All Forum Posts by: Joe Edwards-Hoff

Im pretty sure I know the answer, but if I did get no for an answer, we'd still be on for the original accepted offer, correct?

Hey all,

So I have been reading around lately looking for advice on what "things" to put into a rental. I don't even know how to classify what I am looking for, so it made my searches much more narrow than what I wanted. Anyway, I titled this post so that hopefully we'll get some good responses and that it will be of use to people like myself.

My main question-

If you own a property that you are renting out and you plan to hold it for a long period of time, what tricks have you learned when it comes to- replacing flooring, appliances, paint, siding, roofing, everything?

I ask this because my wife and I are moving into our house, which we plan to rent out in a couple years, and it needs a good amount of cosmetic work. As we research what we want to put in, I have my end game in mind. I want to put in stuff that lasts. I've read a few good threads where people were discussing flooring. I heard everything from painting hardwood floors and installing commercial carpet with no pad, to tile, hardwood, etc. Personally, I was looking at loose lay vinyl for my kitchen and bathrooms, but the idea of tile looked good too.

Anyway, the way I see it is that for a rental, we want stuff that will last and will not get ruined easily OR something that we just can replace cheaply/easily if we assume it will get ruined. I know that my last landlord was the cheapest guy he could be, but sometimes I felt that it may have hurt him more than helped since the stuff he replaced didn't last, or even the fact that if he made the place nicer he would attract better tenants.

I have managed 1 SFR for the past 4 years, but other than that small amount of experience, I'd like to hear what everyone else has to say. Any tips or tricks that you have picked up would be greatly appreciated. Even brand names of materials you've used. Colors for paint, or how to get it cheap. Best type of flooring. Thoughts on the best type of roofing or siding. Appliances? I vote no on disposals. I worked at an college apartment complex once and spent half my summer pulling broken shot glasses out of the disposal.

Your thoughts are appreciated!

Alright, well thanks for all of the good information. Right now my ambitions are not gigantic. I hope to accumulate a few properties to buy and hold and rent out. I am in the process of buying my first home to move into. I've got my PITI set a little bit below what the rental value of the house is. More importantly, my wife has a washer and dryer. ;o)

Anyway, I'm already thinking about my next move. I hope to perhaps buy one more temporary house after this one and then finally move into a place to settle down for good. To make room for more kids, I plan to look for a 4 bed house for my next purchase, though still one that meets my criteria for a good rental. I guess between now and then I just need to get my DTI ratio lined up so that I could carry both mortgages. Which won't be hard since my wife will be done with school soon.

Thanks again!

I am not to worry about the money. I just wanted to know for future reference...

Curious, I just got my first house and I was looking back on the current lease I was in. One the lease I signed there is a $150 portion of my $300 security deposit that was deemed a non refundable carpet cleaning fee. Now, I signed this, and will msot likely end up paying it, but I am curious as to the "legitness" of the fee. Carpet cleaning for my place(which I don't think was done before I moved in) shouldn't be more than $75.

Any thoughts? In Kittitas County Washington.

Could you define "bigger"? Sq ft? # of B&B? Value? Just curious...

Agreed Jon, thanks.

I'm just trying to do what little I can to help my wife and I get ahead. this is our first home and right now she is finishing school and I am a school teacher, so every little bit helps. ;-)

Hello all,

I have a pretty simple question. If I own a single home, and would like to move into another and rent the one I am in, is there any way to count the future rental income on my DTI? Or will that only work when I am theoretically moving from home 2 to 3 and then I can count the income from home #1?

Well, they had the toilet replaced, so that is why I had the question about them fixing it. A lowered price would be just as good in my opinion.

I agree that some of the things were visible when I put my offer in. The list above is just part of an email the inspector gave me.

Do you think I could make a case for a lowered price on points 3, maybe 5 and 7?

3- The doogy door got kicked in since I made my offer, which is an apparent security issue.

5- I wasn't able to see the water heater when I made te offer. This isn't a hill I'm ready to die on, but I didn't know if it was worth attempting to negotiate over.

7. I didn't test the heater in the bathroom, inspector said it is broken.

Anyway, I am mainly inquiring with you guys because I've never been involved with an REO, so I don't know if it is worth trying to negotiate over these things. Obviously every little bit will help me and my family with this deal. At the same time, I don't even know if by bringing these things up if it could possibly cause problems? Since we have an accepted offer, if I propose a price alteration due to these problems, can they back out? I'm happy to pay the price we have agreed on, but again if I could get it lower, I would like to.

Alright, my $96 counter offer was accepted. My new questions is this, being a REO (owned by Chase it turns out) what of the following items do you think I might be able to request them to fix? I know on a privately owned home I might have more pull, but I am not sure with an REO what the bank would be willing to do. They already had replaced a toilet, so I know that they are willing to do a little work. Here is the list the inspector noted (not including some cosmetic items)-

1. Front entry step cracked due to ground settling.

2. Missing gutters and downspouts on home.

3. Back entry door with large dog door installed, security and heat loss issue. (Since the house was listed, and I first saw it, the dog door was kicked in by someone)

4. Some electrical outlets miswired. Ground issues mainly, broken outlets need replacement.

5. Water heater installed 1987 with no temperature/pressure relief valve and drain line.

6. Missing heat vent registers.

7. Bathroom baseboard heater doesn't work.

8. No handrail along staircase.

Would the bank offer to fix any of these? Is it worth trying? I know that there are other people lined up to put an offer on this place...