All Forum Posts by: Tess Tari

FYI - I just got an email a couple of days ago that said that Intuit is canceling their online payment application as of May.  :(  I have only one unit, but really loved using it.  Now I need to find a new one too.

Wow!  Thanks for all of the feedback everyone!  I really appreciate it!

@Bill S.  - I would agree about wasting money on the yard, if it were a matter of trying to make it cute...  Sadly, it's been reduced to just dirt.  Watering it won't help! lol  My husband and I are arguing over sod vs seed.  I want to sod because it's fast, he wants to seed because it's cheap.    I really appreciate your experience, especially in the crazy Denver market!  I am also aware that it may come down to eviction even after the lease ends.  Holding my breath that it won't come to that!  They're not bad people, they just struggle financially and priority-ally, and their standard of care doesn't match mine...

@Danielle D - wow!  I love the kitchen- it is somewhat close to what I was thinking - not super expensive, but still very pretty!  And I'm super jealous of your bidding war!  The Regis area is crazy, because I have known the area since the 80s, when you really didn't want to live there.  It's funny how these older, previously slightly scary, neighborhoods are really cleaning up and becoming the hot areas!

@Greg S. - yes, it's difficult to live next door.  We are looking forward to moving out in the next year or so, so that we're not faced with disappointment every day, when they decide to.... put a couch on the porch, etc!

@Ahmad Hijazi - we would love to refi - it's part of the thought process in updating.  We've started with our side, because it's easy to do while we're here (read: slowly!)

@Andrew Halbert - the Denver market is insane.  Yes, 70s houses with minor to no upgrades fetch great prices.  It doesn't seem to make a huge difference, but I feel like I would personally feel better if it were nicer.  This is why I question big updates, and why my husband thinks I'm just being silly.  

@Kevin Prentice - sigh...  Part of the learning process has been that we are finding out how "loose" our old landlord was.  I should have known, since he was my landlord for a long time.  Of course, he did no screening, didn't care when the rent was paid, and didn't do any move in or move out procedures.  It was nice, as a tenant, to deal with him, but we are now paying the price for his overly laid back nature.  We DID put a line into the lease that stated that we were aware of two issues, but that the house was otherwise in perfect condition before they moved in.  They did initial it.  Whether this would stand up in court: I don't know.  What I do know is that they won't be getting their deposit back.  Just standing in the front yard, you can see that they have completely ruined the yard (it was gorgeous when they moved in), the storm and front doors need complete replacement along with the front window blinds. Who knows what the inside will look like in the end. And of course, the previous landlord took a very small deposit, which was passed along in the closing.

Number one lesson learned?  I will never buy another property with existing tenants.  You just don't know what the previous landlord did, and how that might affect your future relationship with your tenants.  I know some people will disagree with me, but that's my takeaway.

Thanks everyone!  I basically do live in the house - my side is pretty much matching, but I didn't pay high rent before I bought it.  :)

I appreciate the words though!  We will likely do some cleanup and pretty paint and see what else little there is to do - especially since we already know that we have to completely redo the yard (zero grass left and lots of weeds, ugh)

Hi Everyone!  It's been a while since I posted last.  

We've been struggling with our inherited tenants, and we're finally at the end of the lease!  I will say that we have learned a LOT through this last eleven months.  I've done pretty much everything wrong, and am looking forward to the future, of doing things correctly!!!

Our lease ends on April 30.  I've sent them the Non-Renewal Letter (though I know they haven't received it yet).  I know their reaction is not going to be good.  They are an extra large family, and when I had to threaten eviction to get March rent, he made a point of telling me that he didn't want to leave.... 

Here's my problem, then my question:  I have been obsessing about what kind of state the place is going to be in when they leave.  I already know that the yard has to be 100% redone; I can only imagine what the inside is going to look like when they're finally gone....  (and no, we haven't done inspections - another lesson learned.  We went inside once for about 3 minutes, before we closed on the house)

My question is : how much to do?  The Denver Metro still has very high rents, and we've been watching to see what's out there, and what's being asked.  I would say that we're solid in the 1800-2000 / mo rents.  I, personally, would like to do some updates.  Everything except the kitchen appliances is either original to the 1970 house, or has been updated with the most inexpensive products possible.  One example is that I know that the tile that the previous owner used in the bathrooms that were completely brand new three years ago, are the cheapest possible tiles (yes, I tile-shopped).  That being said, I don't plan to replace the tile.  What I AM thinking about is redoing the kitchen.  It's builder grade 1970.

My husband says that if it's not ruined, we should salvage the kitchen until it is ruined, and then we can redo it.  I would feel more comfortable asking 2k for rent, if the cabinets were new - or at least redone, for example.

I welcome thoughts about anything and everything.  

Hi Dan!

I have actually been eyeing this same building.  I agree with you that the exterior is beautiful.  The numbers seem to make sense!  

My family all lives there, and we have been very interested in getting into Dubuque.  I really like this town, but my daughter tells me that we should try to stay out of downtown.  I would love to hear your thoughts on that...

I sure wish that I had some money, as I would love to partner with you on this project, but I am having some financial issues that have kept me from getting any closer than eyeballing and day-dreaming a multi in Dubuque.  

Good luck!

yes - I think you're right. I was looking at these grants yesterday and already forgot about that! 

Also - check with your homeowner's insurance about minimum leases.  Mine specifically denies if they think you're renting out short-term, or "hotel" status.  I'm sure there are ways around this, but my guess is that it would be more expensive!

I would love others' feedback on one issue - maybe it is loan specific. FHA typically only asks one year occupancy, and I will have to check my paperwork, but I seem to remember them saying two years owner occupancy. Are there different terms for different loans?

Thanks Gerrit, for the feedback.  

1- I'm not too sure about actually doing this.  It's been an ongoing debate since we started talking about buying the property a few years ago.

2 - We are just beginning to do the remodel of the basement on our side, as we are still living in this side with the kids and dogs, and trying to get the renovation done while still living here and working full time.  Egress is #1 and that will be accomplished in a month - which will legally add the two bedrooms downstairs.

3 - The only major thing that has to be accomplished to turn the 4/2 into two 2/1s is the downstairs kitchen.  Cost will depend on what kind of finishes we decide on.

4 - Cash flow isn't really the game right this minute - it's more about mitigation of our costs.  Due to the inheritance of the previous landlord's non-capitalization, we have one large family that is paying WAY under market, but they are having trouble even doing that, so we may not have them for very long...  The cash flow won't come into play until we find our second property - the current goal is to live here for free(ish)

I agree with the difference in $, it doesn't make too much sense to do much work to the unit(s).  Limiting the amount of tenant is a definite, although local codes allow too many, especially if they're related....  This is one of my large concerns about the 4/2 size...

In all likelihood, we will keep the 4/2 & 4/2 combination, as the finishes and capex will be lower, allowing us to move out more quickly.

It's nice to have someone to bounce these thoughts off of!!!  

Hi All! I am a newbie here and have an interesting situation.

Short version : Should I turn my duplex into a 4-plex?

Long version : I have a lot of history with this house.  I lived on one side of the duplex, as a renter, for 14 years before I finally purchased it.  I have seen a few tenants come and go.  This house is zoned for a 4 plex, but the previous owner was not interested in capitalizing, so he turned it back into a duplex.

When I first moved in, the south unit was two separate 2/1 apartments with the upstairs tenants having control of the 1 car garage; they shared the yard and the laundry room.  My side was a 2/1 upstairs with an unfinished basement. It was owned by someone else.  It was purchased 1 1/2 years after I moved in and that owner turned the two south units into a 4/2.  

We are currently in the process of beginning to finish our basement and bring it up to code as a possible rent-able unit.

The question is, should we turn it back into a 4-plex? The tenants previous to this had at least 11 people living in the 4/2 and the current family is 8, sometimes 9 or 10.  I am very tired of the extra large families living in this unit, and am concerned that it will be an ongoing problem, with a large unit.  3/2 and 4/2 in our area with similar square footage are going for $1850 - 2500. If we turn it into two units, we could easily get $1000 - 1300 for each unit.  They would have to split utilities unless we come up with another plan.

The "big but" is that the previous owner pulled out the downstairs kitchen.  

I would love to hear thoughts, ideas and feedback.  I have some time, as it is currently rented.