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All Forum Posts by: Alicia Hensley

Alicia Hensley has started 19 posts and replied 58 times.

Post: What am I missing?

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6

I found a seller who is selling two distressed houses. Both of them were purchased at auction and they have no mortgage. The owners said they would make a deal if both were purchased, and an even better deal if they are the contractors (they are licensed  and insured). Here's the breakdown;

House #1: 

sell price $79950

Rehab cost: $40000

ARV: mid 200's

Rent: $1200

House #2

Sell price: $49000

Rehab: $30000-$50000 

ARV: $175-$185k (if converted to a duplex)

Rent: $700 or $1000-$1200 as duplex

I brought this to a mentor I'm working with who is also a buyer. He doesn't seem terribly interested...am I missing something? This seems like a good deal to me.

Post: Dog question

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6
Originally posted by @Bryan N.:

Someone on BP shared some of what is below with me, some of it was in BP's file place, and some I've developed, so I like to pay it forward whenever I can.  ***Not legal advice*** 

Here is my pet addendum.  Item #1 covers what the city determines is the law.  So, I reference that and that's what I follow.  Honestly, I've never had to check.  Mostly because I meet with the pet as part of the application process.  If they are well behaved and not aggressive in nature I'm good. 

PET ADDENDUM

Addendum to Lease signed _______________________________________________ (Date & Address)

between Landlord and Tenants: ________________________________________________

This Addendum states the responsibilities involved with being both a Tenant and a pet owner. Only the pet(s) listed on this Addendum or in the Rental Application are allowed. No pet sitting allowed.

Name of pet _______________________ Age _______________________

Breed ____________________________Size _______________________

Name of pet _______________________ Age _______________________

Breed ____________________________Size _______________________

1. The pet(s) and Tenant(s) will comply with all Rules, Laws and Regulations of the Owners' Association (if any) and legal jurisdiction that the city of Virginia Beach, VA requires; including licensing. Dogs will not be allowed out of the property without a leash. Pet(s)shall not be left unattended outside the Dwelling Unit.Tenant shall not inflict or cause cruelty in connection with any pet(s).Commercial breeding of pet(s)is prohibited.Tenant will remove or secure any pet(s) on the premises when property is on the market or when repairs are scheduled.

2. Rats and other pests are attracted by pet feces and food. Tenant is responsible for keeping property free of feces. Tenant is responsible for extermination of all pests. Pet(s)will be fed indoors only. Food will not be left outdoors.

3. Tenant shall ensure that the pet(s) shall not bite, injure or harm any individual or other pet(s), and shall not disturb others (neighbors or guests) or cause damage to the Dwelling Unit or the premises. If, in Landlord’s opinion, the pet(s) has injured or disturbed others, or has damaged property, Tenant must permanently remove the pet(s) within fifteen (15) days (or sooner in the case of an emergency) of receiving written notice, and failure to do so shall constitute a violation of the Lease Agreement, and may subject Tenant to eviction. Tenant is financially responsible for any property damage, injury, or disturbances the pet may cause or inflict and releases the Landlord from all liability. Tenant agrees to promptly pay the Landlord for any damage or expenses caused by the pet(s) or the pet(s) actions.

4. Landlord and/or Agent reserves the right to enter the property to investigate any violations. Reasonable notice will be given unless circumstances require otherwise, such as in the event of an emergency. If pet(s) become vicious, severely ill, or poses an immediate threat to the health and safety of the pet(s), or others, Owner or Agent may enter the Premises and remove, or cause to be removed, the pet(s) and take any other action the Owner or Agent determines appropriate. Tenant shall be responsible for all costs involved and releases Owner or Agent from any liability.

5. At termination of occupancy, Tenant will have premises de-flead and de-ticked by a professional exterminator. Tenant will have carpet professionally cleaned and deodorized. Paid receipts are required from both contractors.

6. Landlord reserves the right to require Tenant to maintain liability insurance for the pet(s) identified in this PetAddendum.

7. Landlord reserves the right to revoke permission to keep the pet and to terminate the Lease Agreement for violation of this addendum. Tenant will be responsible for the remaining unexpired term of the lease until property is rented to a new tenant

8. INERPRETATION: This Addendum supplements the terms and conditions of the Lease. If any provisions of this Addendum conflicts with any provisions of the Lease, this Addendum shall control.

_____________________________________

Tenant Date

_____________________________________

Tenant Date

____________________________________

LandlordDate

 This is awesome! I will definitely use this in the future. Thank you so much!

Post: Renovations Help!!

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6

I helped with a remodel in Naples, FL a few years ago. Because of the humidity there were TONS of hidden repairs and costs. We had to gut entirely and start again, which was not the original  intention. If you've never done a remodel before, I would suggest hiring a contractor and having a good sized cash amount in your contingency.

Post: Dog question

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6
Originally posted by @Rob Young:

I appreciate that you own a pit bull and personally like them. This is a business decision, though. If you allow a breed that is considered dangerous or aggressive to live in your property, and if that dog hurts someone, are you putting yourself and your assets at risk? I think you are. I would err on the side of caution to ensure that you protect the neighbors and yourself. 

Thanks for the quick response.

I've discovered that ALL dogs can bite regardless of breed (I don't believe that entire breeds can be dangerous or aggressive).  But it's less likely that a dog will bite if they're is properly taken care of, which is why I would ask for vaccinations, references, and the CGC cerificate. But I'm wondering if I can ask for those things legally. 

Post: Dog question

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6

I was wondering if we could require people to show proof of vaccinations, references from previous landlords and/or kennels, and a AKC Canine Good Citizen Certificate with their dogs? I'm not worried about the breed themselves (I'm a pit bull owner), but I don't want a dog biting one of the kids in the neighborhood and being sued (I feel like if they're responsible enough to have the requirements, they're responsible enough to watch their dogs around kids) Also, can I put in the rental agreement that they have to pay for any damages, including any injuries from the dog and carry additional insurance?

Post: Sold! House flip $83,000 in Profit

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6

Wow! Great job!

Post: Bubble going to burst in Utah?

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6

A friend of mine is looking for a home to purchase and was talking (on a Facebook thread) about how expensive everything is lately. One of her friends mentioned that we're in a bubble right now and it's about to burst?

I'm considering selling my rental in Utah in September, but now I'm thinking I should wait for a while longer.....Thoughts?

Post: land for sale with a livable dwelling?

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6
Originally posted by @Trevor Ewen:

@Alicia Hensley

This 'outrageous price' how would it compare to an empty lot in the same area? If the house is free, then you are comparing similar land purchase prices. If you truly think the house has value, then you can try and quantify it. I am assuming if the agent says the house is free, it's very near to a teardown/hard gut.

Thanks for the response!!! In the area, there is a similar size lot with a two houses. One that is livable (similar to the one I'm asking about), but had been vacant for 2 years, and a another who the owner says should probably be torn down. The appraisal on that one came in at $140,000. This house that I talked to the agent, priced that 'land' at $289,000. She told me the house was liveable and the only thing that needs done is the appliances are old and needs to be replaced, and nobody would want it because it's old and small. She won't show me the house to decide if it's worth anything, but I highly doubt it's near tear down (although gutting is a possibility).

Post: land for sale with a livable dwelling?

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6

So, I called a realtor about a home listed. The house needs work (obvious from the street), but not to the point of tear down from what I can see. She gave me an outrageous price, and told me it's the land that's for sale and the house is free...? She wouldn't give me any information on the house except it needs new appliances but it's livable. She said it's up to the buyer what they want to do with the house and if I wanted to see it I had to go knock on the door and ask the owner for a tour because she's not going to. What? I was a bit caught off guard. Is this a common practice? 

Post: asking seller about their mortgage

Alicia HensleyPosted
  • Port Townsend, WA
  • Posts 60
  • Votes 6
Originally posted by @Jim Viens:

I would also suggest just asking it flat-out like it's no big deal. Don't hesitate or him-haw around about it. Just ask in the same tone and pace as every other question (like "How long have you owned the property?") and they're likely to just blurt out the answer without even thinking about it or they'll at least not think it odd to give you the information. Then, as Josh said, if they question why you need to know tell them you have to have all the information to put together the best offer for them.

 That makes sense. Thank you!