All Forum Posts by: Chuck B.

@Michael Kreitzer  - I'd recommend you move into one half of it and thereby acquire it with owner occupied financing.  It will be the cheapest/easiest loan you'll ever get.  

Feel free to yell if there's anything I can do to assist or if you'd like another set of ideas on the deal to see if it looks like a  winner.

Best,

- Chuck

@Clay Smith I'll second that, please share the lender names.   I was going to suggest BB&T as they presented at the last KREIA some interesting portfolio packages to wrap up a number of held properties into one fixed-rate loan.  However, they're not going to be fast or flexible for quick buying.  

Best, -C

@Curt Davis  - Are you married by any chance?  I just want as much info (comp details) as possible when talking to my agent.

@Eddie T.  It's a DSC.   I have a long time alarm contractor hardwire them (lots of batteries are a pain).   Basic system with a couple of door sensors, couple of motion, inside and outside siren and the upgraded digital keypad with readout costs me 800-900 installed.  I use the same alarm in my house as we do in the rentals.   

I wish that the new forums list wasn't drowning in the new member greetings.  A testament to the growth of the site but kind of a bummer to have to skip past so many. 

And, maybe it's just me, but I always crave more hard details both in posts here and in the most awesome RE podcast on the planet.  Please, please... Share the numbers, folks.  Good, bad or ugly, we can't learn without the full facts.  @Joshua Dorkin - I'm putting you and that Brandon character on notice for the podcast. ;).  We need  1) how'd you find the deal,  2) Source of funds and interest rates, 3) purchase price and Reno budget, 4) exit price or monthly rents.  

I went to a LOTS (learn on the site) that our local REIA had the other week. It was a losing deal, the guys that flipped the place lost a few grand when everything was said and done. I thought it was incredibly brave and awesome of them to share the experience with everyone. Good learning was had that day.

Would it be too much to ask for the podcasts to be about five hours long each?  Heh!

I know it's work but I wish folks would share more pictures and even addresses so we can see the results and do our own demographics and research.   I'm trying to do my part.  

Rant rant rant.  :)

Best,

 - C

I have mainly SFRs in tougher neighborhoods, C and D class hoods.  However, they're mostly in better streets and are generally attractive or desirable in some special way.  E.g. All brick, some hardwood floors or other charm about them.  I also section 8 some of them, if I can find the right sec 8 tenants.   

I take a lot of grief from other landlords because I fix them up nicely and spend more than they would.  Not crazy nice with granite, and I don't supply ANY appliances, but nice enough that I'd be good living in them (though not the neighborhoods).  For instance... No cheap carpet, three tone paint jobs (ceilings, walls and trim) and sometimes with accent walls, new light fixtures, new ceramic tile tub and surrounds and floors when it's time to replace existing carpet or linoleum.  I also put a nice, hard wired alarm into every unit as I like them between tenants and its a selling point. I've recently started painting the unfinished basement floors as it makes the basements look so clean.  

Folks fall over themselves to rent these places and I have the pick of many decent tenants (section 8 and otherwise).  They also stay for long periods, usually 3+ years each.  

As @Colleen F. Mentioned... A lot of what I do simultaneously hardens the rental too, so it's a dual benefit.  For instance, tearing out an ugly fiberglass tub and surround and replacing with an iron tub and tile surround guarantees I'll have years of low maintenance on those.  Ditto with putting down ceramic tile floor, it's nearly impossible to destroy and easy enough to fix if a piece is destroyed.  

My goal is drama free, maintenance free land lording with tenants who feel lucky to be in the house they're in.  So far, so good.   :)

E.g. Here's a new tile floor that I put down in a section 8 rental.  It covers the ENTIRE first floor of an on-slab house (living room, kitchen, half bath, utility room and closet).  It replaced old linoleum and carpet that was shot.  And sure it cost more, but I won't be replacing it every three to five years, so there's that.  

Happy landlording!

Best,

 - Chuck

Concealed carry and try to always be aware of what's going on.  I rent in some sketchy areas though, so it's probably overkill for most.   

My agent just quoted me 1M coverage for $352 a year and he said this will cover both me and my wife.  I had heard previously that these were even cheaper than this, but maybe it's the fact that I'm insuring both of us?  Any comparisons are much appreciated.

Best,

- Chuck

@Marcia Maynard - I'm sorry, I don't really do any of that work.  The HVAC guys put a water sensor on the pan under the furnace.  They can also put a "freeze sensor" in the A/C portion in case it's prone to freezing up.   Both can then trigger the unit to shut off before too much more water/freezing happens.  I learned about these as I have a 2nd floor HVAC that vents directly through the floor to the first and it's been a little problematic (and always for a different reason!).   Once I learned there were sensors that could stop the damage I started having them put on any of the HVACs that could cause damage. 

Ditto for the water heater ones, those use a sensor on a pan underneath and then cut the water supply.  Given how much water they hold though, you're just minimizing potential damage, not really preventing it.  

Best,
 - C

@Sean OToole Keep offering the free trial but perhaps automate the de-dupe (freeloaders) by authing a credit card.  It will cost a few cents but will allow you to automate much of this work.  Just a thought.   

Best,

 - C