All Forum Posts by: Barbara G.

So if the cost is approx $40,000 how much rent would you be getting for this apartment?  It does not sound like it will cash flow.  If the cost is $35,000 you would have to charge approx $3,500 a month rent to have a positive cash flow?

I would not be happy doing this.

Tile always looks great.  You need to really have Wonder Board behind it for it to be really water proof.  When we have a window in the shower that has dereriated we replace the sill with a Corian window sill.  It is easier to fabricate then marble and it looks great and is waterproof.   We sometimes put a Corian apron beneath it especially if there is damage there.   We put a bull nose  edge on the Corian sill and it looks really good. 

Would there any value to your getting a real estate license?

Perhaps joining a local Real Estate group or a Real Estate meet Up group would also be helpful.

You are off to a very good start and theere are no negatives that I can see.  Do you have any interest in House hacking?

I spoke to a 2nd bank about refinancing this Waterbury propery.  They will give us 75% of appraised value if they give the loan.  The first bank will give us 70% f appraised value.  This bank will consider out rents from our properties  as part of our income.  Of course we have no 2015 tax returns for our investment,  and in 2014 all we did was get tax write offs from our first 2 duplexes.

We also don't know which bank will be more apt to approve us and which bank will move with more speed??

Everyone is giving you good advise.  The one thing that you said yourself was you shoud join Meet Ups

That is exactly right.  Ga must be a good place to buy invesment property?

Join the local Real Estate Club and join  the local Real Estate Meet Up Groups.  House Hacking with a duple or a riplex or a Quad is a great way to go

Let us know what your next step is.

We can not control other people's live's but we can control our lives and our possessions.  An apartment in this condition is a serious problem.  It's a serious problem for the tenant and it is a serious problem for us.   Cleaning his apartment is certainly going to have a positive impact on our property and it might very well be a very positive thing in this man's life.  Every one feels better when they are in clean surroundings. 

I see you are a proactive person and you are managing your manager.  This man/tenant needs someone to help with his serious house keeping issues.  

I would be inclined to think a first property is  learning process and I would go with a smaller one, a duplex or a triplex or  quad. 

I would try to find one within your price range and financing range.  I would look for one that needs the least amount of renovation (just cosmetic) and also cash flows.  It is a learning process

If house hacking is part of your plan I really think that's the best first buy

You will have to take a breathe here.  Something has to be done.  Since  you are dealing with the first company that gave you their very high estimate I would have them explain exactly what they are proposing for that $15,000?  

Tell your neighbor, the plumber,  that you are very concerned and Ask for a detailed plumbing proposal plan so you can look at it and understand exactly what that $15,000 will be doing.  Yu will be able to use this proposal to  compare it to other proposals and other quotes.  

I would also, after I got their proposal, and read their proposal,  then tell them I would like to do that but I can not afford to do that.  Then ask them  if there are any alternative less expensive approaches to solving this problem and see what they are.  See what the new lower proposals will address and how much that will cost.  In the interum I would start speaking to other Plumbing companies and see what they propose and what they will charge.  There are also some master plumbers on BP that I would ask for advise on how to proceed.  You can send them copies of the proposal and any pictures.

I would also contact the original Inspection company and get their reccomendations

You are at the start of a research plumbing problem.  You need expert advise and you need someone that is qualified to do the Plumbing repair.  Good luck and let us know plumber by plumber because this is not an unusual problem and we alll need to learn.

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You have  very serious problem here that should be addressed.  The above BP person solved his dirty tenant problem  by getting the apartment  cleaned and certainly that  is what shou;d be done at a minimun.   I would ask the tenant to pay for the cleaning.   It certainly would be worth  spending yur money if you could not agree to have him pay for the cleaning.

Once the apartment is cleaned and repaired I would tell him that he must have a cleaning service in on a regular basis with you or your PM inspecting it on a regular basis.

This tenant does not know how to clean and will never learn without the help of a cleaning service.  If he remains in your building without cleaning help He will destroy your building, and impact negatively on your building, and on your other tenants, and on your bottom line.    

You must interviene.  You will be doing him a mental healt service and your self a service by insisting on a cleaning service 

Please keep us updated as to how you are proceeding on handling this because this  is not an unusual problem and we all can profit from your experience