All Forum Posts by: Erin Margaret

After I did a background check, credit check, called every reference possible, and met with her twice I chose a lady who was new to the area but had a great job and fantastic references. After her second month paying rent she started paying weird in weird amounts that didn't quite add up to the total 1400. Turns out when I said she pays utilities she thought that meant water and electric. She didn't want to pay for the portion of the electric bill that said "fuel surcharge" or "processing" because those weren't utilities.

Can you get good semi pro pics taken and just hand them to your realtor on a cd when he walks in the door? Slightly off topic. Are those handles in the center of your kitchen doors? Is that a new trend I have never seen before?

I pretty much exclusively deal with historic buildings. Sometimes commercial some times homes but all that are eligible for the historic registry, some things to consider: 1. Knob and tube wiring, in Wisconsin if you don't open any walls you don't have to bring the wiring up to code, but if you open the wall (including taking down lath and plaster to insulate) then you need to update the wires. Honestly it should be done anyways bit can be a pain, check out your codes 2. Wood work. Save it. Save all of it. People don't buy character homes because they look like modern flips, they buy them for the character. And when it had character they will pay accordingly. Which means NO to modern box kitchen... 3. Original single pane windows with hardwood frames and custom wooden storms outfitted with spring bronze are equally as efficient as double pane vinyl inserts and completely worth saving because they will last 200 years instead of 20. (People get all up in arms on this one defending thei vinyl but do some research. Reglazing Windows is easy and many small town hardware stores will do it cheap around here. 4. Foundations. It is likely your building has settled. Who cares, at that age if the foundation is intact do not mess with it, it has had 200 years to settle the likely hood of it shifting more is minimal. Adjust joists accordingly. However if your foundation hasn't been cared for and is falling apart you are probably screwed. 5. There are some great books on this matter, check out the craftsmen blog, and a book called 'living in the past'. I refuse to deal with anything newer than 1920 because in my experience the quality isn't there.

I would need a little more info about price/rent/tax etc. but an investment is an investment and as long as it puts money in your pocket that is the important part. I currently own two 30k houses. One a complete gut job which will be a 180k house and one that will never be more than 50 but the rent is exceptional. Nothing wrong with having a couple small investments if you know they are safe and stable.

It seems slightly fishy, but I do understand their reasoning. I would mainly be concerned with rent amounts, major repairs, and tax/insurance amounts. You can get these in other ways than seeing all of their books. Signed leases, tax statements, repair invoices, then check comps

I don't know much about the Detroit area, but I think as long as you can afford the payments and don't mind living there for a while it sounds like a fine idea. I would ask my self these questions: What does the average 3 bed in this condition rent for? Are there any small improvements you could make to increase that rent? Will the rent price (minus insurance and taxes) be enough to cover all or most of the payment? (At least enough for it to not be a burden in the worst case scenario ) Will the property stay at its current value or increase in value over the next few years?

Good work lady! Our stories are similar I am just a few months behind. Offer accepted on my first place last week and I can't wait to get the ball rolling! I feel like being a single mom is less a hindrance than it is a huge motivator. I NEED to make sure we have some sort of passive income set up Incase something happens. Kids still need to eat!

good point David! I never would have thought about dark paint doing that. I'll probably stick with a light color anyway the yard is heavily shaded and I would hate for it to look too drab. Going to rent a pressure washer and try bondo first to see how much can be repaired. I might stick with white, or a light blue 

thanks for all the input guys! I thought it might be harder to keep the metal looking nice between tenants but you have convinced me to paint it. mich cheaper in the long run. 

I just aquired this little gem of a 2 bedroom. It is structurally sound but dated. While it obviously is in need of some curb appeal and updates I plan for it to be a BRRRR long term and have questions for seasoned landlords about siding.

The siding is currently metal and its white factory finish has become a bit chalky. I know I can pressure wash/prime/paint to get rid of that but I am wondering if I should just replace it straight away if it is going to be a rental. I have no experience with metal siding but I know it is prone to dings and dents if not treated with care. 

From a cost standpoint I would much rather just paint it. Does anyone have experience with metal siding on a rental? Worth painting or just replace? 

(Also interested if anyone wants to offer curb appeal ideas)