All Forum Posts by: Shaun Palmer

@Steve B. Yes!

@Anthony Dooley Thanks Anthony. I will be approaching the town as well. The option of buying a duplex is there as well but I do have the option to create a better deal this way. Thanks

I am looking to possibly create a duplex from an existing single family home. I am wondering if anyone has done something similar and would be willing to share some costs. I know that there needs to be some specifics to this before providing any type of costs but was hopeing someone could share some ballpark numbers. I am looking for a legit build from a licensed GC that would be fully permitted. The following are some specifics about what I would be looking for. - 1500-2000sf existing split into 2 units that would be 750sf each (say 2 bedroom units) AND SHOULD APPRAISE FOR ABOUT $100K ONCE THE DUPLEX IS COMPLETE - Demising wall added - the location is 2 stories so I would need 2 sets of steps on the interior of unit. - additional kitchen added for other unit - bathroom added I know this is extremely general and will be difficult to throw a number at but if I can get some ballpark figures from the BP community, I would really appreciate it.

Cody Timmers $200 a door is a fair price. Consider the cost of the door is going to be about $120 (depending on the size) so really the installer is not making much money at all.

Frank Adams Thanks Frank for the feedback. $10k is a big hit

I am investigating purchasing another long term buy and hold property that has a septic tank.  The market I am looking in seems to have decent returns so I am interested but in my opinion having septic vs. sewer is a risk and could be a large one should something serious happen.  I was wondering if anyone has any thoughts on ways to protect a LL from a tenant that may potentially pour something down the drain and ruin the septic (i.e. concrete).  

In general, my portfolio consists of B properties in good neighborhoods but there is always that chance of something happening.  As a precaution, I build into my costs to have the septic tank pumped every 2 years (about $150-$200) so this helps with some of the risks.  My question is really if anyone has any experience with other ways to protect my property from a potential issue in the future.  Any thoughts are welcome and thanks in advance.

Alex Deacon Agreed. I've never heard of sealing laminate

@Michael Noto

Thanks for the input.  You bring up some great points

Hey BPer's,

I have a question.  I currently own a small portfolio of rentals that I manage and I have recently been contacted by a 3rd party social service that helps people find and secure rentals for them.  The 3rd party would pay 80% of the rent and the tenant would pay 20%.  

I have qualified many tenants before but this is the first time that I have run across this.  My question is if anyone else uses this type of service and what criteria would you use to qualify them?  My typical criteria is a credit score above 600 and 3x monthly rent in gross income (plus some others that really don't apply to this question).  Would I require the tenant to meet this credit score and income.  If I am qualifying the income with the same standard and they are paying 20% of the rent (say $200), then should I require them to only meet an income of $600/month?  Both parties would be on the lease as well.  

Please let me know if anyone else is doing this and how they are doing it.  Any advice would be appreciate and let me know if there is anything that I should be watching out for in this situation. 

Thanks

Shaun

Hannah Smith Welcome. I am investing in the Raleigh area myself.