All Forum Posts by: Aziz Mansaray

Thanks for the answers folks!  These are very much aligned with what I was thinking

Hey folks, so I've heard different perspectives on this issue and I'm curious to know what the bigger pockets community thinks. Is it ethical to use a tenant's security deposit for repainting and cleaning or regular wear and tear? My initial thoughts are you shouldn't and that the security deposit belongs to the tenant unless the breach the contract or cause damage. What do you ya'll think?

@Paul S. Thanks for your input! It's somewhat comforting to know underpermitted work is common. By city inspection, I meant the inspectors the city sends to evaluate the HVAC and roof to see if it's up to code.

@Rich O'Neill Thanks for the input! Yeah, I was thinking it's maybe unlikely for any severe issues to arise since the inspection report didn't report any. I'll ask the seller for the contracts from the contractor for sure.

Since it's my first deal, I'm not focusing on getting an amazing deal. Just something good enough so I can get my feet wet. Taking into account saving for capital expenditures, vacancies, repairs, and saving for a property manager in the future, I'm cash flowing about $550 a month. I'm comfortable with that for my first deal and I'm just trying to get my feet wet

Hey folks,

I'm so close to settling on my first rental property. I plan on house hacking it and I'm looking at a 20% cash on cash return after all the expenses for this property. The numbers seem to work. The property was built in the 1920s, but was renovated 3-4 years ago. It looks pretty good and home inspection revealed some minor issues that need to be fixed, but nothing too severe. Probably will end up spending maximum 2k for the repairs.

Only issue here is that the the seller never pulled electrical, HVAC, and roof permits for the property. The seller just disclosed this after pulling the city certification and settlement is approaching. Given the results for the home inspection, I'd think that there won't be any major repairs I need to make to get the building up to code, but I don't know how strict the city inspection would be. 

I plan on renting this out for a long time so I'm thinking that it may be best to move forward and take the risk, but I'm not sure. I was at first considering potentially pushing back the settlement date, but in that case I won't have my interest rate locked in and I doubt the seller would agree to this. 

What are my options and how would you guys suggest I proceed?



What are my options and how would you guys suggest I proceed?