All Forum Posts by: Jeanette J.

I'm about to be a first time landlord and I've read so much on these forums about running background, credit, criminal, etc. checks and there are many websites that offer those services. I'm just wondering where those websites get their information on past rental history. Do we, as landlords, have a place to call to report bad tenants? If they don't pay their rent for over 30 days, do we report them to the credit bureaus? I'm just curious... someone has to report bad tenants so that landlords can get accurate information.

Thank you Watson. As far as being a turn off for the buyer, I read somewhere that in the state of Colorado, if a property has been completely cleaned and got a certification that you don't have to disclose that it was ever a meth house.

Thanks Charles. How's the location? It's in a fantastic neighborhood. The kind I wish I grew up in. It's hard to believe what was going on in that house in a neighborhood like that.

I probably should stay away from this, but I'm new and it just seems like if I miss out on something that I'll never get that opportunity again. I know I'm wrong.... I hope I'm wrong. Opportunities are always there right? I just gotta keep looking.

Hello all,

I'm very new to real estate investing and I'm so grateful for this website. I have my first duplex rental under contract right now, but I can't stop doing research on other possible deals. I did find a house that I've done comparables on that I think is valued at about $210,000. It's going up for auction starting at $50,000. The problem is that it's a meth house. I've read a few different posts on this forum and people say to stay away from it because of the huge cleanup costs. I've read a report on the tests that have been done to this house and it's really toxic. So I was thinking that I would have to gut it if I bought it. Does anyone have any idea on the extent of the cleanup/rebuilding costs? I know that's a hard question to answer. The house is 1600 square feet, 2bd, 2ba, and an 800 square foot basement. I'm guessing to strip the house down by specialized people would cost about $30,000 and to rehang sheetrock, texture, and paint, would be another $20,000. I can rebuild the kitchen and bathrooms, but that shouldn't be more than about $20,000 if I take it easy. Flooring and other stuff, $10,000. I'm completely guessing, but I think with all those costs, I can still come out with about $50,000 in my pocket (and a few more grey hairs more than likely). Does all of this sound ok or should I run in the other direction screaming?

Thanks for reading!!