All Forum Posts by: Randy E.

@Darla Holtzclaw, does the city where the property is located have online property tax information? In my city, I can look up any property. There is a lot of information available for me online, including the current property owner(s) and their mailing address. If a business or LLC owns the property, the address may not be listed. Usually, for inherited property, at least in my experience, the heir is listed. No phone number is listed, but at least I get a name and an address.

@Justin C., there may be concerns other than rent value.  In my area, city inspectors will write you up for an infraction for windows that don't open, only open halfway, or are very difficult to open.  Now, inspectors may never come to your property, so you may not have to worry about that until they do.  But when they do, they will want you to correct the problem.

I know because a property that I bought 18 months ago had been vacant for a few years.  The inspector responsible for that neighborhood had noted the long vacancy in his log book, and when he saw my guys cleaning up the place to rent, he stopped by and dropped off his business card for me to call him.  We met at the house and he did an informal walk through with me, noting some things he thought I should correct, and saying without saying which small negatives weren't worth his time if I didn't get to them right away.  It was a pleasant meeting and I learned a few useful tips from him.

I'd spend a little time and/or money now to see if you can get the windows fairly operable.  I've found that spraying some WD40 on the rope and on the window tracks sometimes helps.  I'm no carpenter, so I don't know if that will cause more damage in the long run, but in the short run it has worked for me.  If you want to keep the windows, you're going to have to put some elbow grease in there, or pay a handyman to do it.

Or, it might be time to replace them.

 I don't know if anyone else was, but I was very curious to see more of the list Adam referred to.  I love reading stuff like that. I found it after a little digging, but I found it in an article from January 29.  If anyone else is interested, here it is:

http://www.realtytrac.com/news/real-estate-investi...

@Nate B., inform the tenant that the cleaning technician will probably try to upsale once on site to perform the cleaning.  My mother signed up for a duct cleaning from one of the companies advertising in the newspaper.  The service was supposed to be under $100.  

Once on-site, the technician convinced my mother that the inexpensive service would not make her happy.  He tried to get her to sign off on an upgrade well over $1000.  They settled on a $600+ servicing.  I really regret I couldn't have been present for that visit, but that's the hustle these guys use.  Just make sure any duct-cleaning service is signed for and billed to the tenant, or you might find yourself liable for the bill.

 A lot of people look at things that way.  Working a regular job equals safety and responsibility -- Investing in Real Estate equals high risk and a irresponsible gambler's mentality.  

I look at it differently.  Anyone working a regular job who is living paycheck-to-paycheck or  month-to-month, and without any substantial savings is taking a huge gamble.  Unless the work you do is highly skilled and in high demand, a layoff could ruin any worker and his/her family.  Blind faith that things will just work out is not a good thing to bet on.

Work hard.  Study hard and learn as much as you can about Real Estate Investing.  Save hard, then save even harder, so you can accumulate enough capital to take the plunge.  Then take a deep breath and take the doggone plunge.

It will change your life.

Good luck, Linda!

 Linoleum/Vinyl.  Often, but not always "cheap".  If it's one sheet and not the peal-and-stick 12x12 squares, it should not be curling up in the corners.  If it is, the installer didn't install it correctly.  Either way, that wouldn't be a deal breaker.

Can't comment much on the viability of the deal without knowing the interest rate and length of term, property taxes, comps. Is the average rent you quoted based on 2BRs, 3BRs, 1BR, SFR, condos, high rises, or all lumped and averaged?

If you're confident the systems are okay, I'd put all the bill on him.  Further, I'd make it clear to him that if a vendor of the tenant's choosing performs a task of the tenant's bidding, then the tenant is fully responsible for any damages caused by the vendor.  Put it in writing and have the tenant sign it before the duct cleaning company performs the service.

Also, it's no surprise this "inspector" found a problem.  I'm certain the "inspector" was merely a sales rep of the cleaning company.  It's his job to convince people they need to have their ducts cleaned.

I will take a kid over a dog every vacancy.  I'd much rather have to repaint some walls than to deal with urine stains on carpet/hardwood, chewed baseboard and cabinets, and clawed doors and walls.

Go go Gadget Copter!

Welcome @Damon Evans. BP is a great place to learn more about REI and to be among like minded people. And it's always nice to have another local in the place.