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All Forum Posts by: Barbara G.

Barbara G. has started 10 posts and replied 827 times.

Post: DIARY OF OUR FIRST BRRRR IN OUR REAL ESTATE LIFE

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

Thanks Eric.  It will all be fine.  Believe me there are other things that have been more important, Unfortunatly.

Post: DIARY OF OUR FIRST BRRRR IN OUR REAL ESTATE LIFE

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

Well it did not have the desired ending.  We finished thte project.  My son was my partner  and he did all of the plumbing  which was extensive. All the pipes had burst in the house.  My son  is also a building inspector as his full time job.  We rented the 2 apartments for $1,000 an apartment.  The apartments were perfect and everything was new.  The street was bad as it had too much traffic.  Don't buy on a busy street

My son did all the managing of our 5 houses and did all the sub contracting of this house and all the houses. Everytime there was a toilet problem he atrended to it.  Door bells had to be fixed, locks had to be changed, new bathrooms put in.  He did it all.

He decided that the work involved and the time involved was too consuming.  We attended to all pronlems immediatly.  Our tenants loved us.  

 We are in the midst of selling off our properties.  We have an offer on this house and we will take it and it will give us profit on the adventure but figuring the work and the time involved we feel it was not worth the adventure.  All the houses are very salable.  Lots of people are interested because our houses  are all now in excellent condition due to our work and up keep and repairs and improvements. There is profit to be made on all of them but we would not do it again.

Maybe a flip in the future but no more rentals

Thanks for your interest and I thought I should update you all. 

Post: Depressed renter

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

I would call adult protective services in your  town and tell them you have a tenant that is depressed and that you have no idea how to handle the situation and ask them if they can come by and evaluate his him and his situation.   Tell them you are afraid if you tart eviction proceedings he might kill himself. 

Perhaps they an help get the place cleaned up and help hm,  Perhaps he is eligible for some rent or food stamp assistance.   Perhaps they can get him into some kind of program.  Start there and see if it helps

Post: BRRR Have WE GONE TOO FAST? A Financial Diary

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218
Originally posted by @Barbara G.:
About the 2 Danbury Duplexes bought Feb 2014

We started Feb 2014  and bought our first 2 side by side  Duplexes.  We did not have enough money at that time to renovate them but they were occupied and they cash flowed about $20,000 a year.  We bought the 2 of Them for $334.000 and they needed about $35,000 worth of renovations. 

So far we are just finishing our 2nd roof .  The first roof cost $6,000 and the 2nd roof cost $7,000.  We have put in approx $25,000 on renovation and repairs and have about approx $13,000 more to do. 

So total cost of house should be approx $374,000 and rent right now is $4,350 a month.  The tenants are all immigrants.  They are always a little late on paying rent but they pay.  They are no problem people and usually never complain.  We respond to any problem immediatly and consider them low maintanence people. Rent on 3 of the apartments is $1,1000 and one rents for !,050 total $4,350 rent a month.  We should consider raising their rents at least $100 when their leases are up and bring the rent roll up to $4,800 a month.  $100 more a month should give us $4,800 more income a year.

We probably have to wait another 7 months to cash flow here or by june 2016 after we have owned it 2 1/2 years.  That's a long time to stuggle with a property?

What do you think the tax savings would be on depreciation plus

repairs and renovation?  Would the principal pay down be of important concequences?

Post: BRRR Have WE GONE TOO FAST? A Financial Diary

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

Hi  I don't know where I am at with this post

about the waterbury house.  Well it has been an exhausting  nightmare.  Both apartments are rented at  $1,000 each.  

The street is too busy and we should never buy on a busy street again.  Another $5,000 in renovation so thats $122,000.  Right after taxes we will go in for a refinance and see what we get there.  Zillow has downgraded the appraisal so that's no fun

Post: Potential tenant wants to pay to put up a fence

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

Well I love fences.  i love them because they keep children safer. I love them because  They keep dogs in.  They also keep stray or loose dogs out.  They give renters more privacy and more of a feeling that they have private space.  They also add to the value of my property.  I would even consider sharing the cost.  I would certainly consider saying Yes.  And   Ask them why.

Post: Provide washer/dryer or not?? Unique situation.

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

We just provide the washer dryer hook ups. There is room in a washer dryer closet but it is tight.  We tell them we will hook up the washer dryer that they provide because we have found that these company/s employees do not do it correctly and we prefer to do it ourselves.

Post: Stuck on Step 2- What is the best way to get set up for success?

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

The boyfriend in the mix is a big factor on where you want to live decision

If you did not have the boyfriend to contend with I would just go to Florida  to invest and be with your family and they would be your feet on the ground for you

I think a JV with the one partner or even 2 would be very good for a first deal  You are not in it on your own and you have opinions to share and work to spread around

Post: mold removal company

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

I really don't understand this???  Where is the mold?  Are you saying it is on the surface?  On the wall?  On th floor?  Did you call only one mold removal company info estimates or diognosis?

What options do you have.  what is causing the mold?

Post: Am I falling for a scam?

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

If you are interested in Rel estate this might be  good entrance  for you.

What are you doing in the mean time?  You can still keep looking while you take up this offer?

Like the above lady says. Look them up and look up the principals on the Internet, on Facebook and on Linkin.  Let us hear what you find.  Do an investigating job.  

Keep reading BP.  Join a Real Estate Investment group and locate a Meet Up Real estate Club and join then  see how it goes.  Try it you might like it .