All Forum Posts by: BOB CRANEY

@Nandy B.

I bought a 2br 1 bath coop unit outside Baltimore for $8000. I thought it was a mistake because Condos in the area in similar condition and age were $50-100k

I did a nice Reno on it and had about $20k into it and listed it for $75k hoping for a home run. Turns out that due to the large qty of units that were investor owned that you couldn’t get financing for it. I called a lot of people who were Coop experts and al said I was screwed because the investor ratio in the complex was over 57%

I dropped my price all the way to $45k and sold it cash to a retiree who was downsizing. I still did well and learned a lot. If I had more Capital I would have kept it, since nice it would have cashflowed like crazy, but I was in the Capital Growth stage.

@John Garb

If your pops is going into a long term care facility for an extended period of time it gets expensive for a decent one. My mom had multiple strokes and was back and forth from rehab and her assisted living efficiency, that thankfully were in the same facility. It was 8-10k per month in the rehab side and 6-7 per month when she was on the assisted living side. Govt Medicare only pays for rehab for a limited time then it’s on you.

Your likely going to need the cashflow to support home while he is still alive. If he has been doing it a while he can help you get it set up with a manager and you can still coordinate vendors and subs to keep the overall cost down for repair work. He likely knows other investor friends also that you could talk to about the situation and hopefully they could provide some guidance.

Getting old sucks!

@Justin Reyes

If you don’t want to rent to smokers, then figure you have cut out 30-40% of the people who will call about your place. Smokers are not a protected class, so you do not have to rent to them if those are your guidelines.

I have also found smokers to be liars when it comes to not smoking inside when they offer that up. In the middle of winter when it’s freezing cold outside they are not going outside. If they just finished a zesty Saturday session with the Girlfriend, they aren’t going outside, they are smoking in bed.

Smokers often flick the unsmoked portion of their cigarettes wherever they like in the yard. When you mow the grass it’s a 10 minute cleanup or a big mess when you hit a few butts and they blow up.

Smoke gets into everything on/inside the house, including all your ductwork, blower and furnace, and it’s very difficult to ever get rid of the smell without spending a fortune. You will also see Carpet burns where they dropped a lot cigarette when they fell asleep and hopefully didn’t burn your rental down.

When you are advertising don’t list your rental as non smoking, or they will lie when they call. When you screen them, ask if they smoke. At this point they don’t know what your policy is but they are usually truthful. If they or any other anticipated occupant is a smoker, screening interview is over. If you meet a new prospect, at your place, get close to them and see if they smell like smoke. Also get near their open car door, smokers always smoke in their car and it’s usually strong smell due to the confined space.

Funny story. I had a guy who told me during the screening he was not a smoker. He pulls up to the showing, steps out of his car with a cigarette in his hand and when I said something he flicked it in the grass of my rental yard and said he only smokes in his car. I turned around, got in my truck and left, while he was yelling “what, you not even gonna show me the place now that we here?” To funny

@Amit Singh

In midst states you have the right to secure an abandoned property.

Post notice, go in and cleanup whatever stinks and put out a few bug bombs. Don’t move anything out until you have a legal right to do so or it could cost you a lot more. Get your ducks in a Row for the eviction date and hit it hard and fast for a quick turnaround.

You also waiting 30 days to long to file for eviction. Once they miss a payment and break off contact, the writing code a on the wall and you have to move into by the book mode to get your place back fast.

@Trey Crusey

You mean it’s not in the listing?

“ALL FLEAS CONVEY”

I have run into fleas infestation a few times and it annoying and gross but part of the territory. Long pants help but when it’s really bad they fleas get into every crevice of your shoes.

Take a painting suit from Home Depot and cut the leg off at the thigh. Slide them up your legs and hold in place with rubber bands. Have a pair of tall rubber “looking at ****** fleas house” boots and carry all that in a trash bag so you don’t bring the fleas into your personal residence. If that’s all to much just use the tall rubber boots and move thru the house quickly. Fleas sense your body heat and move for the quick meal.

@Jimmy M.

Ask about being moved to another unit on and upper level. Not many peepers walking around with ladders. Sister may need to thicken her skin a bit if she wants to live in the city. That kind of incident is pretty low on the shock and awe scale, but she may not have really understood the kind of area she was moving into.

I invest in Baltimore and was reading some Google reviews of a really nice Boutique style 50 unit Multifamily in a part of the city that is changing, although slowly. The apartments were gorgeous and ran from $1800-3000 a month. One quarter of the bad reviews were from women who were not from the area and they couldn’t believe the thing that went on in and around their expensive digs.

Drunks/addicts sleeping on the sidewalk and hustling for money every time you walk by, cat calling and overtly suggestive sexual comments, groups of people following you to your car, etc

Take some time to see any new places at multiple times of day and night. Walk the streets nearby and see what dirt you kick up!

@Frankie Betancourt

Judging from your account photo you look young. From your post, you sound young and reckless which is a bad combo. You will lose $20k like it's water thru your fingers. If your serious and want to learn go to your local REIA meetings and meet some experienced investors who make offer to mentor or guide you in the beginning of your journey. Ask to work with someone who knows what they are doing and has proof of it.

Your lack of cash, liquid money is motivating and will drive you to spend some “Free” time in education. Good luck

@Jane Istre

Have they lived together previously? I think previous rental history is the most crucial thing as a predictor of their future.

The more people you have unrelated, the more chance for one or 2 of them to want to leave at some point along the way when a girlfriend or other situation arises.

Also 3 guys who’s aggregate income is 100k is not impressive, that’s basically 3 guys making minimum wage. What are any prospects saying about your place. Are you offering any kind of move in special with lower 1st moths rent or other inducements? If the section 8 people are going for your place that’s a problem. You need to understand your competition and the market better.

Unfortunately in a C-D area your options are rotten or less rotten tenants usually.

@Paul Sandhu

Engrave the new one if you want but, You learned a cheap lesson about your neighbors. Likely they can’t be trusted . Buy another cheap grill Off FB marketplace or CL and put a chain on it. Don’t leave anything outside you would mind disappearing. This goes for nice flower pots, bikes, lawn mowers etc. The time and effort it would take you to prove they stole your grill is better spent Re-evaluating the area!! If they will steal a grill, will they also rummage thru open cars at nite, or break in the house for easy grab n go stuff that can be sold at the pawn shop?

@Frank Maratta

You are trying to close the door after the horse ran out of the barn.

You need to figure out the root cause of where the moisture is coming from. If you don’t already have a French drain type system to manage moisture water coming through the walls then that should be step one. If you get this work done make sure to run the plastic waffle board up the wall as high as the ground level outside. Is the space in the lower level conditioned with some sort of ductwork that at least move the air around so that it doesn’t become stale and potential mold source.

As others have mentioned look at your gutters and where they drain out. Best to bury some hard pipe to carry the rain water minimum 20-30 ft away from the house.

A decent sized dehumidifier will cost $20-30 per month if its running on high 24/7 and that should be on your dime, not tenants. You could cut some vents high and low in the walls of your secure room to promote air flow and dehumidify the space outside the room.