All Forum Posts by: Barbara G.

------------------------------------------------------------------------------------ Hi Jessie

Why don't you just call in a general contractor and ask him for a price to do all of the above.  Remove the wall, relocate the electric (he can see that)

and give you  price

Just get a few estimates and select your best contractor and best price. You don't need an architecht and you don't need an engineer you just need a contractor one to do the whole thing 

Did you price out your kitchen renovation costs?   The new appliance packages ( kitchen cabinets/ refrigerator/ stove/ dishwasher/microwave/ hood/venting/sink /counter tops (granite?) tile floor? backsplash/ faucet/demolition?/Installation???   You can price those things out in Home Depot.  Did you figure the kitchen renovation cost for the 2 apartments???

It sounds like it will work if you can get the $1,500 in rent?  Are these rents comprable to other 3 bedrooms in renovated condiiton.  Are you OK with your share of the rent also being $1,500.  If you can get $3,000 in rent it sounds like you are around the 1% rule and it could very well be an OK deal for you

Boy this sounds like a lot of hands on trouble.  It certainly could work financially but it must be like a drama a minute.  I know with just one of my duplexes rented to middle class people there is more interaction and complaints and stories and delayed rent then we are happy with.

Think of what you are saying "owner provides a Bed and a mattress occasionally"  What can be sadder than that?  

The owner is having open heart surgery!!!  

Of course he is having open heart surgery as that place will give any one a heart attack

Would your father  setting up an irrevocable  trust that would give you title to the property when he dies work for this situation?  Is there some way you can "manage " the property" and give him an income from it in the interum?

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Listen to Jay.  The man knows what he is talking about.  

Jump on James Wise, whom ever he is and where ever he is.  Tell him Jay reccomended yu.

Go join a Real Estate Club and go find a Real Estate Meet Up Group and join them

Keep us informed and let us know who and where James Wise is and who he is.  Tell us  what he says

People in my family have been Building inspectors for munipalities and towns.  Its not a bad salary with lots of pension perks and health insurance benefits.  Both these people that were building inspectors had a backround in construction and had to pass civil service tests to get their jobs.

If the tenants use of your water is driving you crazy  why don't you  consider installing seperate water meters  or using  RUBS (is that what they call that water metering company ?).

In your situation, where tenants useing too much water,   is upsetting you,  it might pay for you to consider  some alternative  ways of having your tenants pay for their own water.   It might also  give you some small amount of extra cash flow and it would be  better for your mental health.  Seperate water meters is also a plus when selling a property.   

So if you rent one side for $1,000 and you figure your rent as income for the other side at $1,000 (after all you have to pay rent if you were living somewhere else)  without going into all the expenses (which you must do) and this house plus renovation is costing you $100,000 well that certainly sounds like it could  work BUT if the total starts pushing $150,000 then this buy might start looking a little more problamatic. Time might be  factor.  How long will the renovation take? What about the neighborhood.  What are the comps for a house completly renovted, like this house in this area?

Do you have the time to take on a gut renovation?   Can you take this renovation on as a second job?

Let us know what the contracor estimates this renovation will cost?

How much can this house rent for is the Big question.  If it costs $50,000 and it costs $50,000 to renovate it and you can get $2,000 a month rent that sounds OK

How old is this house?

On the other hand if your friend the contractor thinks it will cost $100,000 to renovate you are getting close to it not being worth it.  Where is all that renovation money coming from?

It sounds like a lot of work and a lot of time for a new investor. I think for a first buy you might want to look for something that is a little closer to turn key.  

Let us know how much your contractor thinks the renovation will cost.  Keep us informed as it is a very interesting project.