All Forum Posts by: Sky Mikesell

Wow... that sounds like a price a contractor gives someone when they DONT want the job. 

we get this done regularly and it typically runs us $4k for house re-wire and upgrad of fuse panel to breakers...

good luck on the other quotes. 

take care,

sky-mikesell

Hi Brie nice to meet you my name is Sky-Mikesell here in charlotte it is also landlord friendly... 

judges here and most places just want facts.   as long as you have a copy of the lease and any other correspondence as required for notification purposes according to your state then you will be fine.     common question.    

in hearing you the only thing that would concern me is how little the bed bugs have cost .. our experience with bed bugs is we have never paid less then $1k  to get a house properly treated and the only proper treatment legal right now in NC in heat treatment bc there are not sprays that work to permanently rid bed bugs.    so if you have to list out costs that have or will damage you in court as a result of this tenant i would get that pricing from exterminator before court. 

good luck. 

Hey david, my name is sky-mikesell...  good question. 

an evaluation by any investor just should be an honest one... meaning looking at all true cost involved.  prop. tax, insurance, prop. mgmt,  maintena. and vacancy. 

appreciation is a speculative number bc none of us have a crystal ball. 

to answer your question how can you tell if this is a good investment.  this is only something YOU can answer.    as long as the numbers on the property work you have to figure out if you have something better to do with your money. 

I like to explain it that i have a set amount of money to invest .. i prefer to evalutate all my option based on NET ROI or some people refer to it as cash on cash return

... my options on WHAT to to do with my money range from putting it in a savings account for less then 1%, stock market 6-8% (historically),  i could loan it to someone who will pay me a set interest rate... or i could invest into a rental property... 

so figure out what opportunities you have out there... what ROI would you have in those opportunities and is this your best option?

In situations like this i like to contact a public adjuster to consult with to find out how insurance company would handle this... most public adjuster have either worked for large insurance companies and if not they deal with them every day. the reason i would contact them is to understand liability and who the liability sits with. 

sorry for the cruddy situation. 

we have run across same thing in a few of the houses we rehabbed.. they were old gas lines in both scenarios. 

good luck

sky-mikesell

the checking account thing was sorta a joke :)  i agree we have had good tenants w/ out checking accounts also... checking account or not it all comes down to a tenants desire to honor their bills and more importantly make paying rent there most important bill to pay. 

is that a law in california?  haha if so you guys have a lot of laws.    in AZ there is no hard fast rule.    

the general rule of thumb where the owner can afford on-site management is 25-30 units. 

agreed.   1% rule is a 1% guideline.   this works fine as quick glance but take the time to run the real numbers on the deal. 

The one who had a job and checking account :)

yes we check.  to be honest we dont give a crap what the current landlord has to say bc they have motivation to lie if the tenant in their property is a thorn in their side. 

we always require they list previous landlord so we can contact them... if they dont have previous landlord then we simply require higher deposit in addition to scrutinizing everything else about them.