All Forum Posts by: Ian K.

I'd rent them-it's good experience to see if you want to continue as an investor. Be aware of the 3/5 rule in terms of selling without having to pay capital gains tax. You can rent out your primary for 3 out of the last 5 years without having to pay capital gains. Once you go one day beyond 3 years of renting you will have to pay capital gains or do a 1031 to postpone taxes. I was in a similar situation and the we kept our homes which turned out well. We've since bought other rentals but the ones we kept that used to be our primary were the easiest to acquire and manage, maybe not the best ROI in terms of cash flow though.

I would think doing the 1031 in your position would be best.  You can leverage your real estate license to strengthen your offer by tossing the commission back to the seller.  I would think that would be the thing that tips it in favor of the 1031. Curious to know if you think the same. I often think about getting my license just for this reason.  

I used them for about 4 months and then got out.  The last straw was a quote for a water heater replacement that was almost $4k.  Oh, and I still had to pay $298 for the quote even though they did not do any work. 

Thanks everyone.  I did some searching around the web and found lots of blue countertop new rehabs.  Maybe it is trendy now.  

What would you do with this rental kitchen?  Tile floor is in good shape, wood cabinets are also not too banged up and mechanically work well.  Laminate countertop is also in good shape for the age with no peeling-could be painted.  Rent pool is college/grad students or young professionals.  No GFCI.  I'm willing to put some money into it but would like to not have to replace everything.  I've painted countertops before and it doesn't last long-but that was just one experience.  I'm thinking of painting the cabinets and tile and perhaps replacing the countertops or just leaving the blue and seeing how it goes.  What do you think? Are blue countertops in again? Any experience putting new countertops on old cabinets? Would you put on cheap laminate or formica or spend a little more for quartz or something more durable?  

So I put a deposit down to work with a contractor on a heating unit.  For a variety of reasons I (wouldn't actually heat the whole property, incomplete estimate, inconsistencies in the scope of work between the workers) I terminated the work.  I never signed an agreement and yet they are trying to charge me 20% restocking free equal to 20% of the whole job not just the actual fee to restock the materials but also the man hours.  After the initial estimate meeting I only met with the contractor one other time to review the job.  They are now saying they need to also be reimbursed for their time.  The language in the proposal is this: "Any canceled orders will be subject to a 20% restocking fee."  The company is trying to charge me $1100 after they dropped it by $500 after I complained.  As of now they have not itemized the charges either.  I'm wondering what course of action I can take as I really feel that this is excessive fee.  Thanks in advance.  

thanks @Eric Veronica  I appreciate the response!  I will do them both at the same time!

I've got two properties that I would like to refi and use the equity to purchase more properties.  What do I need to consider?  

Is it best to refi one and then the other or do them both at the same time? 

When I refi, the properties I own will still be cash flow positive but my DTI will increase a lot until I can redeploy the equity to purchase more properties. I wonder how lenders treat this? What do I need to look for in a lender or what questions should I ask to speak about this process? I have a hunch there are terms for this that I don't know.

Thanks in advance!

Thanks everyone for your responses. 

My tenants turned down the heat since they had purchased a home but were still under lease for a few weeks with my rental.  They turned the heat all the way down, I guess around 40 or 45 (it's past the last number of 50).  We got deep freeze and pipes burst.  I got it all repaired for about $1500 and a lot of my time.  The part of the lease that pertains to this states: 

"The Tenant(s) agrees to keep premises in good, clean condition, - to make NO alterations, including painting; to replace glass broken or cracked as a result of Tenant’s neglect or careless use of the premises, to repay the Landlord the cost of repairs made necessary by the neglect or careless use of the premises by theTenant(s), and to surrender the premises at the termination hereof in like condition as when taken, reasonable wear by the elements and ordinary wear and tear excepted."

There is nothing in the lease that says they have to keep the heat at a certain temperature. 

The deposit I have is $1575.  They were good tenants and left the place in otherwise good/fair condition.  

How would you handle this?  What would you charge the tenants? Thanks in advance