All Forum Posts by: Amber Gonion

@Cody Stegeman. @John Woodrich is likely correct. Since the owner did not live in the property you would be given a seller’s alternative disclosure, it says very little, mostly stuff needed for making an offer. It basically assumes that the owner is not in the property and knows nothing about the condition and is typical for investment properties. Maybe 1/1000 will have a full disclosure and those are owner occupied. It does not relieve him of disclosure of the issue however.

I would be happy that you are getting the $400 and move on. It could have happened at anytime and you got a new water heater for your property for $700 (glass half full).

Often on rental properties I will replace existing appliances since we don’t know the condition and it is a easy kitchen upgrade along with a few other things. It gives us piece of mind and bang for the buck. As far a water heaters, we replace them after closing if they are 15+ years old and there is any chance of secondary damage after failure (when it fails water leaking with damage other things or will it leak into a safe area with a drain). Otherwise we plan on replacement when it fails and have the funds ready.

@Hank Walter @Tim Swierczek makes some great points. Another thing with going with 203k or any rehab project is to have your contractor first. If you have an established contractor that you use it is much easier to get an accurate bid before your offer. A commercial realtor will have a contractor that they know and use.

We typically make our offer and have both inspection and contractor in at the same time and are able to negotiate much better for repair costs without speculation. We have also had contractors go through a home prior to offer when we have time and are sure we will be able to negotiate a deal.

@Enyi Ajoku when I first started in property management I chased my tail trying to figure out which unit was smoking pot, and calling to police, evicting them etc. now after years of management and 800 units as a regional manager I know better than to waste my resources on it.

Someone selling drugs is different, but some things are just better to let go and give them a warning than to spend money to fix a problem.

@John Woodrich  thanks John!

@John Woodrich @Tim Swierczek Thank you for the kind words.

@Nancy Millan Congrats, I am sure you learned plenty on the first one. 

@Bobby Nalua'i If it was me I would roll the 15 properties into a portfolio loan and secure a line of credit on them.  You then can  a larger property and continue adding cashflow.  I have a Class B here in Minneapolis that would be a good match.  Pm me if you are interested.

@David Palmer  welcome to BP.  Lots of great people here on BP.  I am sure we will see you around at one of the events, or we can meet for coffee.