All Forum Posts by: Nicholas S.

I will need to pay a professional crew to clean it up. They didn't damage anything, beyond normal wear and tear, but it's just really dirty. Bathtub is black, fridge disgusting, etc.

I outlined clearly what was expected, and they didn't follow it. Must of been in a hurry. Can I pay for a Molly Maids type professional cleaning with their security deposit money or not? They claim they did clean it. I have pictures to prove they didn't, or at least not well at all.

Also second question. For nearly 20 years every tenant has agreed to have the carpets professionally cleaned upon leaving, or would allow me to do it for them at their cost. These guys also agreed to that, but now don't want to let me use their deposit.

They basically want the full deposit back or are threatening to sue me for it.

NOTE: I would have to travel thousands of miles to deal with this as I live in another state.

What advice do you guys have for me?  Just eat this?

Shaun I couldn't get away with power-washing every 10 years in South Carolina.  But I could probably get away with doing it every 2 or 3.

What are your thoughts specific to the revitalization product for $2400, if you were in my shoes?  I tend to agree with previous posters. 

Great answers @ Thomas and @ Dylan!!!  Thank you both for the quick responses.  You've helped validate my leanings.

Hi guys & gals.  Need advice: I've have a single family home, rental property, built in 2004, in the Carolinas.  Vinyl siding is starting to look oxidated, and getting a porousness to it.  Just had it powerwashed and looks clean now but is a bit dingy and dull and seems to be a little more susceptible to mold because of it's age.

My painter guy ( true pro with a real company - known for years - and whom I trust very much ) tells me he can restore it with a clear product  (SEAL KRETE original)  that will last 5 plus years and make the siding look great!  Plus greatly reduce mold build up.  Cost is about $2400 to mask and spray the whole house with 2 coats.

But I've just signed a new 1 year lease with a new tenant so I'm not feeling the ROI is there to have it restored with this clear rejuvenating sealant at this stage.

If I do wait however, I'm looking at increased cost to clean again, and cleaning will need to be done more often in the interim due to quick mold build up.

I take my maintenance seriously, and have always been able to rent my home out quickly because I keep it very nice, but this seems like a bad ROI.. What are your thoughts?

Thank you @Joseph Graeve!  I will look into Colorado Springs!

Man I appreciate the thoughts - I truly do - and I sincerely thank you guys for taking the time to convey them to me.  

So I should clarify.  The tenant is not the current tenant, but a well to do family who rented my house a few years ago, short term.  They were in a fix.  Their home sold sooner than expected and they needed a place while they had their million dollar home built on the lake.  I was sooooo lucky to have them.  They took amazing care of the place and have stayed in touch with me since.  Further clarification, it is the daughter, now grown, who is looking to purchase her first home.   I'm not worried in the least that they are on the level.  But it is good advice about not somehow doing worse than open market thinking I'm getting a deal with them.  I will be careful on that.

Sounds like I need an agent in Denver who can help me identify properties that will cash flow.  I'm a novice at this.   I'd rather have more actual cash flow given the choice over principal pay down - to answer another question.

I'll check out the threads dealing with Denver market either too high or just right.  I didn't mean to drag that into the topic, just that it factors into it.  Bottom line, I'm not afraid to buy into this market if I could get 1 or 2 places that cash flowed.  I'm planning on accumulating properties long term, so I'll recover from any dip over the long term. I'm 46 and hope to build a nest egg, because my current job doesn't have anything in terms of retirement.

Are there certain realtors that specialize in investment properties?

I wish I could buy an owner occupied with some of the money in addition to a rental, but I already purchased a home to live in here a year ago.  

Guys I need some advice.  I've got a nice 3/2 house 2 car in a Charlotte suburb just over the border in South Carolina that I've consistently rented out for the last 10 years.  It gets $1300 easily right now.  It cash flows nicely to the tune of about $300/ month after maintenance and vacancy budgeted out.  Also puts about $150/mo to principal.  So lets say $450/mo profit.  ....House will sell for $160K easy - I owe $95K.

A prior tenant is very interested in buying it - even though it isn't for sale LOL.  I now live in Denver and hate that it is so far away (although I've managed it myself from thousands of miles away for the entire time I've owned it)  Anyway - this seems like a golden opportunity to move the investment closer.  Especially since we can probably do a realtor-less deal, and the market is hot in Charlotte.  But... my goal is to own more rentals, not less, so I only want to do it if I can 1031 it for another.

Problem is - Denver is expensive.   Too simplify with even numbers, I can get into something similar for about $300K. Such a house will probably rent for $1800, so if I put all the equity into such an exchange I'd end up with a cash flow of ~$100/mo, and about 450 to principal.  So lets say $550 profit, but 1/3 the actual flow.

I'm also afraid of a correction in both Housing prices and Rent in Denver.  It has been hyperbolic for the last couple years.  A relative who is a big-wig in the banking industry - just moved to Denver - told me (without me asking him) that he would not buy into this Denver market right now.

Thoughts?  And thank you so much in advance!!!

 Great idea Fred!  I'll get back over there in about 6 months and try to make some acquaintances.

 Thanks Fred,   Yes he had a couple OUTSIDE basset hounds that he told me were rarely or never brought inside.  He even showed me the elaborate outside doghouse that belonged to them.  I did not ask for a pet deposit.  Those dog's are now in heaven, but this new puppy I'm thinking came with the adult daughter, and has grown huge.

He was not allowed to cut down trees, and I really wish he had told me they had died.  He took it upon himself to remove them for use in his backyard fire pit.  Which is not the end of the world because they would have had to have been removed anyway since they were dead.  But still, I see where you're going with this.

You're right, I need someone I can trust to pop in more often. I will look into it.  I will also get daughter and g.daughter on the lease.

 My lease does state that the tenant is responsible for the health of trees and shrubs.  However, I get what you're saying.  I will take responsibility for them.

I agree about the carpets too.