All Forum Posts by: Dana Powell

Quote from @Colleen F.:

@Dana Powell   Benjamin Moore and Sherwin Williams are both good quality paint.    Is there something else the 40k guy was doing besides radiators?  Exterior? Plastering?  If the jobs are the same the cheaper guy is probably fine.  Why do you want to paint the radiators?  

Radiators need to be cleaned and they have been drawn on or spilled stuff on, can't remember right now, but against brand new painted walls, they would stand out in a bad way.  I decided on cheaper female and her partner.

Quote from @Jaron Walling:

@Dana Powell Semi-gloss is easier to clean than eggshell. Make sure they use flat white paint for the ceilings (no shadows or glare). $7k is a great price for that house!

I thought semigloss was easier too!  I had it all over the house once, but IIRC there was glare and it looked rather harsh.  My best friend is moving into the house alone; her son will reside there during summers home from college.  Do you think the eggshell or flat will be OK in those circumstances? She will stay at least a year, but I am hoping for longer.

Quote from @Jaron Walling:

@Dana Powell My mom runs a small painting company. If you're painting a rental buy the cheap stuff and make sure it's semi-gloss. Keep the paint codes handy and paint everything to the same standard. Define you're level of quality and repeat. Personally we avoid the "blow and go" contractors. They like it spray everything and get over-spray everywhere. Ask questions about the application and taping. It's the labor details that cost you, NOT the materials. We don't splurge on expensive materials unless you're remodeling and flipping the property. 

 Sèmi-gloss even in living room and bedrooms? What is the reasoning? That $40k painter said he would do eggshell, IIRC because he thinks it is easier to clean. I plan to be there every day. I am going with the $7,000 painters. There will be 2 workers and they say it will take them 3 or 4 days to prep and paint 1400 sq ft house

Quote from @Jaron Walling:

@Dana Powell My mom runs a small painting company. If you're painting a rental buy the cheap stuff and make sure it's semi-gloss. Keep the paint codes handy and paint everything to the same standard. Define you're level of quality and repeat. Personally we avoid the "blow and go" contractors. They like it spray everything and get over-spray everywhere. Ask questions about the application and taping. It's the labor details that cost you, NOT the materials. We don't splurge on expensive materials unless you're remodeling and flipping the property. 

 Sèmi-gloss even in living room and bedrooms?  What is the reasoning? That $40k painter said he would do eggshell, IIRC because he thinks it is easier to clean. I plan to be there every day.  I am going with the $7,000 painters. There will be 2 workers and they say it will take them 3 or 4 days to  prep and paint 1400 sq ft house.

Quote from @Nathan Gesner:

Quote from @Dana Powell:

I would keep shopping. I wouldn't even pay that much for my own house. I painted my place myself using Sherwin Williams paint and it still looks like new after eight years.

Quote from @Jaron Walling:

$40,000?! The contractor was clearly joking on that price. You can remodel the entire property in our market for less. 

I factored in that DC market is significantly higher than in most of the US, but I definitely hear you.

Quote from @Nathan Gesner:

Quote from @Dana Powell:

It's easy for him to say "only touchup paint for 20 years" when he knows you won't come after him for it! He's only warranting for two years.

I wouldn't pay $40,000 to paint the entire interior and exterior! $7,000 is a reasonable rate for a good job with quality paint that will last 7+ years.

 Actually,  $7,000 is what the p/t painter quoted--I hadn't asked her to price the radiators, so in my post I rounded up to $10,000 to include them and other incidentals.  Do you think BM Regal paint is too expensive for rental?  I've read The Aura is tricky if one doesn't follow its exact instructions. 

Extensive drywall repair needed in over 1/3 of this 4BR/2BA in Washington,DC. Price includes partial cleaning and then painting of 8 radiators.  Contractor's painters are employees with 10-20 yrs tenure with company.   He uses Benjamin Moore Aura paint.  2 year warranty. He says I would onoyy have to minor touches for next 20 years.  Is it worth it when a p/t painter  will do the same for S10,000 using Sherwin Williams paint?  This painter previously corrected a poor drywall installation of 2 walls and painted with Sherwin Williams small drywall, which looked  good to my untrained eye.  

Current tenant will take good care of property, and paint job for next 2 years, after which I will rent to college students.  

Recommendations?

@Rick Albert I agree about CPA consultation.  Thanks!

Quote from @Jason Wray:

Quote from @Dana Powell:

Quote from @Rick Albert:

The better option is for the Seller to pay your closing costs. As already mentioned, unless the Seller is direct family, gifting equity doesn't really work. 

Double check with the lender, but here are a couple of options:

1. Could the Seller just pay some of the vendors through the net proceeds? Less money out of your pocket.

2. DSCR loans can be expensive because of points, etc. Have the Seller pay it.

 @Jason Wray and @Rick Albert, a friend of mine would like to use a DSCR loan to purchase her mother-in-law's house as an investment property. The MIL has owned the property for 4 years and there is no mortgage (purchased in cash by her grandson; I raise this to you in case there are capital gains implications for MIL and DIL when the latter sells). Is the DIL considered to be "direct family," and if so, could the MIL gift her enough money for the down payment and closing costs? If it makes a difference, the DIL could purchase in her name or in her construction company's LLC name. TIA!

The only way to do that is if you used it as a "Gift of Equity" but it would have to be for a Primary residence not a DSCR. DSCR is for invetment only.

 @Jason Wray and @Rick Albert, thank you for your responses.  How can a direct line be drawn between the MIL's gift 3 months prior to DIL purchasing MIL's property?  Technically, what's happening is that the MIL is selling her residence and giving all of her children a portion of the proceeds, to do with as they will. It just so happens that rather than buying a car and paying for a family vacation, the DIL is going to purchase an investment property 3 months after receiving her gift, albeit it from MIL.  Would this not be acceptable?