All Forum Posts by: Brian H.

Jeff, to answer your first question, no I didn't convert my triplex into a crashpad. I decided the local market didn't support it long-term and I thought I could make more money renting to families. 

Regarding the door keypad lock...the crashpad I'm using currently in NY utilizes one of these. The combination stays the same from month to month though, which given the turnover we see here probably saves a lot of hassle for both the tenants and the landlord. 

All, thank you for your thoughts and suggestions. I found out about the closing falling through the day I arrived in Orlando for six weeks' training with a new employer, and simply haven't had the time to fully dig into this just yet. I think the suggestion to just pay off the mortgage may very well be the best solution, and of course I'll keep my fingers crossed that more competitive premiums will be an option in the near future so I have a better chance of selling. Your responses have certainly confirmed my suspicions, that I've simply been handed a giant sh!t sandwich along with just about every one who owns a house on that street.

All,

I have owned a single-family home in West Virginia for 11 years, and have operated it as a rental for most of that time. I decided to get rid of it year and finally got it locked up under contract with a closing scheduled for November 12, last week. The day before closing the buyer's bank told me that the buyer had received a flood insurance quote of $7000 for the year. He had to back out of the deal and I'm stuck with the house again. Only now I have this outrageous flood insurance thing to deal with. All the time I've owned it, the flood premiums have been somewhere in the $700-900 range. This $7000 quote that he got from FEMA is absolutely outrageous and I have no idea who to turn to. I can't envision ever selling the house with this hanging over it and don't see a whole lot of point in continuing to operate it as a rental since it's never been particularly profitable and I'm just straight-up tired of trying to manage it from a distance.

I owe $53000 on the mortgage and have considered trying to sell it for cash to an investor, but again with this kind of liability it's hard to imagine I'll have any success.

Any and all suggestions are welcome.

My understanding is that the RRP rules only apply to licensed contractors though, not to DIY's...is this correct?

Yes sorry if I didn't make myself clear. What I was really wondering was if there was any reason, as a buyer, to NOT share the inspection results with the seller. I think the question was answered; thanks for everyone's input.

Pros / cons?

From another Louisvillian...welcome Jeffrey. I think you're very fortunate to have discovered this site at the outset of your real estate journey. I wish I had, but better late than never! The forums are addicting but don't forget about the blogs and articles as well. So much information here, it's mind-blowing. Also, this is a great place to build a network of local colleagues with whom to share ideas. In fact I'll send you a colleague request as soon as I finish this paragraph. Good luck and have fun :)

Do you absolutely have to live in Westchester? My employer is headquartered there and I know most of my coworkers who work at the HQ actually reside in some of the nearby communities that aren't so pricey, mostly on the Connecticut side. Have you considered Danbury or Bridgeport? I don't know much about the rental market in those towns but I know the inventory is higher and less expensive.

I'm on track to be an old-before-my-time investor. Does that count?

Thanks Uwe, I feel comfortable with my reserves if I buy with 3.5% down. I'll have plenty left over in case a big expense crops up. But if I put 20% down, while doable...well it'll take a little while to get a comfortable cushion built up.

I do like your suggestion to pay myself the amount that I was paying in rent on my old place. I plan to do just that.