All Forum Posts by: Brad Swaney

Have a roof leak and had two different company’s do repairs with no luck yet. Side of roof that is leaking has no bathroom vents or chimneys. Just shingles on the side that it’s leaking.

1st company took off ridge cap. Has box vents on other side of roof for venting.

2nd company caulked shingles that where loose.

Anyone ever had any luck repairing roof? vs replacing?

Shingles look to be in good shape. Roofing companies said I should get another 5-7 years. Only leaks during a hard rain.

Also if replacing I was thinking of doing a metal roof. I feel like they will last longer. What’s your thoughts on a metal roof?

After speaking with the potential tenant I let them know I am unfortunately not allowing pets.  Never went through with application process due to them having pets.   To answer some questions I do allow pets in one of my rentals.  Potential tenant had two dogs. That house that I allow pets. Does not have very many neighbors close by.   This house I will be renting is surrounded by neighbors and do not want to deal with neighbors complaining to me about the new tenants dogs continuous barking and so on.  I am managing my own properties I try to make sure I avoid issues of potential complaints from surrounding properties.   I appreciate all the feedback as a lot of good information I was given for future pet friendly properties.  

I have a potential tenant asking me about a rental property to allow pets.  I told them I do not allow pets.  They really want to rent the property because of school district. Not very many rental properties in school district and the ones that do have rental properties very few allow pets.   They came back to me offering me a additional $800 monthly if I would rent it and allow pets.   What does every one usually charge that allows pets?   A deposit and monthly pet fee?     This seems like a lot of money that there offering to allow 2 animals and wondering if I should consider my options on this?   Thanks for your help on this. 

Purchase price $45,000 

Did $20,000 down and had a lawyer write up a note for $25,000 owed in 90 days to the seller.  Property was transferred to my name.  Going to use money from home equity loan to fix it up.   My banker is going to get me a loan on property within the 90 days to pay back the $25,000 note and getting the original $20,000 back to me. 

Found a deal that needs to be closed before I can get financing lined up.   Looking for advice.  I will give yeah my current details.  

Deal:  Purchase price of $45,000. 

Option 1? I am in a position to close quickly where I could use $30,000 home equity and have another $15,000 provided by private lender. Although I would probably need to use cash from Roth IRA to fix the place up. Question is once the place is fixed up how long would I need to wait to refinance and pull my money back out?

Also any other options that would be better? 

Rental Portfolio

House #1 I owe $9,500 on mortgage (conventional loan 15 year) and have a $30,000 home equity loan open on it.   Value $75,000

House #2 I owe $13,000 on mortgage (private loan).   Value $70,000

Condo #1 I owe $15,000 on mortgage (private loan).  Value $30,000

Condo #2 I owe $25,000 on mortgage (5 year fixed rate then variable after that)  Value $38,000

401k don't really want to use as I understand there will be penalty. 

Roth IRA can use cash I have put in without a penalty.

Currently looking at small 14 pad mobile home park for sale. Lot rents $210 includes city, water, sewer and trash. All pads rented, also mobile home out all owned by tenant. Also building on property rents for $450 monthly. Income around $40,000 yearly Expenses $10,000 yearly (property taxes, trash, water, sewer, park license, insurance) What is price I should be looking to purchase at? Also what kind of financing would I be looking at from bank? Wound you do a 30 year or shorter for something like this? Also this is out of state. Which is another concern of traveling i plan self managing property. Can you afford a property manager on small park like this?

How many conventional loans can one person qualify for? Current situation Currently have 2 private loans that I am paying back original home owners. 1st loan $15,000 left for House 2nd loan $18,000 left for Condo Then have one conventional loan that I owe $10,500 left on it.

I recently purchased a condo for $32,500.  This is a condo I am renting out.   Bank asked for 20% down plus fee's.   Rate is 6% for 5 years then adjustable after that on a 20 year loan.    Just wondering if this is normal rates currently?    Also do you always half to put 20% down?   Other question I am thinking of paying off within the 5 years.  Is paying off loan quickly a bad idea?  

I am new to getting financing on properties as my other 2 properties I was lucky where the seller let me do payments to them directly on short 5 year loans at very reasonable interest rates.  

Bathroom Remodel 

What should a 5 x 8 bathroom remodel cost?   Trying to get a idea if I paid to much or should look for other deals. 

New subfloor as old was rotten

New drywall is some spots 

New Vanity and sink 

New Flooring

New tile from tub to ceiling

New Toilet 

New Light 

All in for $4,800 

Only thing that was not complete was painting

Put offer in on property and offer was accepted.  This is a condo I was planning on using as investment property.   Talking to other investors in the condo community.   Someone is offering me $6,000 more then what my offer was accepted at.   I signed and everything was accepted from current owner through realtor.   Still waiting on bank to process everything.   If I sold for the $6,000 more.  What kind of penalties, taxes or so on would I be responsible for?