All Forum Posts by: Jeremy Marshall

Here is a potentially great rental.  And is only 2.6 miles from the University of Toledo!!

SFH 2bd/1ba all on one floor.

Rentometer shows that the rent should be $660/mo but for conservative numbers I used $625....which I do not think you will have any issues getting and quick.

Some positives:

- I just replaced the roof (in fact I will be finishing it this weekend, weather depending)

- Great neighbor.  They are the former owners and the husband is a Sheriff deputy and really looks after the house for me.  In fact his son mows the lawn for $10.  Really good family.

- A newer Trane furnace in great condition

- Vacant lot next door is under forfeited land and the city has it at $300!  Could give you a cheap double lot to better market the house.

- The one bathroom and kitchen are right next to you, so plumbing in very minimal and easy.

- Appliances stay

The house will need some work to get it rent ready.  For my conservative numbers I put $7500 in, which could do a lot in this small house.  Some work that needs to get done:

- new cabinets (two four foot sections)

- new flooring ( I tore the carpet out)

- Repair/replace some cracked windows

- some drywall ( roof had a bad leak and damaged a bedroom, leak is taken care hence the roof replacement.

- back deck is in back shape ( I would tear off and just put step out the back door)

- enclosed front porch is tacky (in my humble opinion)

- I would replaced the sink drains when you replace the sinks.  I took apart the kitchen drain as it was junk.

- run pex plumbing and have the plumbing check as I have checked it too much.

- int and ext paint

I have a good contractor that states that he can get the house rent ready, all of the above and then some) for $10,000 and be done in a couple weeks.  This was for higher end stuff when I was looking of flipping it.  To get it rent ready and looking nice I put $7500 and less time.

Email me if you need more info at [email protected]

Thanks Michael

Thanks

Greetings all.  I closed on my 2 bedroom SHR last week.  I spent the weekend cleaning it and getting a solid game plan in place.

I am looking for suggestions on good roofer and a good plumber.

The house is only 900 sq ft.  The plumbing SHOULD be very easy and quick as the kitchen and only bathroom are right next to each other and that is all the plumbing in the house.

Any help would be greatly appreciated.

Hello!

I am closing on a 2 bedroom REO in Toledo....hopefully tomorrow. The house is currently occupied and by my research it appears to be the previous owners, not tenants.

I have not contacted them yet as I know it is not allowed and I am traveling to Toledo on Saturday through Monday to see the property and talk to the occupants.  If the house is taken care of, which it seems, my hope is the current occupants will sign a new lease and stay.

My question is:  Does anyone have a sample letter that would share to mail to the occupants to let them know that I am the new owner and I would like to meet with them over the weekend to see what there intentions are?

Any suggestions would be greatly appreciated.

Thank you!

I just signed up with Rentredi, there are under ProPerks

Jennifer,

I am interested in this property.  Could you email me all of the information at [email protected]?

I will be in Toledo next weekend to close on another property and could meet if you would like.

Thank you!

Jim,

Thanks for the feed back, and great advice.  And yes the tenants will pay their own utilites.

I am currently doing a complete rehab on a duplex (side by side) in Canandaigua (Finger Lakes). I intended to BRRRR this property after the rehab is done.

Here is the issue that I am looking for feed back:

Each duplex has separate furnaces.  One furnace is shot and needs all new duct work.  Neither apartment has any duct to the upstairs where the bedrooms are.  After getting some HVAC estimates ($13k) I am trying to figure out what is my best solution.  I am considering selling the one good furnace and not run any ductwork to the apartments and replace the system with electric baseboard heat (or any other suggestions that you may have).

My concern is tenant push back on higher electric bills for heat. What is your take on all of this?

Thanks in advance!

Congrats on the deal.  You might run into issues with insurance with the pool.  If you get past that hurdle you might need a self locking gate and fence.  That is what they required from a previous rental that I had.  They strongly encouraged me to get an alarm for it as well.

Which suburb do you buy in ?

Good luck and again congrats.