All Forum Posts by: Carini Rochester

Section 8 inspections is why I quit trying for Section 8 tenants after only doing it once. I'm not sure yours is over zealous, maybe merely typical. Many on this site are worried about the Section 8 tenants, not me. I'm worried about the inspections. I think the house has to be selected with Section 8 in mind. Newer than the use of lead paint. Maintenance free exteriors. Durable, low maintenance interior finishes.

Great thoughts and insight. Thank you.

I recently paid Zillow $30 to keep my add nearer to the top of the search. An applicant told me that my photo's for one of my apartments looked worse than the apartment actually looks. So, I've got to pay more attention to taking better pictures, or hiring a photographer.

The last time I shopped two lenders, I picked one out signed the papers, then called the lender I decided against. That lender said, "I wish you would have told me. I could have . . . "

So, it might be worthwhile having conversations with both, explain why you are likely to go with the other lender, and see what better offer they each come up with.

I would enroll in an architectural college and start drawing my own.

Building plans are generally owned by their author/architect/engineer. They are not owned by the client who hires the architect/engineer. Building plans are 'instruments of service' not products. Google search this term. The client generally purchases the right to use the plan one time. Similarly, you cannot go into Barnes and Noble and buy books, scan them and welcome the world to view them, read them, download them from your "open source" website. 

Absolutely anytime said landlord wants to take on the additional risk.

I usually let a tenant go month to month if they they have a reason for not signing up for a year. I charge more for month to month because of the uncertainty it brings into my life, and it's of value to the renter because of the flexibility it gives them.

CoC is a metric I see used when a project is being financed, so that the cash an investor has in is, say, 20% (the down payment) of the value of the asset. This is what gives you a relatively high (hopefully) CoC return. The difference with a rehab is that it probably isn't financed, so you have 100% being invested instead of 20%. Hopefully your 45k increased the value more than 45k, but almost certainly you didn't 5x it like you would have gotten if you had used the 45k as a down payment on another property. To make the CoC look much better, the thing to do now is cash out refinance. If your 45k increased the value of the property 70k, and during the time you've owned the property the property value went up, you might refinance 50 or 60k out. In that scenario, the rehab would cost you Zero cash and the rent went up, giving you an infinite CoC return (on the rehab work. Probably not infinite on the property as a whole.)

 This describes what I've been doing over the past decade, in my spare time, while still working my full time job, in Rochester and suburbs. It's possible I knew your family. I knew Cangialosis who lived on a steep slope by the Genesee River in Irondequoit. Is that a relative of yours? Message me off thread. I'd enjoy meeting you. I'll tell you about some of my cosmetic remodels and we can maybe benefit each other!