All Forum Posts by: Wes Eaves

@Aly W. I've had pretty good luck with hot water heaters in that they've all lasted much longer than the 12-15 year life that is generally quoted.  I'm of the mind set that "if it isn't broken, then don't fix it" and this one isn't broken.  It's an electric hot water heater, by the way.  I'll see if I can find the plumbers receipt (clean bill of health) or contact them.  It will save me the replacement cost of the hot water heater and the re-inspection fee from the company that did the 4 point inspection.

Welcome @Henry Norton and Talisha!  Congrats on getting the RE investing 'bug' and joining Bigger Pockets.  Make sure to ask lots of questions, as there are a lot of people on BP that are willing and able to help!  The podcasts are extremely helpful as well.  Stay motivated and take action!  Best of luck!

I received a call from my insurance agent today telling me that I had to replace my working/non-leaking hot water heater in order for them to renew my policy.  They required a 4 point inspection to renew the policy, and based on the report, they determined the working/non-leaking hot water heater was a risk because of the age.  

The hot water heater is 21 years old, however, I had the tanked inspected, drained and flushed a few months ago by a licensed plumber and there were no leaks or other issues.

Can anyone provide a solution that would be satisfactory to an insurance company and won't require me to replace the existing hot water heater?  I'm in the Tampa Florida area if that matters for insurance purposes.

I agree with @Timothy Murphy III.  IMO, it's not worth the risk that a tenant tells a judge that they forgot a priceless family heirloom in the kitchen cabinet and the LL took possession of the property without following the legal process/eviction.  Of course, in FL, the non-contested eviction process is fairly quick and you might only be looking at 7-10 days difference in receiving possession of the property.

@Shawn Pehrson I totally disagree about not increasing your liability.  I be willing to bet that a judge might think differently that you knowing rented to a high risk tenant.  Also, if you look at recidivism rates, their past is a good indicator of their future behavior.

Looking at it purely as an investment?  I can think of a million different ways to run a business that doesn't involve this type of "investment".  I bet if it was your kid one of these sex offenders committed a crime against, you would think differently.

@David Mollis Welcome to BP and congrats on starting the process of RE investing. Make sure to network at local REIA meetings and be proactive. You will learn tons and will close your first deal in no time!

Agree with @Aly L A judgement is only the first step and is just a piece of paper in a drawer if it's not collectable. As others have said, chalk it up as a lesson learned and move on to getting it re-rented.

@Dev Horn @Jay Hinrichs

What would you recommend when speaking to sellers over the phone that are out of state or out of town, as most wholesalers like @William Johnson are probably marketing to those people to sell their homes?

One roofer that repaired a part of my roof before recommended that I call 4-5 roofers to come out at the same time for a bid, as some of them won't show up (like him) and you don't waste your time.  It seems that either you find good, quality roofers that pull permits, are licensed, etc. or you get cheap labor and have the issues @Robert Curls mentioned.

I've heard that All Star Roofing has a good reputation in the area.

@Ryan Dossey  Is your scenario a discussion with the seller in person after you've seen the house?

@William Johnson  My suggestion would be to tell the seller that, "unfortunately we're not able to go look at every property and without seeing the condition of the property, I'm unable to quote you an offer.  If you can provide me with what you consider a fair price, I can run some preliminary numbers and call you back in a few minutes to talk about taking a look at the inside."  You might also see if he is willing to seller finance it instead of an all cash price.