All Forum Posts by: Shawn Thom

I just had it done for $1500. I added a clothes drier circuit as well but I don't remember how much it was. I think under $200. A lot of this depends on how long the cable runs are. Thicker cable for washer and AC are expensive.

I agree with the above poster on having reserves.  If these are rentals, could you survive multiple vacancies at once?  Major repairs at once?

Are any of these loans callable?  If so, could you pay them off?

I've often wondered why people think they need this?  A bank has never asked me for it?  I've never had anyone ask me for a business plan.

What is the goal of doing one?

Make sure you aren't doing busy work for your business and not out doing your business.  I got caught up with making a  logo, website, business checking accounts etc..... and not doing my business.

Call the realtor/broker manager.  They will want to avoid a complaint.

Apparently I'm related to an African prince and inherited millions of dollars.

How seasoned are you as a rehabber? Fire damage is not for the faint at heart or the inexperienced.

What is the difference in what your current tenant is paying vs market rent?  Are we talking a lot of $$

is there maybe somewhere in the middle, like keep property as-is, but make a slight upwards adjustment in rent.  You could make the adjustment and if they didn't like it, they'd move out, which would also solve your issue.

I would examine the following:

Do they take good care of the property

If they moved out, how much would I have to rehab and spend to get market rent

What are my short term goals for the property

What are my long term goals for the property

Will keeping that one un-rehabbed keep the value of your rehabbed one down

How much overhead do they create as-is?  

Do they call for a lot of repairs

Do they take care of minor stuff themselves

What is their current financial situation like?  

    Are they renting due to not enough income to buy a house, bad credit etc

Are they in a stable type job where they can really afford it for 20 years?  probably so since they've afforded it for 10 years.

Its hard to say without knowing the difference in rent, but I'd be very tempted to leave the current tenant there with a rent adjustment.

I don't understand his bare bones system, because many bare bones systems come with 10 year warranties.

how big is your unit?  I have a system from 2000 that started leaking coolant at the evaporator.  It was builder grade.  To replace my 3 ton unit HVAC with an American Standard complete unit would have been $4500 and come with a 10 year warranty.  I was going to do that and my AC guy talked me into just replacing the coils for $800 including freon.  I've used him quite a bit on rentals and flips and I trust him.  I went with his suggestion.

sounds like you need to get some more quotes.  Try angieslist as well.

Walmart has plenty of month to month phone plans.

If that 300 sq ft isn't permitted the buyers appraiser may not included it in his calculations.