All Forum Posts by: Peter M.

How much added space do you expect to get by the conversion? Without pics it would be hard to tell but I don't see it being very beneficial. Plus all the plumbing is already in the right place for a tub. You can get a new steel tub at home depot for $300 (don't get the fiberglass tubs, they crack under the weight of fat Americans) If you are going to remodel the whole bathroom my vote would just be to put in a new tub. 

Get an estoppel letter signed by each tenant and the owner.

Like @Richard Sherman said, I would just add to wash the walls thoroughly before painting and use stain blocking Kilz or a similar product as a first coat. If it is a popcorn ceiling you will need to spray it really well or just remove it. Carpet will need to be replaced but you should be able to clean other types of flooring if you want to keep them. You will also need to clean the windows really well because the tar accumulates on the glass.

It doesn't have to be fancy just type up a short letter saying as per the lease your are giving him 30 day notice. Mail it certified, return receipt so you have proof if it is needed later. Then just talk to him and explain the situation, be civil and hopefully he will move out on time. If he doesn't then you would have to file eviction but cross that bridge if you come to it. If you are on a strict timeline or are really concerned he won't move out on time offer him an incentive like cash for keys. The best way to learn is to just do it which it seems like you already understand. Good luck

Replace them with detectors that are not hardwired. You can get ones that will last 10 years and don't require batteries. They are more expensive upfront but save on issues like this. This way you will also find out which unit is setting it off (maybe they are smoking). They also have tamper proof tabs on them so tenants cant remove them from the wall. 

http://www.txtaxsales.com/ @Arnie Abramson

An eviction judgement basically means you won the case and they have no right to occupy the property. Depending on Indiana laws, they have a time frame to get out and if they don't you have to get law enforcement involved to forcibly remove them. Since it sounds like they are already out, just focus on getting the unit re-rented. You can do as @Richard Sherman says and pass it on to a collections agency. All costs involved with the eviction and any repairs go on your schedule E and the lost rent is never counted as income so its all "write off". If you had a security deposit though that will be converted to income but will be offset by the expenses already mentioned. Don't stress out trying to collect from an evicted tenant. 

It is just like any other maintenance item. If the property manager hires someone to do it, they pass the cost to you. If the guy who maintains the lawn agrees to do it, then he will. Simple

Like the others said it just depends on what the loan docs say. Most of the time interest is all that is required. But yes just think of it like a credit card. 

Yes, refinancing will result in a higher payment plus the closing costs you will have to pay. If you get a HELOC from a different lender you will still have to pay several thousand in closing costs and the bank will most likely require you to move the loan over to them because banks don't want to be in a 2nd position unless they also have the 1st. Then, it depends on what LTV they will give you, new interest rate on the 1st lien, and interest rate on the HELOC. You have to take that all into account and determine if it is worth doing. You just have to shop around and you may not like what banks are selling especially now that interest rates are probably higher than when you bought your home.