All Forum Posts by: David Cook

Thanks for all the replies.  Much appreciated.  Over the many years I've owned this place, I've only once deducted minimally from the security deposit because a tenant left an extreme mess.  I wanted opinions because I don't want to do myself a disservice as I can be an overly attentive landlord and like my tenants to be happy. 

 I've had several floor guys tell me this is the floor can't take another sanding..because the floorboards start to crack as they've been thinned from multiple sandings...it's also pine.  I like the screening idea.  Replacing the flooring may be the move.  Because of the neighborhood and the historic appeal of the house & apartment, LVP could diminish the appeal, believe it or or not.  I'm kind of a purist, but I'm hesitant to put in an all new floor (pull up the old ones, level the new wood flooring on the beams) because A) It's expensive B) it's a loud, big job and I have tenants on the floor below.  The tenant in question moves out in June, I'll update you all on the final outcome.  Thanks!

Hi All, 

I rented out an apartment about 4 years ago in Brooklyn.  Great tenant - no qualms.  She has two cats.  She's moving out in June.  When visiting the apartment for maintenance, I've noticed her cat's claws have scratched up the wood floors.  The wood floors were sanded and poly'd before she moved in and they've been sanded so many times over the years, the boards won't hold up to another sanding, even though the scratches aren't deep.  I think it's fair to say it's beyond normal wear and tear, but I'm not sure how much is fair to say "I'm going to have to deal with this somehow, and because of the scratches I'm deducting x."  I'm going to have a floor guy take a look to be sure, but let's assume I can't re-sand and I'll either have to put new flooring over the old original floors or just tell the next prospective tenant, that's how the floors will be, which lowers the appeal of a very rentable apartment.   Thoughts?

Aloha, Richard, 

They do have renters insurance. 

Joe V - I did nothing to cause the leak.  I actually pay the gas bill on the first floor as it's attached to the heat for the whole building.  The top 2 pay their own

Think I'll leave it alone and if it comes up refer to the renter's insurance. Thanks for weighing in
 

Hi Nick, 

That's kind of where my instincts lie tbh.  thanks for weighing in!

David

Had a gas leak in my 3 unit building starting this past Labor Day am.  Nat Grid shut it down.  Plumber fixed it and Nat Grid (because of constant pushing from me and my tenants) came out and turned the gas on 5 days later after the shut down.  Not knowing how long this would go on, I initially offered to pay for any food orders & provided a hot plate for those who wanted it.  I like and have a good relationship with all my tenants...I'm an extremely attentive landlord and want to do what's right. Should I offer a decrease in rent based on not having hot water and stove/oven, and in one apt their dryer, capabilities for 5 days?   Thanks for any thoughts

Hey Ben, 

I bought a long time ago in Brooklyn. 

Thanks, @Chris Seveney & @Dave Foster

Dave - in your first scenario, when do you buy the first lake house? Am I correct that you're saying buy a smaller townhome for 1.3, a second property for $400K then a 3rd for $500K, with $100K down...where does the lake house come in?

The DST I understand at least in theory. But I think I'm missing something with scenario 1.

Thanks for your input - much appreciated!

David

I have a house worth approx 2.3 million with a $450k mortgage.  It’s a nice townhouse with 3 units.  I rent out all 3 after house hacking years ago.  I now rent my own living space nearby.  (Didn’t buy my own primary - long story - dealing with the here & now) 

I’d like to keep the rental townhouse & buy a lake house which will cost around 1-1.3.

I’m thinking of moving back into one of the townhouse units, and getting a heloc to buy the lake house. Or refi and buy a lake house. 

Long shot theory - 1031 the townhouse and buy two lakehouses with cash, renting out both, until I covert one into my primary. That seems fraught with risk though - lake house inventory is low and I would be on the 1031 deadline.

Any thoughts/suggestions will be welcome!

Thanks!

Update -  I"ve been pre-approved for a mortgage to buy the home outright.  Problem is, I need a bridge loan.  The reason I need a bridge loan is I have to buy the house from the estate first...before the inheritance is distributed in equal 3rds to me & my 2 siblings.  I don't have almost $800k on hand, so I need a bridge loan of some kind. Then, I'd refinance that loan with a conventional loan, paying off the bridge and putting my 1/3 inheritance as a down payment on the conventional loan.  Does anyone have advice on how to obtain & quickly pay off a super short term loan?  Is there such a thing?  I can't carry the bridge loan & the conventional mortgage.  This is all about sequencing, as the inheritance is rightfully tax free (in this case). I'm close to just agreeing to sell, which ain't bad all things considered, but I will miss my lake escape something awful

@Scott Ashworth Thanks again!  I will let you know how it proceeds