All Forum Posts by: Donna Salmiery

Thank you. 

I closed on a townhouse on 3/18. I had a home inspection done on 2/11 and there were some issues that were fixed, but the report mentioned no issues with pipe that goes to the outside faucet. The tenant moved in 4/1 and when he turned the main water valve on (there are 2 valves), he could hear water "gushing in the walls" He turned that valve off and still had water by the other valve (sorry for my complete lack of knowledge on this). I called a plumber 4/4 and he went right out and there was a broken pipe leading to the outside faucet which he said it appeared had froze and broke. I called the water company today (4/14) to make sure the tenant had switched the water to his name, and they told me my final bill for the time period since 3/18 (not sure the exact date tenant switched over), but it is less than one month is $1175!! I asked the plumber if there was any way to tell how long it had been broken, ie. corrosion, and he said no. He said it would be something the home inspector definitely should have caught. So it may have happened AFTER my inspection. But here is the thing: I had gotten a bill for 3/18-3/21 and it was for $134 (water and sewer), so that tells me that the leak was already there 3/18, right? I didn't ask the seller what the usual water bill was (mistake). So do I have any recourse anywhere? If there was a problem and the seller knew, do they have to disclose? How could I know if it was there and the inspector may have missed it? Would my owner's insurance cover? The plumber bill was only $100. Thanks for any advice for this newbie landlord!

Welcome! That is great that there is a real estate investor meeting in your area as Dawn said. It is a fantastic way to meet people and learn. I went to one and stood around feeling awkward and then I finally just walked up to people and started introducing myself. It gets easier though!

Welcome to BP! - there is a wealth of information on here! Check out the education link at the top, lot's of useful information and tools.

@Troy Fisher - I don't know how to respond private message, if there is a way. I have a TSP (government 401k) and I move it around in the different classes such as the G fund, C fund, etc. My hesitation to a self-directed IRA is I don't know the different funds to move the money around in. That may sound dumb, but many of the funds lose a lot!

@Tony Sessa The bank may let you borrow as much as 80% of that equity. Just remember there will be costs other than the down payment. I just closed on my first deal and the closing costs were more than they quoted, there was transfer stamps because the state was VA. I had to pay ahead home insurance, there was the appraisal fee, the home inspection, putting electric and water in my name until we place a tenant. Will the duplex need any repairs? I would speak to the bank and see what their terms are: how much do they want down, can they estimate closing costs. And shop around, I found a huge difference between what banks offered. I borrowed against my 401K to get started with my down payment. As long as you can comfortably pay back the HELOC, it is a way to get started.

Congratulations!!!

Thank you @Account Closed. I will look into that for sure!

Thank you @Dmitriy Fomichenko We are excited!

 @Ned Carey - that is exactly what my husband said. It's worth a few hundred to protect $100k. I do tend to not see the forest for the trees sometimes. LOL