All Forum Posts by: Brenden Nelson

 So the main improvements are:

-The exterior service entrance cable is heavily rotted/deteriorated allowing water to enter
the system. This cable needs immediate replacement.

-Drainage for the sump pump/washers are improper as addressed by the I & I inspector
present at the inspection.

The toilet is loose and likely leaking, so may need to replace the wood from the bottom of it

-Add some HVAC to the home because it gets really hot in the summer and baseboard heaters get really expensive in the winter for tenants. My thinking is to add mini splits to the home so that tenants can pay lower power bills and continue to pay rent on time. I will know the best solution when the HVAC guy comes in a few days. 

Also I received an update on the tenants from the listing agent that said that the younger couple has a hard time paying rent on time and sometimes needs an extension to pay it. So I'm now considering to move on from both tenants. The older guy pays on time but has a bunch of little things to get done in the home, but was told if he was allowed to stay with us, he was only going stay for 1-2 years then move into assisted living.

Thank you for the reply. Their lease is on a month-to-month basis. I am using a 203k loan to renovate and add some sort of HVAC inside the home(HVAC inspection this week). I do qualify for the loan without the tenants. From meeting both of them during the inspection, both would like to stay. One is a younger couple that is keeping the place clean but has a few water issues in the basement, but not major. The other side has an older gentleman who has been there longer and has a lot more things in the home that is making it very cluttered. I planned to keep the younger couple and touch up the other side while I live in the property. I would like to keep one of the tenants so I don't have to go through any vacancy during this transition phase but also realize I need to raise rent to make my mortgage payment more manageable.

I have two tenants living in the home. I’ll have to move one of the tenants out the building so me and my wife can live there. Both of the tenants want to stay. Both are renting at $600 on month to month leases. The market value is around 950-1000. Do I tell the tenant that I’m looking to keep, that I’m looking to do property improvements (which I am) and the rent will go up gradually to market value, or just move both tenants out, do the renovations and then find new tenants ?

Hi which videos are you watching to learn about vetting contractors?