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All Forum Posts by: Michael S.

Michael S. has started 17 posts and replied 76 times.

Post: Renter wants to leave because of neighbor

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

Hi all,

I plan on talking to my attorney eventually, but wanted to ask this question on the forums to help brainstorm before I go on the clock with the lawyer.

My tenants (unmarried man and woman) recently moved into one of my rentals 2 months ago. They came during a slow time in the year, so I lowered the rent slightly below market value ($1200 vice $1250).

After moving in, they realized that the neighbor across the street is the boss of her husband whom she is separated from. They now want to relocate because they feel uncomfortable. My first response was to tell them that this is not a valid condition to violate the lease that they signed.

That being said, I am considering what my criteria would be for them to end the lease. I live 5 hours away and manage the place myself, so moving in a new tenant is a large hassle for me. However, this time of year is much busier for rentals and I might be able to get a better tenant at a higher rental rate.

What is the right way to start the negotiation regarding a "buy-out" of the lease? The way I see it, they have no legal reason for breaking the lease. However, if they just move out I will still have to find a new tenant without any extra cash in my pocket. However, if I start saying things like "you can buy out the lease by paying an extra $1200" that may give them the wrong impression and make them more likely to leave.

Thanks for your input.

Post: Save your Gas, Sit on your @$$ (at your computer)

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

Post: Save your Gas, Sit on your @$$ (at your computer)

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7
Originally posted by @Darren Sager:
@Robert Adams I would say the differences between using Pictometry and Eagle View over Google Earth or some other map program would be not just the far greater detail of the house you'll see but how often they update their pictures. Its my understanding that they send their planes up everyday somewhere in the country. If I use a Google program like Maps or Earth, or Bing Maps, you have no idea when the picture you're looking at was taken. Looking at my own house I know the pictures are years old. In Pitometry they show you the date of the picture and you can change the date it see the property over time. Microsoft actually uses Pictometry for their Bird's Eye View in their map program however if you subscribe to their service you'll get the most updated picture versus an old one. I know of roofers that use it to do estimate and check condition of the roof. I was told they can see if the shingles are curling.
If I was purchasing properties on the court house steps I'd be all over the program. It would mean little guessing on exterior condition. Inside the house you're right, it's a different story.

@darren sager

How exactly do you use this service, and what does it cost? Do you have to wait for one of their sales reps to contact you after you send your info in to the site?

Post: Your best money saving idea?

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7
Originally posted by @Watson Smith:
Do it right the first time.

This comes from a rental outlook. When you purchase the house and are rehabbing it for rental fix it right. I don't care if it cost you more money now... You'll save in the long run. Use a good exterior paint so you aren't repainting every 3-4 years. Use tile in areas that have water. You can use cheap carpet but use a better pad. If the plumbing fixtures are old.. replace them now. If you are going to buy new appliances buy them in the scratch and dent section... If not you can find great deals on almost band new ones on CL. If the water heater is getting old.. .8 plus years... replace it. Home depot has them for $239. Much cheaper then having it go out and you have to rush a plumber over there. Learn to do small repairs yourself.

You want to prevent your houses from having problems. A lot of small problems add up very qyuickly.. not only in cost but in pissing off your tenant.

I wish I had seen this 3 days ago. I just paid $170 to replace the thermostat on a 8 year old water heater.

Post: Deck Maintenance

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

Thanks for the replies. Its actually 300 sqft, so the $300 quote probably isn't that bad, especially since I would be spending $150 in gas to drive down there.

Post: Deck Maintenance

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

Post: Deck Maintenance

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

I have a house in South Carolina with 150 sqft of decking that needs to be refinished. The house is 8 years old, and I don't think the decking has ever been touched.

I have gotten one quote to clean and seal the deck: $400. That seems a little steep, but I don't really know the first thing about refinishing decks. I could do the job myself, but the websites I have been reading tell you to let the deck dry 48 hours after power washing it and before staining, then another 48 hours before sealing. I live a 5 hour drive away, so I if I do this myself I am trying to get it done in a single weekend.

Do any of you have advice regarding deck maintenance? The deck is about the height of a standard step. It is very gray in color and starting to splinter off if you walk on it in bare feet. There are no railings. I apologize but I don't have any pictures.

Thanks in advance for any replies,

Mike

Post: Rent Rate and Flood Insurance

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

Yes, I meant 970 per year. The deductibles are very different, but it seems like maybe the coverage is just much more expensive in coastal SC. I read posts from others on bigger pockets talking about insurance for $600 per home per year and it seems unlikely to find that in this area.

Post: Rent Rate and Flood Insurance

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7

What kind of rates are those of you in South Carolina paying for your rental property insurance (not including flood)?

Right now I am paying $970 per month for a $150k home in Beaufort, SC for liability of 300k each incident/ 600k annual. The deductible is 2% (5% for named hurricane). This is with State Farm. I have a distinct feeling I am getting over-charged. What company do you folks use for coverage?

Post: Homepath Financing

Michael S.Posted
  • Rental Property Investor
  • Beaufort, SC
  • Posts 82
  • Votes 7
Originally posted by @William Robison:
@Johnson H.

Nice replies. I work with investors in the Kansas City market. Many of them have had interest in doing a 10% HomePath mortgage, but we have been unable to locate a lender on their list that will actually provide this. Can you share which institution you have been able to get these HomePath houses through?

Aimloan.com will do it in every state. However, they are not very easy to deal with.