All Forum Posts by: Jacob Beg

Hi All-

I am rehabbing a place with limited budget and in two minds about whether to rent or sell the property. 

Whether I sell or rent, would you change an old countertop? Cover it with paper? or any other suggestions? Aesthetically, it is not attractive at all. 

@Chris Seveney this is in pikesville, Md. 

If all the items you mentioned are included -painting of windows, ceilings etc., does this sound reasonable? 

I think it should be about 20% less than what is being quoted. I thought the installation of floor is a bit steep at 2.50 per sq ft. But I have not gotten it done in some time. 

@Bjorn Ahlblad that’s labor only. Materials will be paid at cost so no mark up. 

Hi All-

Trying to get the house rent ready and this is what I have been quoted-Any thoughts whether this is reasonable for "Labor" only.

I would think that 1700 sq ft house can be painted by two people in 4 days. Paying $35*2 =$70 per hour cost for two painters and 8 hours work mean 560 per day. If completed in 4 days it should be $2240. By the way, $35 per hour was suggested by him when we first started talking.

I figured it will take no more than 2 days for LVP installation at the same rate so should be 1120. He is charging an additional 1200 demo for removing flooring etc.

Any thoughts? 

Here is the quote:

painting, apprx. 1700Sq ft., walls, ceilings and trim, 3,400.00

Drywall repair(320 will be subtracted from this total if approved as it is on
another invoice) 1,200.00

demo out and clean property, inside and outside including power washing of
siding and deck.

1,200.00

install 650 square feet of LVP, $2.50 sq ft 1,675.00
cleaning bath tubs and showers. 275.00
prepping and painting and sanding kitchen cabinets, and changing cabinet
hardware, and repairing holes and broken drawer

925.00

TOTAL $8,675.00

I have been looking up garnishment rules and it appears that neither the social security benefits nor the VA benefits are "garnishable" by creditors such as landlords seeking to collect past due rent.

Effectively, these benefits are beyond the reach of creditors. While many states prohibit discrimination based upon “source of income”, meaning one may not decline section 8, social security or Va benefit recipients solely due to the source of payment, this is an interesting read nevertheless. 

In my case, my attention is focused on the eviction and extremely poor credit and now that I’ve examined the credit history I am leaning towards refusing the enticing offer of a year’s worth rent up front and decline the app. 

In areas like FL or other locations where there is a large portion of renters are reviewing SS benefits, or where the primary source of income is SS, how are others dealing with issue of enforcement of rent if there is a rent arrear? 

Thank you all for the quality input. 

@Kevin Baker appreciate the referral to the calculator. I have yet to look at her benefit statement since she is apparently receiving 130% of the benefit which appear to be some sort of special payment in excess of the regular or usual benefit. 

I rented to someone about three years ago, his bankruptcy was two years old but he paid up a year’s worth of rent up front and it’s been going good so far.

This is always a tough call because I do make individual choices as I manage my own portfolio etc. My real concern is what if she loses her disability benefit or a portion of it, that’s majority of her income. 

I couldn’t find eviction on her records, she volunteered that information. For me, that was indicative of being honest. I’ve had many prospects who lie or just hope nothing comes up including a guy claiming to make 200k a year from self employment, but when asked for two months security deposit he wondered if we accept section 8 vouchers because his wife receives benefits. 

I haven’t had many inquiries for this property and the year up front does sound enticing. If this sits for another month, I would need to start thinking about selling while the Tale end of the summer is still here. 

Hi All- The tenant was evicted in 2018, she says she fell I’ll buy repaid the arrears. I will be confirm that. 

For past three years, she is staying with relatives. He credit score is marginal. 

She has social sec income of 2200 per month and VA disability income of 5100 per month.

Willing to pay one years rent up front. Monthly rent is 1950 per month. 

My rent is about 200 higher than the market but it’s been updated/rehabbed. 

Any thoughts?