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All Forum Posts by: James Barnhart

James Barnhart has started 10 posts and replied 212 times.

Post: Wells Fargo is such a disaster

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

Why not try your local credit union? We got a HELOC from a credit union, with a great rate and minimal fees to close.

Or, call your local small community bank, not the big impersonal banks.  We have a great relationship with a small local bank.

Post: Best Flooring for Value-Add

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

I also suggest you consider luxury vinyl planks.  They will never be damaged by spilling water, etc. on them.  

I bought quite a bit from one of the big home improvement stores for our home and my wife and I love it.  It looks like wood, but is more durable.  I installed it myself because I am now retired and have the time.  I think it cost about $2.78 sq. ft.  I used a little less costly product in a rental home.  

Post: Tenant Possibly lied on rental application?

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

I would consider another applicant and see if they look better to you.  If not, and you are comfortable with the first applicant, maybe so.  I would be concerned myself because you think they are not truthful.

And, I always rent month to month to everybody.  That way, if there is an issue, I give them a 30 notice.  (like the woman that got a snake)  And, I don't trap the tenant if their life situation changes, and they need to move, they just give me a 30 day notice.  I always have several rent applicants every time I have a vacancy.  (And, now I have wording in the rental agreement that says, no reptiles in the rental home.)  The tenants like being month to month and I treat them well.

Post: Housing Bubble? Hard Finding Deals? What's Your Market Like?

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

Ryan, here is central Florida, the smaller size homes have gone up a LOT in the past year.  Prices were about $80 sq. ft., but now are in the $120 range.  These older houses need work and are not worth it to us as investors.   My wife and I think that the area wages cannot support a much higher price than we have now.  So, we don't want to get burnt when the next crash happens.  The increase in interest rates will help that, I hope.  We will stay on the sidelines for now, but keep looking, and are ready to pounce when the prices drop.  We see new homes that are 1400 sq. ft, listed for $170,000.  That's crazy for this area.  But, rents have risen a lot too, which helps us with what we already own.

Post: The Best Kept Secret For Bidding On HUD Homes

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

I appreciate the info you have posted here on buying HUD homes. But, they are still priced way too high. How do you deal with that?

As an example, we looked at a HUD home today that was $102k. It is in a decent neighborhood and I wanted to buy it for 90% until I looked at it. It was not maintained, and would require about $30k to get it into good shape. (roof, well, tree roots raising the A/C unit at a 20 degree angle, soft, uneven floors under carpet, etc.) Every HUD home I look at is in poor condition. I told the Realtor that I would pay $65k for it and she said they would not accept that. So, how can we buy HUD homes and still make some money? The HUD administration people never see the houses and don't seem to understand that the prices are too high.

Post: How Much Down Payment for Turn Key Real Estate

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

LOL  What a great analogy, Wade.  I like your humor.

Post: BRRRR - To Install or NOT to install ductless AC?

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

Mini Splits are definitely quieter that window shakers.  The compressor is outside.  But, they are expensive.  If there is room to run duct work, I think a central A/C and heat would add the most value for the money you spend.

Post: The Best Kept Secret For Bidding On HUD Homes

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

Thanks to Gordon for his HUD info. And, thanks to Greg H. for his HUD info also. Both of you are helping BP members.

I have learned from both of you.

Post: Why Negative Reviews about Your Company Can Be Good For Business

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

I agree that bad reviews are bad for your business.  If I read one, I read it carefully to understand the complaint.  Sometimes, I can see that the customer just makes a plain negative review with no specifics, and I usually take those with a grain of salt.

And, sometimes, the business owner digs his heels in and makes a poor situation worse, based on their comments.

Post: What would you do in this situation?

James BarnhartPosted
  • Rental Property Investor
  • Ocala, FL
  • Posts 226
  • Votes 140

The RE wholesale co. called me and said they are refunding our $3000 earnest money deposit.  Thanks to all of you for your comments.  That condo could have worked as a rental, but had we received CORRECT info about washer/dryer hookups from the wholesaler aquisition agent, we would never have wanted to buy it.  We have moved on and will find something else.  And, yes, we learned a thing or two from the experience.