All Forum Posts by: Account Closed

@Phillip Nowicki thank you for the information

@Jake Thomas a insulated basement door is a great idea.

Also, @Jim Adrian Thank you that does help.  

@Brandon Battle I tend to feel discouraged, but I am not ready to sell.  I am going to stick it out.

@Thomas S. Great point

@Mike Hanneman thank you for the words of encouragement. That is my plan exactly to stick it out. Even though I get discouraged, I have a strong desire to be successful in REI.

Hi @Bryan Drury and thank you for your response and kind words. 

The end of April will complete my sixth month as a landlord.  I mean that to say it is only the beginning and I know that I have a lot to learn. I have been a little discouraged throughout this process, but I am not ready to give up yet.  I am continuing to learn and ask questions as things arise that I am unsure about. 

I am thankful for BP, and all the advice and guidance that has been giving on this post.  

I know that I am not ready to invest heavy in the real estate business just yet, and that is why I only have this one property.  I will continue to learn and take things one step at a time.

Thank you all for your advice and guidance.

Hi @Jim Adrian.  Well, my plans for the basement are basic.  Currently the basement does not have any Sheetrock covering the slabs of the ceiling, and the insulation shows.  The fours walls of the basement are cement, and for now I will leave them as is.  The contractor is willing to put Sheetrock up on the ceiling, add three electrical sockets, and Sheetrock on the slabs that separate one half of the basement from the other.  On one half of the basement the furnace, electrical box are located at the one end and the washer and dryer is opposite that on the other end.  The other half of the basement would just be empty.

As far as flooring goes, it will stay as 

Hi @Tim Steele thank you for you response and your advice.  I do not not know to check for additional square footage of a finished basement.  The website just basically shows four bedroom.  The link i used is: 

https://www.huduser.gov/portal/datasets/fmr/fmrs/F...

Also, thank you for your advice about the documents to write up.

Hi @Robert Melcher.  You may be correct "might be looking for a reason to agree with them."  That is also correct, I did not advertise my house as having a basement at all.  I am new at the "landlord" field and I want to do a good job.  So, I am doing my best to do as much research as possible. 

@Steve Vaughan Thank you for your quick response.  I am not sure how to check if most basements are finished in the neighborhoods.  The reason I am considering finishing the basement is because I have been debating on selling the property.  I honestly don't know if I am cut out to be a landlord.  Its scary wondering if the tenants are going to not pay rent one month, and then I would not have the money to cover the mortgage.  This landlord opportunity was just supposed to be temporary until I can be in better place to sell it.  At the time, I have concerns about if I would receive a buyer who would be willing to buy the house for what I owe on the loan.  If all goes well with continuing to rent the property I will try to stick it out.

I understand and that is what I was thinking that it not a good idea to have it done while the tenants are in place.  The contractor is willing to start on Saturday, March 19, 2016 for $2100.  I would buy the materials.  Now that you are reinforcing all the concerns, I am even further reminded why this would not be a good idea while they occupy the property.

Hello! I have a four bedroom three full bathrooms property that is currently occupied.  I charge these tenants $2000 per month for rent.  I verified the fair market value with Basic Allowance for Housing at $2169.00.  I also checked the FY 2016 Fair Market Rent Documentation System which showed $1934.00.   

The tenants would like me to get the basement finished.  There concerns are that because the basement is not finished, it is very cold down there, but I think they just want the extra living space.  I found a contractor that I feel comfortable enough to move forward with.  The positives of a finished basement is that the value of my property would be increased.  Also, my tenants seem happy with the property (outside of the basement) and I want to keep them happy so that I would not be finding new tenants every year.  On the other hand, a couple of things concern me.  I feel that if I get the basement finished that I should raise the rent by at least $100, but I want to make sure that I remain fair.  I honestly do not know all the other things that would need to be considered in this situation.  I wonder if getting the basement done while they are there can raise safety or health concern.  Then, it seems that it might be best to write something up, so that they would not be able to raise any issues later.

I would appreciate any advice or guidance on how to best approach and handle this situation.  Thank you in advance.