All Forum Posts by: Stephen Lynch

Hi there,

Any thoughts on the best / most cost effective way to determine the source of a leak? The tenant went out of town and when they returned the paint pulled away from the drywall. Upon inspection, the drywall was completely dry and hard/not sinking. I cut a hole to identify the source and it looks like it was coming from the HVAC (currently set to heat). 

The HVAC company inspected it and said no leaks were detected from the condensing line. I can clearly see moisture on the wood under it, but no signs of a leak upon my inspection as well. I intend on spraying some anti-mold and letting it dry out.

Any advice on the best next steps? For now, I told the tenant to monitor it and didn't patch or paint below.


Thanks,
Stephen

Fair, they are saying that all insulation should be replaced (droppings pretty widespread throughout). I'm just not sure how to know if it actually warrants that as obviously they are trying to make a sale.

Hello,

I have a rental property where the tenant reported a smell in the bedroom. Turns out it's likely a dead rodent in the attic, droppings were pretty widespread. However, the cost of insulation removal & replacement is obviously not cheap so I'm trying to understand the best practice here. Do you normally just remove the dead rodent, clean up where you can (wood walk way/HVAC) and then leave the insulation as is? or replace it all?

Thanks,
Stephen

All great points. We had a tenant terminate early so I took those funds and replaced all outlet fixtures/covers (where required), HVAC exhaust vents/returns, light bulbs, professionally cleaned, painted all closets, a ceiling that was yellowing, and touched up the walls and trim. 

Hi all,

Most of my rentals are all upgraded and almost like-new, but I have one that requires a new bathtub, new bathroom floor, full house painting, new trim in areas, etc. otherwise it's in pretty good shape. The perfectionist in me wants to upgrade those elements, but I'm getting top-dollar rent in my area in it's current state and no problem finding good tenants. In other words, I don't think I'd make any more by making the renovations but I feel as if I should. 

Does that mean I don't renovate it? It's hard to balance that in my mind!

Thanks. 

Thanks, Dan. Sounds like a pretty good deal compared to my cost for a similar distance. 

Thanks all. Sounds like it's fair but will get a few quotes tomorrow. Lesson learned: get a camera inspection of the main line for $150 prior to a new purchase!

Thanks, Chris. Good call - my concern is the pipes being so old just replacing a section now and having to do it again later.

Hello,

I purchased a STR that was built in 1966 and has cast iron pipes on a crawl space. The tenant moved in and said the water was backing up. I had the line checked / hydro jetted and inside the crawl the pipes look to be in good shape but the camera revealed the lines out to the sewer are basically non existent. The plumber said he would waive the $650 hydrojet/camera fee if we go with his quote for a $5400 main line replacement for 41-50 feet. He wasn't really pushy, but I didn't like how he wanted me to sign ASAP. I have also not seen the camera footage yet/didn't ask for it since they haven't charged me for anything yet (and I didn't sign anything for those services). The line is currently flowing per the tenant, but the plumber said it likely wont last.

Anyway, I'm getting two other quotes but does anyone have a general price estimate for a standard PVC main line install for 50 feet?

Thanks,
Stephen

@Brian G. Good points. HELOC seems like a fair recommendation based on the LTV ratio as @Account Closed mentioned.

My strategy has been pretty straight forward. Buy & hold SFH, good neighborhoods, good schools etc. I have typically been putting 20% down through conventional financing and ensuring the numbers work. I'm 29 now so I intend to work for at least another two decades so this income is really supplementary.