All Forum Posts by: Bob Romano

thanks nancy ! yea the tenant definitely did not cause the water to come in.,

@Deanna McCormick I agree, that's the first thing I said" how are gutter downspouts installed, are their French drains on property, pitch the landscape away from house, etc . There is no drain in floor, the water came up from the ground and seeped thru the concrete walls and floor,

@Mike H. Thanks Mike. It is an unfinished basement. It had pallets on floor too. So the LL did tell the tenant it may get wet down their if we ever had alot of rain , which we did that day. We got like 3 inches of rain in 6 hrs that day, so I don't think it floods all the time, this just happened to by a lot of water very quick. But I agree, as a LL,  I would do every thing I could to avoid this happening again, but that's just me.

@Kyle Godbout I agree Kyle, my thoughts exactly. Shoot, my tenant calls me when her blind over her sink wouldn't go up! so trivial. She calls me for every little thing, that's why I couldn't believe this LL didn't care about  water in his own bldg.! I would remedy the water situation fast .

Question? if a tenant gets water in the basement, who is responsible to clean it up? One of my employees had water in his basement and I went there to help in wet vac it all up to help him out. He got about 3 inches of rain water that came in thru the foundation during a downpour. I said to him " why isn't the landlord here cleaning this up" he said he called the LL and he said " oh wow, call me back when you get it all cleaned up " and hung up on him. The LL never showed up , took us 4 hrs to get all the water out. 

If this was one of my tenants, The tenant would off been on the horn asap calling me to clean it up.

Who is responsible for this type of clean up?

It was ground water, an act of god right? Their was no pipe burst or anything like that. My worker had no renters insurance and lost a lot of stuff stored in the basement.

hi Rick. Yes it is an uncle . He does this a lot with other family members.  First time with me. he dosent lend out to strangers, just family. 

I put an all cash offer in today for $215, contingent on inspection and clear title. lets see if they bite .

I will keep you guys posted. Thanks for all your input.

My private lender just told me he would need the interest payment at the end of each year ( $8,600 ) that I hold onto the property .  The rents will equal $22,000 a year.

Still a good deal ?

Thanks Andrew. A few people I talked to said the same thing. I will be putting a cash offer in soon.

Well my cost of debt is 4% and my yield is 9.75%

to me the numbers are very low. 5% , is it worth it?