like to attend.

What is the best method for getting comps on my own without hiring/paying for an appraisal?

Planning on attending this Saturday. Do we have to register or anything when we arrive? There will be two of us.

@Ram Mishra, any more of these coming up?

How does one know when a neighborhood is up and coming or if it already peaked? What signs do you look for? How can you tell if a neighborhood is still experiencing a renaissance or that the renaissance has stopped? 

I found a property situated on the edge of a part of town which used to be a bad area. However, it has seen lots of restaurants and small shops pop up over the last few years. If you walk in one direction the home values increase 10 fold if you walk in another they practically bottom out. This particular property is a multifamily with a store front. It needs work but if the neighborhood continues to revive itself it would be a great investment. If the neighborhood stalls out, well... not so much.