All Forum Posts by: Account Closed

Should I just repair the roof or replace the whole thing? Of course every roofing place will say you need to replace it

Ok so I am buying a property that will need a roof repalcement in the near future 6-12 months but who knows to be exact? I checked the attic out and there are no leaks or any signs of it potentially damaging other aspects of the house. I am planning on managing the property myself and since it is my first house I will be there alot probably once or twice a month to check everything. I will virtually inspect basement and attic to make sure no minor problems turn into bigger ones. Should I hold off on the roof if I check on the property a few times a month and wait for a small leak or something to happen? I know this is about maximizing costs and I do not want to put out 7-10k yet if I can get another year out of it. I also know that major problems can turn into big ones if ignored which is why I plan to check on it. The multi already has a tenant living upstairs and the bottom floor can be rented immediately once I tile the bathroom and repaint.. thank you any advice from fellow buy and hold investors or any one!

The private seller is using an agent so I am doing all the negotiating through her.

Yes, it is a private seller. How would I go about renegotiating the price? Now that I have the inspection I can point some issues and the roof is one of them..

I am a buy and hold investor, making my first purchase. Just had inspection done on a 100 year old home and overall it went pretty well. The few concerns listed is the guitars are not connected properly so that is something I need to take care of right away and get them all connected and drained properly. The second issue that scares me is he said the roof will need to be replaced in the next year. There is no signs of leakage in the attic but I am very nervous now as I know a roof can cost 5-10k to replace, as well as the chimney up there. Other than that the boiler is old and may need to be exchanged soon but the plumbing looked good, the electrical system looked good, and the foundation also looked good. My deal is as follows I offered 47k before inspection now can i negotiate the price with the roof needed work in a year? the potential rent is 1300, one unit is rented right now for 625 and the other is move in ready. the taxes are 3200, and the insurance is 866. All I pay is the water/sewer bill as the tenants have seperate utilities.

Ok what exactly am
I looking for at the inspection besides the big 5? Any advice when i walk through thank you!

ok yes, these are all great ideas that I haven't thought of and I apperciate every response. I will put maint. in the lease and not treat them like an employee. I will not lose on this house and fail at being a landlord. I am going to keep learning as this all can become a reality in the next 6 weeks. I have a good idea as to how many landlords fail already just by reading on here and what I see and although I don't have the experience I feel I will gain that and have a good amount of knowledge to keep the risk level lower

ok thank you I will check the laws, and I ended up going to liberty bank, and gave the lady my numbers she said I should be fine after I get this dispute filed with the credit bureau. She said she may set me up with a business loan too which can allow me to take out more money if I needed. I am getting the inspection on Monday so if everything goes well, I hope that I can be 22 with my first house in my portfolio. I truly believe the numbers are excellent on this deal. mortgage taxes and insurance will come to around 550-560 a month. the sewer water bill will tact on another 60-70 and the potential rent income would be 1250-1300. Also, with the tenant and landlord laws I will be asking my lawyer when I file the closing costs with him and have him go over my landlord tenant lease to see if it follows the laws.

ok, thank you I plan to drive by the property once a week so I can see if the building looks maintained (snow, lawn cut) etc. and can make a seperate check to him. Now as far as approaching the tenant since he has been there for 7 years, I am sure he seems to pay on time but I don't want him paying me the 10th, I expect it on the first and will make it late on the 3rd, is that something that can potential piss him off and leave ? what is your experience ?

Offer accepted on my first house! so excited to be started on the fast lane. As I have been asking multiple question on my deal I am confident it was good, and now the next step would be landlording! I plan on doing everything myself screening, management to get used to it. Anyways one issue is I have a current tenant on the top floor who pays 625 a month. It is 725 but he gives him the garage and knocks off 100 a month if he does lawn work, shovels the driveway etc. I did get copies of his checks for the last year and he has it set up where it is due on the first and late on the 15. He paid on dates of the 6, 8, 10, etc. The lease is month to month so how do I go about approaching him and letting him now how I will run things. The 625 is fine but I am setting it up where it is due on the 1st and late on the 3rd and plan to charge late fee's on the third. He has been there 7 years but I do not want them to get in the habit of paying me 2 weeks into it. What is the best approach for this? thank you!