All Forum Posts by: Paul Winka

If no GD, any blockage service call will certainly be tenant responsibility to pay. It becomes ambiguous when there is a GD. Did the tenant put too much down the drain and break it (their fault), or am I on the hook as the landlord to replace an old, deficient GD (my problem)?

I just clogged my pipes at home by overusing the GD with pulp from my veggie juicer. I was honestly surprised as I thought it would be light work for the GD. If there was no GD, the 1/2 day weekend hassle of unclogging that mess in the main stack would have been avoided. Even I need protection from GDs!

2 Votes

Good responses and I learned a lot.. I'll decided to go with tiling underneath all the cabinets since it checks these items off list: 1. not locking in dishwasher, 2. the tile is cheap, just $2 per each 36" x 12" piece, 3. tiling everything is what is done with new construction, and 4. would add some additional protection against subfloor if there is a leak.

Does anyone put tile / linoleum to line the bottom of the sink base cabinet (protecting cabinet against leaks)? Good idea?

0 Votes

Originally posted by @Tim Koger:

I'm in the process of obtaining a HELOC using my local credit union here in the D/FW area. From speaking w the credit union, the process is similar to obtaining a conventional loan - Application, Appraisal, LTV, DTI etc. Even though I'm new to REI, I'd submit to you that it is relatively commonplace for investors to leverage a HELOC for financing deals.

Tim, it's a rental with which you have the HELOC?

0 Votes

Originally posted by @Account Closed:

I believe Wells Fargo does a HELOC on 1st Position Rental, but the terms are not that great and low 60% LTV with fees and high closing costs. I have tried and shopped around before for 1st Position Heloc on a Rental. At least around here it's not common place without a rate hike and high closing costs. 2nd position Helocs on Rentals are very easy to get however and closing costs are usually covered. I have two 2nd Position Helocs on two different Rentals.

I can try Wells Fargo.

But....wouldn't any lender prefer being in first lien position vice second in a given situation? Why would a second position be easier to get than a first?

0 Votes

I'll be doing a kitchen rehab that involves replacing the cabinets. If tiling a kitchen floor with Allure TrafficMaster tiles (vs thicker ceramic tiles), is it better to tile underneath cabinets if they are already removed, or not to bother and save a bit on material and labor costs? The concern is the dishwasher would be "locked in" because of the difference in floor height of the cabinets/dishwasher.

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I talked to loan rep for an hour this week about using a HELOC on a rental property I own F&C only to find out later that day that they don't do that except for owner occupied homes. I am planning to call some other banks this Thursday, but wanted to reach out and ask: Is this rather standard to not get a HELOC on a rental property? I'd rather not do a "one time" refinance for conventional financing. The goal is to have readily available access to $20 - $50K that I would quickly repay. Any specific bank recommendations would be appreciated.

0 Votes

Originally posted by @Dylan Tanaka:

Hi @Paul Winka

Here's a couple of photos of the last house I built for a customer. It's in a higher end are of Metro Detroit. It sold for double that median priced homes in the city. I'm just trying to relay what type of value this home came in at and that the buyers requested a black ceiling.

Thanks for the pics to help visualize it. So it wasn't your idea to paint it black, but the customers? Is "flipping to order" a normal part of your business process?

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The basement in this 1960s house the way it is now takes away from the total package that the house is. Old, roughed-up paneling, 9" chipped away tile, a defunct cocktail bar with sink, and nonfunctioning but roughed-in 3/4 bath, no bedrooms. I'm thinking it'd be better off unfinished and unimproved if a rental for sure.

I might have to start a separate thread for this, but for all reading this here that have done tons of rehabs, what would you do with this basement if this was a fix and flip?

0 Votes

Originally posted by @George P.:

Originally posted by @Taye N.:

It depends on the dolor scheme you are using in the house.

The trend right now is gray neutral.

Check houzz for painting ideas.

But alotnof folks like the look of wood beams so i would paint it all black.

I would try a contrast color scheme.

did you understand the question?

it's a basement, he's talking about a ceiling. not the walls. not landscape. the ceiling.

here's what i do - for buy and hold - we do NOT. i did it once, noone cared and noone noticed. it was a waste of black paint and labor. i'd do it in my house, but not a buy and hold. never again.

if you ever run a wire/duct or anything else in those joists, u will have to get that can of spray paint and spray it.

for a flip - unless they are 14' tall ceilings, no, i will not do it.

you said it's a <1k sq ft house. do you really think they'll care? answer is no. they wont.

get a better faucet or a dining room light instead.

Noted and upvoted! Money is better spent elsewhere.

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Originally posted by @Rob Myers:

Basements are dark places - go white. Buy about twice as much paint as you think you need as bare wood really soaks up the paint and will need a couple coats to get the appearance you are after. If you don't have a sprayer, rent one for the day. You would regret doing this job by hand. I would go for the cheap 5 gallon pails of contractor grade paint at your local big box home store because spraying is a bit wasteful and the quality of the paint doesn't make that big of difference for this application. Good luck.

Hey Rob, thanks. What is your brand preference? Would a paint/primer mix be a good idea?

0 Votes

All Forum Posts by: Paul Winka

Paul Winka has started 83 posts and replied 312 times.

Post: Garbage Disposals?

Post: Put tile under cabinets and dishwasher?

Post: Other than HELOC possible on rental property?

Post: Other than HELOC possible on rental property?

Post: Put tile under cabinets and dishwasher?

Post: Other than HELOC possible on rental property?

Post: Painting basement ceiling black a good move?

Post: Painting basement ceiling black a good move?

Post: Painting basement ceiling black a good move?

Post: Painting basement ceiling black a good move?