All Forum Posts by: Steve M.
Steve M. has started 14 posts and replied 250 times.
Post: Is bedroom carpet cleaned a reasonable request for tenant/roommate?
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
+1 ...
You might be best just to buy a steam cleaner. We did, and it paid for itself within 2-3 sessions :)
Dishwasher Soap & Vinegar normally gets the job done :)
Post: Identifying a Flip (what to look for)
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
I'm not entirely sure what you mean with the question?
For me, I had to jump in with both feet before I fully knew/understood the cost. You could try having a GC come out and bid on what needs to be done prior to a contract on the house. Or if you wanted to act as the GC, bring in Subs to bid it out prior to contract.
I *thought* I knew what certain things would cost ... But as you can imagine, I lowballed most items on the checklist on the first flip. I now can fully grasp everything and I have bids from several different contracts (from electricians, to plumbers) for certain things.
Post: Now I understand why flippers are having to work
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
Same here in Tennessee.
HUD homes are going for retail. Foreclosures MAYBE 5% ... And they are getting bought up quick.
Post: Smoker Rehab: Keys to Success with Tobacco Smoke! (Before/After Pics)
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
Tim, happy to help.
We bought out from a USA Manufacturer of Ozone Generators in Ohio.
This is the EXACT one we have:
http://www.ebay.com/itm/OZ-5000-Ozone-Generator-Great-for-Rental-Properties-Hotels-Air-Purifier-/290802724699?pt=LH_DefaultDomain_0&hash=item43b5316f5b
Post: Should I accept only certified checks for First Month Rent?
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
I prefer postal money order's personally. I certainly wouldn't take a personal check.
Post: What the Heck is going on with Appraisers?
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
Perhaps its an isolated Washington issue, seeing as both you Charles and Rob are in/near Seattle.
Haven't had said issues here in TN.
Post: Smoker Rehab: Keys to Success with Tobacco Smoke! (Before/After Pics)
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
Originally posted by K. Marie Poe:
Hey Kristine,
I apologize for missing your question previously.
We use the 10mm backed laminate from Sam's Club. $1.50/sq foot and it looks/feels great. It's quiet, pretty sturdy, and looks great.
Post: Insurance on SFR
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
Couple things I've learned with a rental burning down just a couple months back.
1) Its better to have TOO much insurance, than not enough.
2) I prefer Replacement Value Policy's, and make sure, you actually (or more-so, your agent) uses a *real* replacement value on the policy.
3) Make sure you have Lost Rent & Tear down on the Policy. I think I paid an extra $9-$10 per month for Lost Rent.
Post: Smoker Rehab: Keys to Success with Tobacco Smoke! (Before/After Pics)
- Realtor
- Gallatin, TN
- Posts 292
- Votes 164
Originally posted by Steve Babiak:
http://www.biggerpockets.com/renewsblog/2012/11/05/getting-rid-tough-odors/
Not much of a blog reader myself, although my wife even has one! LOL ...
Some good pointers in there as well. Although her pricing on Ozone Generators is a bit *out there*! Thanks for posting Steve
Originally posted by Will Barnard:
SInce I am a numbers guy, your purchase price of $110k and rehab of $26.5k puts you all-in at $136.5k which is a whopping 87% of sold price.
Granted this was intended for a hold, but had it been a flip all along, and even with a quick in and out of 3 months, this would not be even close to a deal worth doing as your returns are well under what you could get passively withouyt any work or any risk.
Point being to any rookies, always look at the numbers before pulling the trigger. While many deals in my area go out at prices that are all-in for 80% of exit values, I usually stick to my rules of better spreads than that.
Glad to hear you got out by the hairs of your chinny chin chin, looks like the value was in the experience and sharing it with others!
You bring up a good point -- Don't just have 1 exit strategy :) As stated, this was purchased to be a rental, luckily -- Exit strategy B worked out.
Looking back at the purchase now, there are quite a few things I would have done differently. But, as stated, it was very much a learning experience, and coming out of it with all my teeth, is icing on the cake!
Depends on the length of time the property has been listed.
Assuming it hasn't been listed long, we'll sometimes see bids ABOVE and BEYOND what the actual listed price is.
HUD is funny sometimes.
Example: List Price $100k
Owner Occupant Bids: $95k
Investor/Non OO Bids: $105k
HUD will take the OO Bid over the Non OO Bid.
Lowest I have seen HUD go in these parts is around 91/92% of list.