All Forum Posts by: James R.

@Tchaka Owen

What a cop out. 

I took the time to read your post and reply but you clearly intend to ignore mine. Our confrontation is very similar to the one the OP would end up having with the contractor. You confronted me to say I'm wrong and I disagreed and questioned your insult. You then put your hands over your ears and sang "la la la" I can't hear you but now the world's a better place because of me. 

My point is neither side can win. Both are set in their ways and beliefs. Neither side has enough information or knowledge of the other person to make a convincing argument as to why they should change their ways. All this leads to is a confrontation for the sake of fighting. 

@Tchaka Owen

What is the "significant upside" for the original poster if he confronts the contractor? Best case scenario the OP gets an apology which won't be sincere or life changing for the contractor. The contractor may be a little more careful in his language prior to securing a deposit in the future. At least the contractor's currently flawed approach makes it easy to determine who you are hiring. 

You state I'm living in fear and why I am wrong. You don't know me at all yet you took the time to call me out. Per your own statement you do this in "hopes of bettering ourselves". How have you bettered your life by telling me I'm wrong?

@Gregory Butterfield

I'd recommend calling some local painters for rough estimates. They should be  able to give you a general dollar amount per square foot. 

My painter changes a $1.18/sq ft for single story exterior. That includes pressure washing, caulking, and painting exterior, soffit, and fascia. Prices can vary greatly by area. 

Your interior price seems high. I just paid $1300 for a 1600 sq ft SFR and that included all materials and repainting the kitchen ceiling. I did install all new baseboard myself which I sprayed before hand so that cut down on the price.

Your appliance price seems high. You should be able to get a basic rental stainless steel kitchen package in the $1500 to $2000 range. My last SS kitchen package was $1350; look for sales. Obviously a high end house/kitchen will require you to spend more. 

What are you doing for a kitchen cabinet refurbishment? Are you talking about just paint and hardware or are you replacing all the doors? I've had acceptable results with a paint called Cabinet Rescue and using a Wooster micro plush roller. Not as good as spraying but a lot less prep, quicker, and cheaper. Easy to do touch-ups. If you can DIY then $200 for paint, rollers, and pulls. 

If the glass and door trim on the medicine cabinet are in good shape then just sand and repaint the interior to save a few bucks. Same with your exterior doors; if they are solid just sand, putty, paint, and new hardware. 

If I had to replace a sliding glass door then I'd strongly consider upgrading to a french door. Looks good, more secure, better seal, renters and buyers prefer them. 

Your LVP price is right on. Easy to install yourself. Keep in mind if you install new flooring then you'll need to remove and reinstall your baseboard or use quarter round. Extra time/money. 

@Joe S.

Sounds like it is time to inspect your property. Provide the tenant written notification that you will be entering the property along with what date and time. Check your local landlord laws to ensure you give enough advance notice. It's good if the tenant is there but shouldn't be required; once again, check your laws. I'd recommend bringing someone with you if you suspect something fishy going on; always nice to have a witness. You may also want to record the walk-through. 

@Caden Bradbury

Could you currently qualify for a mortgage on a  $1,000,000 property? If yes, then finding a lender for 5 x 200k properties should be easy. If no, then why would a bank give you five 200k mortgages? 

As you gain rental properties and rent them out you are able to count the rent as income which helps your debt to income ratio. This will then increase the amount of mortgage debt you can have. 

Talk to lenders to find out what you can qualify for. Some allow a max of four mortgaged properties while others will do ten. At that point you can look at portfolio loans, commercial loans, blanket loans, etc. 

@Grayson Gist

I agree with the others that going with another contractor would be best. 

However, I disagree with everyone else in regards to confronting the contractor over his racists views. There are a lot of mentally unstable people in his world; maybe he is one of them or maybe not. Is it really worth risking the safety of you, your property, or your family?

@Lisa Leary

It's not my intention to sound negative but if you are having second thoughts about filling out a journal then maybe you should rethink REI before you lose a significant amount of money. You currently aren't committed which means you'll likely fail.

You must commit to your plan. If part of your plan is to use a journal then use the journal because that is a step on the path to success that you committed to. 

Best of luck to you Lisa

$5k a month then I buy another sail cat and spend half the year sailing the Caribbean. The other half will be spent acquiring additional rentals.

Keep in mind the AC never dies in the winter months here in Florida; it is always the middle of summer when its a 100 degrees outside. The hotter it is the more units break meaning the more work for HVAC techs. They will charge you more for service and replacement and also take longer to get the job scheduled. If you plan on shopping around to get a deal then the winter months are the time to do it.

I saved $750 on a recent replacement because I was willing to wait 3 weeks to have the job done on a slow week. I wouldn't have had this option had the hvac died with tenants in the unit. 

What lenders did you talk to Tim that approved the rehab on HUD1? The ones I've talked to were aware of the Fannie Mae guidelines but had their own additional underwriting guidelines which exclude rehab costs even if they are on HUD line 120.