All Forum Posts by: Nino G.

@Jim K.

Hi Jim, I am one of those part time in real estate who has no plan to go in the field full time. Mind you, I love real estate, but it’s not my only passion.

Both my husband and I are full time employed professionals and we both like handy work on the side . We don’t touch electrical, HVAC and plumbing projects, we don’t build new structures, but we can do quite a lot on our own; including tile work, drywall work, flooring, kitchen, any finish work essentially. That allows renovations with quite small budgets.

We don’t have time for off market hunt, nor do I pretend to be the kind of sophisticated investor like Don or Jay here, but then they are in a different league. I have had good experience with probate properties, grandma house which family doesn’t want to deal with and bringing it to contemporary style. Sometime we move in, renovate and sell after couple of years. Other times renovate to rent.

If by the time of retirement I have 10-15 income producing properties on top of my 401K I would be very happy. But no plans to quit my job asap.

And since I don’t post much, allow me to say that I find a lot of your post very interesting Jim. This forum would be much more full without you.

@Bruce Woodruff

thank you for your input

@Bruce Woodruff

Hey Bruce, can you specify which part of kitchen remodel needs permit? Curious cause I am in the middle of one?

For example, we removed the wall and electrical in that wall was relocated through licensed contractors and permits. Now what is left is new cabinets, counters, backsplash and appliances. These I thought don’t require permits since there will be no plumbing relocations, am

I wrong?

@Anjali L.

Ask for international passport issued by her country. She and adults in the family should be able to provide you with that. Once you have name and DOB confirmed, you should be able to look up court records for criminal background checks as well as eviction history. You should also be able to confirm rental history, with proper precautions so that they don’t provide false references. Check the address they provided and make sure they really live where they say they live.

Confirming income will be very tricky.

@Paul L. Awesome ! Do you have pics ? Curious how did you manage to keep reno budget so low ?

@Tom Conant I would remove the wall between the kitchen and what I think is supposed to be a dining room. Additionally I would widen the opening between living room and dinning. I wouldn’t completely remove the wall between kitchen/dining area and the living room. I think if you have wide opening between living room and dinning area will be enough, that should give you nice flow, perception of bigger space but still defined living area. Just my 2 cents.

@Lorraine Patterson

I think you should consider 2 things.

1. Risk. After 30 days your guests will have tenant rights and if they refuse to leave you will have to evict them like you would long term tenant. Lease or no lease won’t change it. VRBO won’t help you with eviction. And eviction currently in NYC is harder than usual. You could consider independently screening them, like you would Long term tenant. Is there a circumstance that makes you confident that they will leave in 44 days?

2. Why would you consider it? Are you having slow season? If you will still be mostly booked during those 44 days with short stays, then what’s your motivation to take on extra risk.

Hope this helps. Its not a legal advise, I am not a lawyer.

@Xela Batchelder

Why don’t you say that it’s against your PM company policy to give out owner information to tenants. And if such policy doesn’t exist yet, make it.

(I am not a lawyer, not a legal advice).

@Kristine Tarbell I agree with @Lynnette E. He is most likely a wholeseller. He never meant to buy, his business is the sell your contract for a higher price. He will never tell you reassigned buyer.

I personally wouldn't continue dealing with this person and put my property on the market. Looks like the contract is expired anyway. If you don't like realtors, sell it as an FSBO on Zillow and realtor sites. You will more likely get a real buyer and better price.

@John D. On a completely different point, I don't think it's fair to ask for independent contractor to indemnify your company. Usual course of business is that PM holds E&O insurance for mistakes they could make and LL names PM on LL policy to help them defend against other types of lawsuit. if you don't want to deal with PM risks, just hire PM company who has all the resources and systems to deal with PM risk. But to hire a small fee contractor while you keep all the profits of landlording and then demand indemnification against lawsuits from them, doesn't strike me like a good faith and fair dealing. Please take this as constructive criticism, I don't mean to be provocative.

Good luck