All Forum Posts by: Patrick M.

If it bounces... would you feel better? ;)

What are the terms of your refinance? I am assuming you are going in for a better rate, shorter term?

There is equity to be had in the "duplex" I think I would be more interested to see how the numbers worked considering:

1. Pulling the equity out to add a new rental property and moving forward with the refinance.

2. Pulling the money out to pay off the mortgage. Not my choice... just burying money in the dirt.

I am not into the idea of selling if these are income producing properties... there are a lot of variables that are missing.

What the holy f' is going on here!!!

You have a property manager and you are fielding calls from a tenant?

You have a call about an oven which you knew worked perfectly fine and the first thing you did was call in a repair man?

You think the tenant should be on the hook for a call which should never been made by you or this "property manager"?

This "property manager" who we will refer to as SipDhit says "go buy a new stove because I don't want to deal with a tenant that doesn't know how to use the one in place."

You are in the wrong line of work.... If you are too far away to have driven there, this sounds like a problem which could have been diagnosed and solved on the spot via telephone. 

Sell the place and buy into an index fund.

Tenants are tenants... I fully expect and have dealt with a tenant believing something is not working when it is. There is nothing that this tenant did which deserves them footing the bill for the service call- because there never should have been a service call.

I am an office dwelling, "white collar" w-2'er. When I find a task I can do which is not a great tax on time or money, and I can sit back and say "I did that, job done," I bite.

I love laying Lifeproof. I do it alone because it does not lend itself to more people, unless you want someone to hand you planks? I get some music going and get to it... it can be like a form of meditation...

$1100 is a good price... but that is also a nice chunk of play money.

Now painting... I can do it, but despise it!

I agree with @Joey Copper- if you managed your property as badly as he did his. then you would be crazy not to hire a PM.

I have a local hardware store which I have an account with. They are family run and I spend whatever I can there. They will recommend only good people to me when I ask and they will have their finger on the pulse of availability/progress and also get the word out that I am a good person to work for.

If I were you I would look around your house/units and see all the household/tool/etc. things you may need or want and then I would go down to Kovarik True Value Hardware (just did a search), introduce yourself, ask to open an account, buy some items and explain your needs... Rinse and repeat at Nielsen Hardware.

Your ability to negotiate is nil right now... build the relationships

They haven't even begun my vetting process...And I have doubts about you rating the property an A and under market.

A potential tenant does not walk onto my property without completing a preliminary application (as well as partner) and being informed of the requirements of a background check and credit check which they will have to complete if they want to move forward after a walk through. This weeds out a lot of flakey and/or unqualified applicants.

In my market, more and more applicants are completing everything via Zillow (as it is transferrable to multiple applications) and some are walking in with everything already completed. 

You need to set up a filter between what is in your head and what you share. You need to set up a rigorous application process with proper vetting... This should be expected and welcomed in an A&B market.

If you continue down your path you will have problems.

Pick up the WSJ- the institutional money is pouring into the rental market. They see no let up in housing demand (Goldman Sachs). Do a 1 year lease and if is not for you sell it at likely a higher price in a year.

I hate talking people into things, especially someone so riddled with fear like yourself... but I see this as a great opportunity to get into the game.

You may be painting to rosey a picture of how much cash you will be walking away with after the sale. 10-15k to get it ready?

You sound like you are full of fear and trepidation- not like someone who is willing to take in the risk. Much of your fear is misplaced- insurance is there for a reason.

If you are serious then scout out a property manager and sit down with them, let them explain what they can do and how much they can rent for.

You are in a nice area, each year you hold onto the property you will get a little cash flow and some nice appreciation.

We have several. 

Pluses

They work a lot and whenever able, they are out of the units = less utilities. 

Their parents are very involved and they love our safe location and renovated units.

Because they are outside they love and take advantage of our parks, beaches, town and public transportation...

Never an issue with rent (but that has been the case with all of my tenants), and they absorb increases in stride.