All Forum Posts by: David Napier

Hello BP, we are looking at buying a older duplex (1964).  It very well may have some lead based paint in it still. As far as renting it, do I need to verify (test) if it does or not. Our concern is if we don't, can a tenant possibly sue us over it down the road?  

Also while we are on the topic of lawsuits, what if there is a crack in the walkway and a tenant trips on it and breaks a leg, can they sue?

Unfortunately a new light fixture isn't going to change much, it will need to be gutted once he moves out. In the mean time I'll just wear gloves when I go over there!

Thanks Kenny, $ is what it is all about! 

One side of the duplex is not bad, but the other side is horrible living conditions. If the tenant is ok with the condition, than I guess I shouldn't worry about it. 

So if I leave it as is I cash flow $650 between the two units. If I rehab and rent at market value, then I cash flow about $800. Rental market is very strong. 

Thanks for your replies!

I'm leaning towards leaving it be for now.

Don't rock the boat.

Hello BP, I'm looking at buying a duplex. The duplex is in need of updating and maintenance, but has tenants in place right now that are wanting to stay. With the rent they are paying right now the cash flow and ROI is great. So I could buy and change nothing, because the 2 tenants are happy with the way it is and have a great cash flow or I could buy and evict them, remodel and get even a little better cash flow. Not sure what to do.

I am also debating on whether to allow pets or not. I understand damage that they can cause which I'm not too concerned with, however I'm not real sure on laws as far as if a dog were to attack somebody is just the owner of the dog liable or can the landlord of the rental property be liable also?

Hello BP, I'm looking for my first deal (buy and hold) and I having been looking at Cheyenne WY. Just checking if anyone is currently renting in that market? Trying to find out how the rental market is there.

Hello BP, I'm looking to purchase my first investment property. My plan is to refinance primary mortgage to fund the investment property. Currently my primary mortgage PITI is $1200, after refinancing my PITI will be $2100. TI on investment property will be$350, rent will be$1750 a month. So currently I am paying$1200 a month out of pocket, after investment purchase I will be paying$700 out of pocket. Which gives me$500 a month cash flow.

Am I looking at this correctly or is there something I'm missing? Any advice would be appreciated.

Thanks for the input Brian, I have been leaning towards a Heloc. We both have very secure jobs and we do have more cash on hand for reserves. I was looking at the refi option because the amount I can get for rent would just about cover the new mortgage on our primary, leaving us almost no money out of pocket for living. Which would save us about $900 a month. However I do need to factor in the closing costs. And if we needed more money for another investment we could always get a Heloc on the rental that we would own outright.

Thoughts?

I'm trying to decide the best way to finance our first real estate investment. Looking to buy a SFH in the $250,000-$300,000 range. We have excellent credit, $30,000 in cash and our currant home has about $400,000 in equity. Can't decide if we should refi our home and pay for the rental in full, or get a conventional loan on rental and put down our cash plus take some money out of our home in a HELOC or equity loan???

Any help with this would be appreciated! 

Thanks