All Forum Posts by: Bryan M.

@Mary M. Crumbs that are left add up and create rodent problems. I want to let them live the way they want but I’m concerned about the baby. What happens when that baby gets sick or hurt? If I know about potential hazards, is it ethical for me to just look the other way? Thanks for your input! 

Thanks. It’s not THAT bad but its bad by my standards, know what I mean. The place doesn’t smell but I worry about the kid crawling around with the mice droppings and the place is definitely not baby secure. I have a young one and know how easy it is for a baby to get into things. 

I could split it up but I would still be liable for the property without any liability insurance.

I asked the agent about fencing it off and she said they still wouldn't want the risk. The MLS page says "enter at your own risk" and "do not walk on floors". They are using this wording as a way to deny the risk because in the case of a lawsuit they wouldn't be able to defend.

I am closing on a property that has 2 homes on it. One home is ready for a moderate reno. The other is in disrepair and may need to be demolished. The kitchen floor is caved in, mold everywhere and may not be structurally sound.

My insurance agent cannot find a carrier to insure the property due to the house in disrepair. They do not want the liability of someone getting hurt.

I'm not ready to call in the bulldozer because I want to make sure it needs to be demolished. My contractor will be going in soon to determine if we can save it but, for now it looks like I can't insure the property.

What would you do?

- Not insure it and cross your fingers the good house doesn't burn down and no one wanders on the property and gets hurt?

- Spend the money (which I'm not ready to do...but can) and demolish the bad home ASAP to get the whole property insured?

Thanks!

My tenants recently let me know they had seen some mice in their duplex unit. I went over to look at the situation and it seems like an issue that's been going on for much longer than they initially explained. Here are some quick facts - 

- Unit is cluttered with laundry, empty boxes, random crap, empty soda bottles ect. (It's bad but not as bad as you may be imagining.)

- Some food out but mostly covered, however, lots of crumbs - No vacuuming going on.

- Excessive mice droppings along walls.

- I was told they found a mouse in the couch.

- They have put traps out and caught some.

- Young mother (mentally disabled and daughter of tenant who pays the rent) has an 8 month old.

I went over and put multiple bait stations and traps on the advice of my pest control guy. He said he wouldn't do anything different. 

With an 8 month old in the home it's not sanitary. The baby is not crawling yet but it will soon no doubt. I have told them to clean up but I'm wondering what your opinion is on contacting a certain authority about the child's care. 

I try to be ethical and moral in everything I do, but when should a landlord step in?

Thanks BP!

All good ideas. My budget doesn't really allow for me to add a bathroom. We did talk about moving the bathroom to the "small room" in the front of the house. I want to leave as much as I can the way it is. Almost all the walls we are moving are load bearing so there's additional costs to beam them. 

Any thoughts on a bathroom entrance being located in a dining or kitchen area? My agent is really stuck on me just opening up an entrance in the kitchen but I can't imagine the would be attractive to STR or LTR tenants. Who wants to being using the bathroom right where people are cooking/eating....

Thanks for the heads up and the suggestions. 

I am under contract on a property that I want to turn into a short term rental with a backup option of a long term rental or flip if things go south.

It's about 900 sq ft and only requires a moderate cosmetic reno. My problem is, the bathroom is currently only accessible from the only bedroom. I want to add a bedroom and make the bathroom accessible to all guests/residents WITHOUT putting the entrance in the kitchen or dining area.

My contractor suggested converting the living area and den into the two bedrooms, blowing out the wall between the kitchen and the current bedroom and making the kitchen/living/dining all open with bath access in the living area where it currently is. This would mean the main entrance to the home would be through new french doors off the dining area and the current front door would provide access to a private patio for the master.

I'm not opposed to this plan but it will cost about $25K. I was wondering if anyone had any suggestions that I haven't seen to rework this without moving so many walls. Current floor plan is attached.

Thanks for the suggestions!

I am under contract on a property that I want to turn into a short term rental with a backup option of a long term rental or flip if things go south. 

It's about 900 sq ft and only requires a moderate cosmetic reno. My problem is, the bathroom is currently only accessible from the only bedroom. I want to add a bedroom and make the bathroom accessible to all guests/residents WITHOUT putting the entrance in the kitchen or dining area. 

My contractor suggested converting the living area and den into the two bedrooms, blowing out the wall between the kitchen and the current bedroom and making the kitchen/living/dining all open with bath access in the living area where it currently is. This would mean the main entrance to the home would be through new french doors off the dining area and the current front door would provide access to a private patio for the master. 

I'm not 

opposed to this plan but it will cost about $25K. I was wondering if anyone had any suggestions that I haven't seen to rework this without moving so many walls. Current floor plan is attached. 

Thanks for the suggestions!

First time BRRRR(er) here.

I bought a duplex in cash, one side was rented and I did a little renovation to the vacant side. I recently was able to rent the vacant unit at $675 and increased the current tenant to $600 (they were at $500), total of $1,275. All in for $105k.

My bank is willing to let me get a cash out refi on it, but here are the terms:

- Will loan 80% of the value (only because it's under $100K). Their determined value will be the purchase price or the appraised value, whichever is less. To have them loan on the appraised value, it needs to season for 12 months. 

- They will determine if they will write the loan on "global cashflow". Not sure what that means. 

- They will need to verify what I will be doing with the funds. This sounds crazy to me. I need to either show them contractor estimates for renovations on the property OR if I will be using the funds to purchase another property I would need to be under contract. Also, they would require a mortgage on the new property unless I put 20% down. They will not just give me cash, they need to approve the use of the funds. I bought my personal property in cash and got a cash out refi no questions asked, although it wasn't in an LLC.

Sounds like, to use the BRRRR method there are a lot of hoops to jump through. I'm not sure how you could replicate this with any speed.

Any thoughts on these terms?