All Forum Posts by: Cindy Meyer

My favorite construction book is Fine Homebuilding's  "Renovation" by Taunton press.  Think it is on the 4th edition.  It's as big as a textbook, but takes you from inspection to materials, tools and repairs.  They also have many smaller industry specific books.  All their stuff is really well done.  

For estimating, check out J Scott's book under Marketplace on this site.

Eww!  There is just something creepy about getting info like that via text.  I would probably have to wash my hands and sanitize the phone.

@Account Closed

I would be OK with buying the home as long as the repairs were done by a certified professional.   I would also want to read through the warranty.  Many times:

1) the reimbursement will only cover the cost of the materials and not the labor to install them.

2) the company will have many requirements to be met (i.e., method of installation, you must purchase the material before 3 p.m. on a Tuesday, etc.)

We have a PM company for our units, but my husband does all the maintenance/repairs.  The main reason we don't disclose to our tenants is that they are much more relaxed around the handyman, so he gets a really good idea about how well they are taking care of our place.  He also finds out how happy they are in the place, without it being a bitc# session to the owner.

@William Boudle ~

Truth is, it is kind of a toss up.  It will depend on how it is zoned (just like @Brie Schmidt said), the lender guidelines and the individual underwriter making a decision on the file.  Keep in mind that how the appraiser writes it up and the comps they use will affect the comps they use and, therefore, your value.

The agent at your lender should have the best answer for you.  

An agent that works for a mortgage broker will have access to different lenders.  They will contact the lenders and get the answers needed to package your loan correctly BEFORE it gets to the underwriters desk.  

@David Oberlander I appreciate how you are handling this with a sense of humor and think you did the right thing by posting notice(s).  The "Found out my tenants aren't being honest with me, so now I am going to partner with them" line of thinking doesn't really make sense to me.

Hi @Matthew Renz,

Just some things I would consider looking to invest out of state:

1.  Being new, someone is better off working with a company such as @Steve Rozenberg's  that has an already proven successful system in place in working with people from out of state (you don't get to that 50% by charm alone).  They will communicate with me effectively.

2.  Find someone that you feel comfortable talking with that will take their time answering any questions that arise, that explains things in a manner that you understand.  My PM "dumbs down" the conversation to explain a repair issue for me, but can just text a picture to my husband (but he knows the best way to talk to us both).

3.  I don't have a grand understanding of construction, so it is a huge help if my PM does.  If the plumber explains a problem to a PM that doesn't understand what they are saying, I can't be sure my investment is being taken care of correctly.

4.  Make sure you and your PM are on the same page as far as level of repairs.  We made the decision that we will not rent out a house that we would not be proud to live in.  It costs us a bit more money, but that what feels right for us.  Additionally, my husband is VERY anal about the right way to do repairs (not a widespread view in this area); therefore, what might be acceptable to others is not with us.....my PM gets that now.

5.  Still educate yourself on the laws for the state where you invest.  This will give you the right questions to ask of any PM you interview.

Hope that helps!

Good suggestion, @Mark Nolan.  Will do!

Thanks @Account Closed and a BIG congrats on getting engaged.  That is  a really fun time in a relationship.  You are correct that the geography of California made it difficult to leave, but the politicians made it easy.  That being said, my husband does kinda sorta hold me responsible for the humidity......and anytime it rains.

@Cecelia Redmondand WELCOME to you as well!

@Michael Simler great idea, thanks for the tip.  One (very large) group that I am not sure gets that much attention in Marin are the local police and firefighters.  They make very good money (especially in overtime) and have a great retirement package.  The newer recruits (before wife and kids) and those getting ready to retire often have excess funds and are looking for ways to increase it.