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All Forum Posts by: Pat L.

Pat L. has started 60 posts and replied 3918 times.

Post: What is a reasonable price to paint small room

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

We had the entire house painted in Florida for $625.
Walls only, same color. We used that primer & paint mix.
Found the guy @ Lowes picking up paint.
We had 3 quotes but this guy was hungry.
He dropped off 3 guys & it was done in one day & they moved the furniture.

Post: Reminder on maintenance

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

Trees ....
We just had a large branch come down. We were lucky it could have killed someone or caused some serious property damage.
Tough to ascertain the dangers but I am going to have the large o'hanging branches checked & if need be taken down as a PM.

Post: Self directed IRAs for dummies?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

The company we used charged an initial setup fee then nothing after that.
It's total checkbook control held @ our own local bank, no custodians, no hidden costs etc
When we find a deal its quick & easy.

Post: What would you do?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

you can NEVER lose money taking small profits

Post: Tenant Always Delinquent With Water Bill

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

We NOW increase the 'rent' to cover the water/sewer bills after
we got stiffed with one for $548 ...when they left without notice.
(It was in their name but we owned the property)
We simply pursued it through collections along with the 60 days rent added for no notice $2000.
Two years later we got a call that they settled, apparently the lease on their truck came due !!!

Post: BANK WALK AWAYS IN DETROIT

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360
Originally posted by Bill Gulley:

You can bet someone is thinking of what to turn the area into, Detroit is still a city, hospitals, schools, infrastructure to support a smaller city is there, I doubt they turn it into pasture.....

have you seen the demographics of Dearborn MI !!!
that would be my guess.....

Post: I Just Scratch My Head...

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

I had to venture into an equipment rental place in da hood.
All the guys there are doing rehabs for $$$$ or working for someone who was.
I had to park a block away because of all the nice new trucks & Escalades in the lot loading up with equipt into nice covered trailers. Most had handicap stickers or tags.
As they were checking out they paid their bills with rolls of cash.!!!!

Post: replumbing question?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360
Originally posted by Maher Bateh:
The reason i ask is because someone told me that a house built in 1929 wouldn't be able to get financed unless the replumb was done. Is that correct?

If its a ranch it's the cost of pex plus shark type fittings & PVC for drains etc all accessed in the basement.
A Two story that old may have a plumbing chase that will make it easier.
Three of us replumbed a two story with a chase in a weekend. We left the severed cast/galvanized pipes inside the walls or where they hung. But that was tacky.

Post: What's You $100 Expense Reduction Tip?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360
Originally posted by Steve Babiak:
Originally posted by Jeff S.:
...
2. Replace toilet with 2" pipe if old one has 1 and 1/2 inch pipe.
...

Jeff S. - I KNOW I'm looking at a typo there, in the snippet I left quoted here.

Toilet waste pipe is 3inch minimum, 4 inches in certain circumstances. See post in this next link authored by "speedball1" Senior Plumbing Expert:

http://www.askmehelpdesk.com/plumbing/size-waste-lines-toilet-main-10992.html

maybe he means the bidet or urinal :) :)

Post: Investing in undesirable areas

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

We own several we bought for cash because they were great deals but req'd $3-$4k in rehabbing.
The are all LTO'd & although we have a lot of luck getting them occupied we haven't had luck getting any financing @ reasonable rates. So you need to consider your 'exit' strategy.
But by now they owe us nothing & they continue to be a great cash flow with low turnover.

A foreclosure came up that had burst pipes etc & one of our LTO's living 3 doors down wanted us to buy it for their mother!!. We got a 4bedroom for $12,500, $4k in basic repairs.They put down $5,000 & MOM sends us a check every month like clockwork. We LTO'd it for $25,000 @ 9% over 13 years.

However, most are SFH & only two are duplexes.