All Forum Posts by: Rick L.

Thanks for the responses!  Unfortunately, it's smack dab in the middle of the kitchen.  The kitchen is a higher end kitchen with stainless steal appliances and granite countertops too.

The tile was installed before I purchased the place and there were no spare tiles.  It appears to be a basic travetine tile pattern that's carried at Home Depot. 

My tenant supposedly dropped a wine bottle cracking two tiles in the kitchen floor.  The tile contractor that I've worked with in the past evaluated the damaged.  He said the damaged tiles could be replaced easily and cheaply...HOWEVER, the tile pattern is no longer available and has been discontinued. 

I plan on searching around and seeing if any local tile stores can help me locate any available tiles.  But, if I cannot find the spare tiles what do you recommend I do?

The tenant has taken full responsibility for the repairs, but I can't see her paying $800-900 to redo the whole tile flooring.  Any suggestions would be greatly appreciated!

I supposedly have an individual interested in renting one of my apartments.  The catch 22 is that he is from the United Kingdom.  Does the application process, credit check, etc work any differently because he is a foreigner?  

Call me paranoid, but I'm a little suspicious and want to cover all my bases.

You can also use a technique called "Equity Stripping" to remove equity out of an investment property.  Making it less desirable for creditors to pursue.

http://www.investopedia.com/terms/e/equity-stripping.asp

However, as others have noted. You only really need one LLC with proper insurance coverage to sleep well at night.

One of the most difficult issues for me has been getting comfortable utilizing leverage and debt to acquire investment properties.  I don't have a leverage limit, but I'm always trying to maintain a level of preparedness.

We've been fortunate enough the past 5+ years to see the rental market stabilize and even strengthen in certain areas.  That being said, RE investors should always be planning and preparing prudently for what-if scenarios.  Maintain at least 6-month of cash reserves to cover expenses and review your insurance liability coverage to confirm you are adequately covered from a liability risk event.

Just like the Federal Bank stress tests that gauged how well prepared the large US banks were to another recession/depression.  An investor should consider worse case scenarios that involve vacancy/credit loss due to delinquent residents or structural losses on a property.

Also, have a plan A, B, and C so you're able to adjust and adapt to changing market environments.  That may mean decreasing rent to attract tenants on a vacant unit, eviction, or selling the property below market valuation to raise cash.

With my beloved city getting so much bad press lately.  I thought I would post this article that shows how St. Louis is a great place to live!

Three of America's 25 Wealthiest Suburbs Are in St. Louis

http://blogs.riverfronttimes.com/dailyrft/2014/12/three_of_americas_25_wealthiest_suburbs_are_in_st_louis.php

Not every St. Louis suburb is Ferguson.

After four months with the national spotlight on Ferguson, a racially diverse, middle- to lower-class suburb, the town's name has become interchangeable with St. Louis as a whole.

"Ferguson has become synonymous with St. Louis, and St. Louis with Ferguson," the St. Louis Economic Development Partnership wrote in a September letter to the St. Louis County Council. Chief executive Denny Coleman was outlining how tens of thousands of negative news stories about Ferguson were affecting the entire region. "These two names have been used interchangeably, and it has had an immediate effect on economic development efforts."

study: Town & Country, Ladue and Frontenac.

See also: New Study Lists 10 Suburbs to Move to Because St. Louis Has "Bad Reputation"

Business Insider analyzed demographic information from suburbs nationwide for a list of the 50 best suburbs in America. (One St. Louis County suburb, Ballwin, was ranked at No. 46.)

In order to build its list of the wealthiest suburbs, Business Insider ranked the suburbs by median household income per the 2008-2012 U.S. Census Bureau American Community Survey Estimates.

Town & Country came in at No. 12 with a median household income of $176,563. Ladue and Frontenac ranked No. 20 and No. 21, respectively, with median incomes above $160,000.

Missouri's average median household income is $47,000, well above Ferguson's $37,000, according to census data.

See also: Ballwin Named the 9th Safest City in America

Only St. Louis and Dallas landed three suburbs in the list of the 25 wealthiest. (Cities within 25 miles of a metropolitan area, such as St. Louis, were considered, so isolated wealthy idylls like Greenwich, Connecticut, didn't make the cut.)

The St. Louis region is also home to two suburbs that are the "best value," according toBusiness Insider's analysis of housing affordability and school ratings. Ballwin ranked No. 22 for its strong schools and lower-cost housing, and Edwardsville, Illinois, ranked No. 13.

Follow Lindsay Toler on Twitter at @StLouisLindsay. E-mail the author at[email protected].

Thanks for the suggestions.  I'm not replacing the cabinets. The only change I plan on making is to hopefully insert a dishwasher with minimal disruption and decent cosmetic results.

I'm currently in the process of updating a unit in a duplex I recently purchased.  In order to update the kitchen and make it more appealing to renters in my area I plan on inserting a dishwasher.

However, my contractor and I cannot seem to figure how/where to place the dishwasher.  All of the cabinets are 18" and the dishwasher is 24".  I could always purchase a 18"wide dishwasher, but they retail for around $600.  

I've taken pictures the the current kitchen configuration.  There is a countertop gas grill and the gas line runs below the grill into the cabinets.  I would appreciate any ideas or suggestions!  

Thanks for the explanation guys.