All Forum Posts by: Steve S.

Learn business, learn a trade or two.. learn how to fix things. Learn your real estate market.

In your market area there has to be some way to list and post rental units... start searching that web site to find comparables.

When you take money for a good or service you provide you're in business. While you're looking up the rules to this question in your local county it may be a good idea to know all the other rules and regulations regarding your business. Know about a problem or issue before it arises or at least have a good idea who or where you should look to find the answers.

@Bryan Petrinec My philosophy exactly!

If there's something you would like to change in the unit ... I'd say first ask the tenant. They may be fine with it.. or they may welcome the change. I have done some simple upgrades that literally can be done in one day. Schedule a day that you want to change out the carpet, ask them to take out all fragile or sentimental items prior to work, have a crew of 2-3 people move the furniture into another room. tear up the existing carpet, unroll and cut the new stuff, put the furniture back, you'll be done before sundown!

Not sure what the issue is. Wouldn't that be a feature that you're keeping your units clean and safe? You now will have a record that you're keeping your units clean. Personally I would do it myself and with a quick search on youtube you can learn how to do it. This is not something I would expect a tenant to pay for either. To me this wouldn't fall under regular cleaning and maintenance.

This may just be my own opinion. I personally want my tenants to tell me if something isn't right with the unit and I would want to keep up high standards.

Find a great home inspector pay them well and go through everything with them. That will be 1/2 the job usually. There's some stuff a home inspector will and won't do. 

Find a GOOD home inspector, you want one that looks for problems and can find them. Then find the people that will do the stuff the home inspector won't.  Chimney inspectors, exterminators, foundation specialists

This is a good reason why you do a walk thru with the tenant and have them sign a document stating the condition of the place upon moving in. I even give my tenants 3 days to complete the form, so they can have a REAL good look around.

Upon leaving I pull out the exact same document and go through it once again. Wear and tear I don't care... but holes in the wall = the drywall and my time to fix it. Paint when/where I don't want it... $40 for each gallon of paint I will require and $20 per hour I'm painting it.

I fill out the form and give them a copy as they leave. I tell them to leave a forwarding address and that's where the remainder of the damage deposit will get sent to said address.

You mentioned that  you could move in with your parents... and that would be an option. I would play that card!

The next 2 years on that 302K house you'll be making mostly interests payments, little on principle. So in my opinion if you're looking to dump the house, I would do it now and move one with the cash you do have, rather than risk it in a market that you don't want to be in anyways. (personal homes as stated above are liabilities, not assets right?)

I would sell the 302K house, move in the folks and find a multi and live in one of the units until you find something else you like. Everything else I said I stand on...

Good luck with what ever decision you make

Just to clarify:

You're currently renting in NY.

You're relocating to Delaware.

You bought a house in Delaware, which you thought was going to be your family home.

Plans changed... (you no longer desire a family home?)

While renting you currently own a home that was 302,500 /w 20% down (approx 60K) which  your realtor thinks you can get around 302K for the house.

And now you want to get into REI multi-family?

My advice:

Live in the 302K home until you find a nice multi-family unit in an area that you would be comfortable living in. Purchase the multifamily and sell the 302K home (after interests, insurance and realtor fees it may be at some loss but if I'm reading into this situation correctly you're not losing 1/2 of what you put)

Live in one unit of the multi-family until life circumstances determine that you would need/want another living arrangements. Rent out the unit that you were living in, and live in the new residence.

Is there already an 

existing tub in the unit? If there isn't a tub will add value to the unit, but a second tub not so much.

I know for a fact I can always build and tile a shower stall for a whole lot less than a tub/shower combo. So if price is the only concern, I would go with a shower.

I personally added a shower/tub combo to the basement of my rental property because the main/only bathroom on the main floor of the bungalow didn't have a tub. Adding the tub in my opinion adds value especially to those that may have young children, or when you need a large area to clean large items.

Tub & tile- usually there is greater surface area (tub walls and ceiling) to tile so your costs of tile will go up, for the tile, the concrete backer board and the membrane. There is also the cost of the tub, and there is usually a higher cost for the hardware associated with tub/shower applications over a simple shower install.

As for purchasing a "shower pan" I have never bought one for any install I have ever done. I have always made the shower floor myself which is very easy to do if you're planning to tile the whole shower.