All Forum Posts by: Jon A.

@Lee Underhill, I would simply require that the heat be operable at all times. You can write in whatever you want. Whether or not it will hold up in court is up to a judge and state law, but if this property is in NJ I would assume it would be legal because you have cold winters. Letting the tank go empty can cause water and debris to get into your line and affect the filter and the furnace which could be costly. I would eat the first bill as a learning lesson for both you and your tenant but I would bill them for the second one for sure. Maybe then they won't let it run low . 

You could always inquire about some rentals in your area that are listed and see how the property managers respond to your inquiries, that will give you an idea of how they treat potential tenants. 

I agree with @Thomas S., they sound like they are problematic. I can understand one service call but two for the same thing is ridiculous. I write in my leases that the tenant must keep the heat on at all times and keep the temp above 50 degrees even when they leave town, for fear of the pipes freezing in winter. I did this after I noticed a gas meter missing on one of my rentals. The tenants hadn't the gas on in a couple years and the gas company removed it. 

As stated earlier, parents are really the only ones that need tubs for their children. Most adults don't even fit in a modern tub unless it is over sized or a claw foot. But I do think that showers that rely on a shower curtain to keep water in can have more maintenance in the long run as people drip water all over the floors  and the joint where the shower pan meets the floor can be susceptible to rot over many years of use. 

You can buy stove vents that just recirculate the air back into the room with a charcoal filter.  They are commonly used where the stove is against an interior wall that is framed with 2x4 construction because a 6" stove vent pipe will not fit in a 2x4 wall. 

So , I ended up nowhere near the quote I stated earlier, so I think for the sake of this conversation I should clarify that I actually ended up at 6.375% and not even close to the LTV I was looking for. With any luck, closing will happen for me next week. I took a hit for it being an investment property and another hit for it being a cash out refi. My DTI is really hurting me and I am self employed. I will try and refinance again soon, but I have been on an ARM for several years and am just happy to be getting to a fixed rate. The property still cash flows and I have plenty of equity, so we may try and refinance again in the near future.

I just paid $680 for an appraisal on a duplex in NC. 

Search for your county tax bill online. It may be linked to an llc but in my county the owners of the llc are right there on the record. 

Why is this house 21k$ in an 80k$ neighboorhood?

Talk to you postal person, talk to people in the trades, join your local real estate investors association. Drive around and look for distressed houses in the are that you want to purchase. Put an ad on FB. Tell everyone you know that you are looking for distressed homes to buy. Listen to more podcasts here on BP