All Forum Posts by: Gp G.

Hi,

I purchase a property for 136k quickly from a wholesaler not knowing all the issues it came with 19 months back. It is originally single family built in 1961. Previous owner converted to duplex and managed to get all gas, electric, water etc separate meters eventhough back yard does not have enough room for 2 unit field lines. Also this property downhill and rain water from street getting accoumulated and messed up septic field lines and crawlspace. Till now i spent below money

1. 30k to replace septic system to advanced elgin system to put septic field lines in front yard and put electric motor to pump septic water through crawlspace through crawlspace. Finally got approved by county 6 months back

2. spent 10k on crawlspace cleaning and insulation and putting sump pumps

3. 20k to change all electrical circuits and breakers and wiring and brought upto code and approved by county

4. 10k on the new plumbing in crawlspace

5. About 10k on HVAC and other repairs

6. 10k on refinancing property from hard money interest only loan 7.75% loan to 2.99% bank loan for 15 year term about 1 month back. Appraisal came at 194k at that time

7. I still may need to spend about 10k to build trench/french drain to divert away water and about 10k to upgrade old hvac and 10k more if i decide to move hvac from crawlspace to attic by putting new duct work not sure what other major items may come at what time)

Now to sell i have to pay 10k to realtor.

So my bottom line with just these expenses 226k (not to mention 20% interest i am paying on credit cards for 50k which i used for down payment to hard money lender who gave 0% APR and now increased to 20%)

One side 1 year lease tenant pays 915$ with one year lease ends September 2021

other side month to month 850$ having hard time collecting rent these days as she cannot speak English and introduced husband who is communicating with me(who is not in original lease and does not want to come to lease says not staying there but seems he stays there) giving all lies and hard times. Now put a property manager last month to deal with this month to month who can speak tenant language

With all these headaches i am thinking is it worth selling or keeping?

I tried to connect to city sewer but city rejected as sewer line very far and need to go through neighbors lot and also city main line is at very height position

I tried to sell 6 months back with one realtor. She brought one interested FHA loan customer for 194k but his FHA bank appraisal only came 170k and could not proceed. Investors offered that time low amount. So i decided to keep some more time with me

By the way i am realtor but not actively doing realtor work but focusing on investments and full time job.

How to arrange showings without in convenience to tenants?

Please advise what should i do.

What are pros and cons of house on septic tank rather than city sewer. Any investors has bad and good experiences with septic tanks and tenants rough usage? Please advise

 I live at primary home owned by my wife now who is on the mortgage loan and insurance just by herself. I am trying to refinance one of other investment property which I own myself,
I am at final stage of refinancing this other investment property with a XYZ bank. This XYZ bank underwriter has weird conditions which i am satisfying one after another

Now Bank underwriter has one last pending condition as below

do see that GP is not a titled owner to the primary home  property on main street and the property has no mortgage. However, the debts for primary home property tax and homeowner's insurance must be taken into consideration as GP may be required to pay them if anything were to happen to his spouse.

My spouse does not want to provide insurance copy as she does not want to be involved in any shape or form into my investment properties and refinances and debts etc. Is there is a way I can show different property as primary home? How to overcome this last hurdle? Any work around is available?

I did refinance with other California based bank for other investment property and they never asked me copy of insurance of primary home owned by my spouse.

Only other option left in front of me is loose 600$ appraisal fee i paid for this XYZ bank and start all over again by paying 600$ towards appraisal fee again

Please advise

Is HVAC in crawlspace better or better to move to attic by building new duct work on the roof. Electrician says electric work needs to be done to bring it to current times. Not sure how much space there in attic and how much it cost to move existing systems or put new systems there.  HVAC guy says crawlspace more heat losses and rat issues. Please advise

Are flexi ducts are better or metal ducts are better in crawlspace for HVAC system. I see rats and package unit has these old metal ducts connected with big square hole on side which may be challenging to cover from rats to enter. I am thinking if i change metal duct to flexi duct then rats may chew right. please advise

Currently i have package HVAC unit whose duct work going into crawlspace and blowing from bottom of floor to tenants. Is it good idea to replace new unit again package unit or replace it with split unit. please advise

My gas HVAC package unit ending 10 year of life. Is it better to replace with again gas package unit or electric package unit. Please advise

Hi,

Where i can find lease renewal , rent increase, new less kind of letter templates to modify to provide to my tenants. Please advise. Thanks in advance

Any good personal loan ideas for landlord investor. Cash out refinance is coming with lot of points and long run loosing money. Any other good was to get personal financing to reduce credit card debt without impacting much to credit score not to effect current refinancing without cash out. Please advise

Please advise HELOC pros and cons as a landlord investor. How it works. What are advantages and disadvantages of it. Any good resources to know more about it? Can I get some cashout using HELOC to clear some credit card debt with high interest rates? Please advise