All Forum Posts by: Austin Jones

Thanks everyone for the input, it is very much appreciated! 

@Rodney Sums thanks for the feedback. I thought this was the case but definitely helps to ask around in the forums to double check. Happy holidays & all the best.

Hi Fellow Investors! I have a rental property (condo) and the tenant is the absolute best. She recently told me that the one kitchen cabinet was "wet", so I had a plumber go out to fix the problem. Come to find out that the dishwasher I installed a few years ago has been slowly leaking. It's now at the point where the base cabinets are swollen with water & mold is growing under the kick plate areas & up the bottom parts of the walls. How no one noticed before I have no idea, but it looks like I will have to replace all base cabinets, all wall cabinets (so everything matches), countertops, and do mold remediation. 

Has anyone experienced something similar? How did you handle? Who paid: landlord, tenant, insurance, other creative ideas?

Thanks!

@Alex T. A friend of mine just dug deeper to increase the ceiling height of his basement and in the process but an under ground stream. My advice to u...time is money so the quicker & cleaner u can get out an o to the next one the better.

@Kevin H great question especially when cash flow is your top priority in trying to reach your goal of $10K mth in passive income. Have you considered the turn over costs for each option? Personally I have not done air bnb on my rental so I can’t really give advice on it - I do have friends who have had great success and then the horror story of a party being thrown where the shower glass door was smashed, hot sauce smeared all over the walls, and the granite counter top getting chipped - crazy right! I share that not to discourage but rather to help put it in perspective so you can answer “what is most important to me” as well as paint the picture of higher turn over and possibly more stress for a few dollars more per month. Whatever you decide please let me know and feel free to come by my northwest Philly DIG meeting at the brew pub the 2nd Monday of each month from 6:30-8:30pm. I’m also a realtor and investor, I read on ur profile the ur friend is a realtor as well but if u ever want a 2nd opinion feel free to reach out. All the best, Austin Jones - Vanguard Realty

@ Ryan Tuleja Did you mean $600 over the year or $600 each month? 2 very different situations and this kinda of a loaded question as I am not familiar with your current financial situation. I'm assuming u meant to say $600 over the year. This is a great plan and actually something that I am currently attempting to do. My question to you is, "can you find $600 either in cutting cost somewhere else or another income stream?" If you can then I would say go for it...even if u can't I would go for it b/c you will prob make it back in taxes the next yr (but check w/your accountant). Then ride the wave of appreciation, tax shelter, and debt pay down. Who knows, with a few tweaks here & there u might even get a positive cash flow down the road.

@Joe Conklin Sounds like you have the basics and I would agree with what the others have posted. Maybe have a copy of your lease reviewed by fellow investors/landlords at your local REIA. I have done that in the past and it was extremely helpful especially in the area of Repairs/Damages.

Your contact info is hidden? Please send me more info on this property.

Hi @Daniel Flesher you do not need to register in advance. Hope to see you there.

Hi @Fatima Champagne

The first event you are able to attend as a guest. Any event after that requires a membership to DIG. You can check out the website at digonline.org. I've been a member for 2 years and I love it! Hope to see you at the event.

Austin