All Forum Posts by: Patsy Waldron

If this is a short sale, chances are that:

1) The price is already lower than comparable properties in the area,

2) The bank is already taking a hit on the price, and

3) Your seller is unlikely to get the bank to agree to a further reduction in price.

You can try to negotiate the price down, but be prepared for a No. At that point, you will have to decide whether you want the property badly enough to buy it as-is and pay for mold remediation (not cheap), or to walk. Tough call. Good luck!

Yes, I could have used it for the wall tile too, but chose to do just the tub because of labor. All in all, I paid $200. Would have been closer to $450 if I had done the wall tile (it went all around the bathroom).

You will most definitely be paying taxes on the money, and some pretty hefty ones too, since the gain will be considered short-term capital gains. The IRS doesn't care if you are paying back a loan with the proceeds or buying a yatch. So your $20K gain may in fact look more like $16K.

The app really needs some updating! Can't tag, things are buried under 3-4 layers... Actually also an issue with the website- if I am looking for a particular post that i am following, I need to go through 3 or four layers. Not the most efficient. 

Also- if I get a notification about a thread/forum that I am following and I click to open it on my phone, it opens in my browser. Can't figure out how to get it to default open in the app. 

Search function is so-so. Results are not returned according to how recent or popular they are, it seems. 

Someone suggested this, and I would like to second it- "Dashboard: One of my biggest issues is jumping to my posts. I log in and I'm taken to my "dashboard" On other sites I'd expect to see a menu with my messages, connection requests, activity, activity on form post, the posts that have commented on, etc. I guess there is the Followed Posts tab, but it doesn't highlight what posts need action." The Dashboard is not very intuitive.... Posts, messages, followed topics/forums/threads, etc should be front and center.

It wasn't a spray. It was an actual glaze, a thick product that you had to apply with a paintbrush (hence why I got the handyman- I didn't think I would be able to do a smooth enough finish to make the tub look good). As I mentioned, it gave off terrible fumes and we had a powerful floor fan in there for 48 hours while it cured. Afterwards, though, you couldn't tell it wasn't an original finish. I also replaced the toilet and sink, and had it not been for the still-pink wall tile, you would never have guessed this was originally an ugly 60s bathroom.

@Seth Nowak

I use H&R Block's online software (the one-step-up from-basic package), and it asks about rental property income right after employment income. It then adds everything together to get to total income. I would imagine TurboTax has the same feature. 

I had the pink bathtub (and matching toilet, sink, and wall tile ALL AROUND THE BATHROOM) in the first house I bought years ago. I bought a glaze at a big box store and had a handyman do it. Terrible fumes, but it looked fantastic and worked just fine. I don't know if it will hold up for 20 years, surely some of that will depend on the level of use, but it doesn't cost too much and if it's only a few years, it will be well worth the money spent. Replacing the tub entirely is usually a costly proposition and I would do it only if the tub was not functional.

I think most people like their houses to look and feel more homey. I personally think that modern architecture, with the square lines and walls of windows and weird angles jutting out (and extensive use of black- what's with that?!), looks and feels like a museum of modern art. It doesn't really lend itself to creating intimate spaces that would feel like home. Besides, most people go for what they know and what they grew up in- and that is mostly traditional-looking homes.

@Brent Myotte

Thanks for the additional detail. I anticipate only using one property, so it shouldn't be too complex. Good to know about closing costs, I figured as much but it's good to be certain. I should be fine covering the closing costs with cash.

@Matt H.

No concern with 2 loans at all, just want to keep things simple by only taking 1 out. Not sure how double closing costs vs. interest rates will look like in this case, that's a really good point that I hadn't thought of. I'll have to explore that with my lender to see which one allows me to come out ahead. I use a private lender because I am self-employed and traditional banks are a nightmare to deal with.

Welcome, @Natalie An! Cleveland is a great real estate investment market. And lots of people right here on BP to interact with, as well. There will be plenty of opportunities for you to find a project to fund, I am sure!