All Forum Posts by: Jim Adrian

Ask for federal tax returns.

I agree with what @Nick Noon said.   The floors wont be level but this is true of newer houses due to settlement.    Look for cracks in the walls at the tops of doors and corners of walls of the upper floors.  This will tell you if there is settlement issues.  At this point the house should be done settling and cracks may have been repaired with drywall mud.   One thing to consider... the exterior walls may not be insulated but this can be fixed with spray foam.  This runs about $2-3 a sq ft and its worth the money on utility bills!  I did this to my 1935 home.

If the foundation is cracked, you will most likely have a water infiltrating the basement.  As we all know this is not a good thing.  Have a company come out and look at it.  Also get 3 quotes.  Like someone said time is negotiable, but you must be able to prove you are moving forward to fix the problem.  A deadline needs to be created by the insurance company in order to a benchmark and get your attention otherwise everyone would drag there feet. Insurance companies look at this as a life safety issue.

In the last 2 weeks there has been a lot of tenant screening threads started.  Search them out as there has been a lot of good info there.   Property mgrs will take 50% of first months rent and then 10% each month from what I have researched but will vary.  As for addendums to the lease, think of these as exhibits they expanded information a topic.  Its your lease, it is what you want it to be within Fair House Act and your local Landlord / Tenant Laws.  If someone doesn't like your addendums, then they are not the tenant for you. Your the boss of your property and you can't let tenants walk all over you as this will lead to bigger headaches later.   Check out "File Place" on this site for leases. A lot of good stuff has been uploaded there.

American Family Ins may refer you to their sister company American Modern Ins.  I have them on my rental house.

It depends on the level of design and finishes you want to have, so the price is subjective.  I would throw $75 per sf minimum.  I wouldn't be surprised if you saw numbers over $110 sf.  Kitchen and bathrooms get expensive quick.

Spend some time googling and reading this website to find the what you need.  Several recent post in tenant screening.

Yes you can retile of tile but its HIGHLY NOT recommended for wall tiles.  I would make your friend pay for the damages to property that he didn't have authorization for.  I would have someone else like the same tile guy do the repair work.  I defiantly would not have your friend do the work.  He will cause you more headaches later.  I would get 3 quotes to repair the work to prove to your friend the cost that he should be paying you.  If you need to take him to court you will need 3 quotes.

Look at having a 2yr lease for your first tenant.  This will build reserve money and provide you with stress relieve.   Look into having 3 months of capital for vacancy. You will most likely need one month every time a lease ends but all depends on timing.  Your maintenance should not be much.  This can be a fluff number that you bank roll from year to year.  Make a list of maintenance items like

• yearly hvac cleaning - $175/yr
• Water Heater - +$800?
• hvac replacement -
• new roof
• New carpet at end of lease
• Repaint at end of lease
• etc..

Are you willing to manage this yourself?

I charge $35 for a married couple with both of them being background checked.  I eat most the cost of one background check.   If I get a non married couple or college kids for a Joint Tenant then I charge them each $35.