All Forum Posts by: Barbara G.

OK so now tell us what the house looks like

Post a picture.  Tell us what Zillow says about it.  

Tell us about the comps and what you are doing next. 

How old  is it ?

What are the approx cost of renovations?
How much rent can you get for it?
what is your renovation scenario?

First have everyone leave he house and place a bomb in every room and close all the doors and windows

After you return have the place vacumned and reevaluate the condition as to the roaches and mice

Hi Cheryl,

See if there is any possibility of your sister getting a credit card that would allow her to transfer her $5,000 current credit bill  to a no interest for one year credit card.  If that is possible, depending on your sisters credit history that would be very good. 

Ask the dentist if he will accept a lower figure for Pay back.  If she is to pay $50.00 a month ask him to please accept $25.00 a month etc.

See if your sister can get a Medicare plan that includes dental and co payments at no additional charge to her (call Medicare and speak to some advocate and speak to your Library?)  Look at your current Medicare information book.

How much would section 8 allow for the rental of your house?  

Is their a Heat subsidy available in your town/state??

How does section 8 figure  the charge for Heat and hot water?  

Section 8 has to approve your house.  Will it meet their standards and if not can you bring it up to their standards?

I think I would move to Albany and I would house hack with my first purchase with a multi fmily house.  I don't know Albany other then to visit on bussiness a few times a long time ago.  

It certainly looked like there was a lot of housing stock there.  You certainly would get a much better idea of the area if you lived there and it sounds like you are open to the idea of moving.  

Keep us posted on you decision so we can learn about the Albany market and follow your career along.  You can do a diary on your first puchase and move for us and for yourself.

I would consider whether i would want to remodel the entire  kitchen instead.  Why don't you post a picture on this site and get estimates for replacing the oven cook top as it stands  now and estimates for renovating  the entire  kitchen with a slide in stove and a complete kitchen remodeling.  

Is the house vacant now?

What does you competition offer for the same $1,600 and $1,700??  Are they offering new kitchens with Granite counter tops?

Keep us posted so we can learn along with you.

 This sounds like good advice.  We have a similar situation but over very micro issues.  One tenant is a very very high maintance lady.  We bought this Duplex this year.  The High maintanence tenant had me at her apartmnt many times.  The bell did not work.  That was a 2 times visit to correct.  She said the toilet was leaking and said she would call a plumber herself and deduct the plumbing repair from her rent.  I told her I was a plumber and I would be over to fix it.  It turns out it was not the toilet leaking but she had had her carpets cleanned and the cleaner had poured too much liquid that ran down through her  ceilings.  Had she hired a plumber I would never even had know that the toilet never leaked.  While I was there she asked me to fix her own ceiling fan.  Which I did.  In addition she nagged me into power cleaning the building before I was even financially ready to do it.  BUT now she and her neighbor are complaining about each other.  The neighbor says she parks too close to her car, and she says the neighor drops her cigarette butts  on the lawn and she wants me to hire a handi man to pick up the cigarette butts.  I get daily text messages from this woman.  Her neighbor is in tears.   I refuse to get in the middle but it is exhausting.

The high maintance lady refered her relative for an available apartment and the applicant/relative wanted to know why I was charging more for the available apartment

You can see how much I want this relative as a tenant.

Good advise. Try to find another group in addition to that group such as a Meet Up Real Estate club.   There might be some people that you could meet for coffee on a regular basis and share information there.

Start speaking to a real estate agent in this area and see what information you get  about investing in that area.

I would certainly not invest any money in anything until you felt you were far enough along in your Real Estate life.  You might also want to start with a joint venture and partner with  someone on yur first deal.   

Now that you have some idea of the markets I would suggest that you connect with local real estate people that understands your investment goals and  look at some inventory within your immediate area.  

You should  be looking at newer properties or properties that have been rehabbed.  Compare the numbers with the turnkey properties.  Talk to the real estate people about your goals and  talk to some managment companies. 

Join some Real Estate Investment Groups and or some Meet up Real Estate clubs.  Run your deals by BP 

 Sounds like Bob Mason has figured this whole thing out.  Why don't you follow his advice.  Ask for some money and then hire Bob and then have him review the repair for you.

We are on a path to leagalizing marijuanna

I don't think there is any turning back

You know the risk.  You certainly will be compensated for taking that risk.  Its a personality thing.  If you are a risk taker,  and it sounds like you are,  you will go for the Dollars.  Most people will not touch this with a 10 foot pole and they have told you that on this blog.  When and if you do it you will try and Pick the safest place 

I doubt if they will send anyone to Jail, so it might just be losing money.