All Forum Posts by: Christian Carson

Dell Schlabach, what other things do you consider most important for a our markets, putting the granite differences aside?

Dell, check out Direct Import Home Decor. They have some pretty nice cabinets, too. I have no experience with their product yet but I think I am going to go with them. Their showroom is worth the visit.

For a kitchen this small the granite will cost $1400 installed. I haven't priced formica yet but I imagine there's probably a minimum amount to get the guy out to site.

You're right about knowing this market. This is a really weird one where everyone is underwater on their mortgage by 50k+, demographics are changing, and foreclosures are plentiful. I think it takes some extra cajoling for the buyer to consider living here as opposed to a nicer, more stable, and more expensive adjacent suburb. I reckon the added amenities like granite and a cheaper price is what pushes people to pull the trigger.

Dell Schlabach, I saw Youngstown Granite lists their prices on their website at $45/sqft at the cheapest. Do they do contractor discounts? I found a place on the west side that installs it for $30.

Where in Akron/Canton do you flip? The neighborhood Chris is talking about is a fairly (recently) depressed inner-ring suburb (South Euclid) where I haven't seen any recent sales above $80k go without granite. Given the availability of cheap granite here, I guess it's not surprising.

I agree with you on the driveway--concrete in Ohio is a waste of money, although laughably at least 75% of the homes in this neighborhood have concrete drives.

I'll check out Keim. I've heard of them from my lumber sales buddy and have heard good things.

Is it a good idea to paint tile in the shower surround? I saw some indications on the forum here that the moisture may cause the paint to peel. If there's a product that's suitable for it, I would love to hear about it.

Steve, unfortunately the vanity is rotted out next to the toilet, and doesn't look savable. The floor looks like improperly laid linoleum, and I just got a tile saw for free :)

I just bought a cheap 1100sf rental that will bring about $800-900/month in a blue collar neighborhood.

The full bath has yellow/white tile along the walls and the shower. It's in very good shape but it's ugly as sin. Pictures attached.

I plan to retile the bathroom floor and replace the vanity. Can I get your opinions as to what kind of color combinations will make this bathroom look less hideous? Remember it's a rental, so it doesn't need to be particularly amazing-looking, but if I can choose a complementary tile color, it would improve things greatly.

Here are the images: http://imgur.com/a/6wp2q#0

Bill G. I don't necessarily "like" quitclaim deeds more than warranty deeds; however, from a liability standpoint, as a seller you will always prefer to make a quitclaim deed. A warranty deed exposes you to some liability if you miss some kind of encumbrance on the property down the line (even years and years away), but a quitclaim deed does not give the buyer any recourse if title, as conveyed, was flawed.

A standard arms-length transaction involves a title search and the execution of a warranty deed. The title examination industry relies on this procedure, as it makes the job harder if the chain of title includes lots of quitclaim deeds. In days of yore, the buyer would demand a warranty deed, which would prompt the seller to do a title search.

For practical purposes, any arm's length transaction ought to involve a title search/title insurance, which would enable the seller to execute a warranty deed. If the buyer doesn't ask for a title search/insurance, chances are good that s/he is either very risk-tolerant or inexperienced. If I were making such a transaction, I would do it right and get a title search done.

It's not as hard to evict a tenant as you think (unless, perhaps, you live in a paradise like California). It takes 30-60 days here in Ohio, and if you draft your lease correctly, you can bring eviction proceedings any tenant who causes a problem. The "tenant's rights" you hear about are mostly to prevent slumlords from renting uninhabitable premises; it has nothing to do with guaranteeing a nonpaying tenant a place to live.

Title attorney here. The difference between a warranty deed and quitclaim deed is simple: in the warranty deed, the seller is making a guarantee (a "warranty") that he/she owns the property and has the right to convey it. Typically you're going to want to perform a title search each time you convey property via warranty deed so any hidden encumbrances are revealed and you don't get burned later down the road.

Hard money lenders don't all operate the same way but I imagine they all execute and record mortgages on the property. It would be easiest to quitclaim the property, but a warranty deed (excepting the mortgage to HML) would also be an option. Just don't do it without performing a title search.

Make sure that there is no due on sale clause in your HML contract, because any kind of title activity like a QCD or a WD will trigger that clause and accelerate the mortgage.

We haven't closed yet--there's an inspection period and I know that there are going to be issues revealed that will be points of negotiation between us and the seller.

The building is zoned 1-6 units residential, good news for us!

I think you all are right about getting it all done at once, but I'm worried that it might take longer than anticipated if any issues arise. It will be hard work to coordinate this to happen within the month or two window that we'll have before prime rental season.

Our offer on a 4-unit brick walk-up 2-story building was just accepted. It's fully leased (month-to month, below market rents.) I would like to renovate this building, specifically in this order:

1. Delete steam heat and add new forced-air and A/C (have quote).

2. Redo electrical in basement, relocating all boxes to a single location in front basement.

3. Add two basement units in currently unfinished basement (they are already firewalled with two exits each). I can't do this until all units have new HVAC because I will have to remove the boiler completely to make room for the basement units.

4. Renovate ("freshen") the upstairs units.

The problem is I don't know when or how to go about accomplishing this since there are already tenants in the upstairs units. The prime rental season is in May/June with many single graduate students from the university about a mile away looking for apartments.

The tenants are month-to-month and their rents are below market. Should I just terminate their leases and do all the renovations at once, ready to rent in May? Should I allow the tenants to stay while the HVAC is installed, then raise their rent in May?

I'm looking at about a $350 - $400/mo per-unit bump in rent after the renovation, which includes shifting the gas bill from landlord to tenant. I would like to have these all done at once but I also don't want to interrupt my cash flow, though I can survive if we don't rent.

What do you guys think?