All Forum Posts by: Kathleen Leary

Wow - that's a nasty chunk! I guess that's where all the missing socks go . . . 

My lease specifically states that the plumbing was functional at move-in & if it clogs up, tenant is responsible. That is the common, standard practice around here. Florida is undoubtedly different - or maybe not.

I would do a little research & make sure your PM is telling you "the law" correctly. If not, call them out on it & consider an "employment adjustment."

My inspector (who really does know everything!) owned, renovated & managed over 60 properties, was a GC, became an inspector & is certified/licensed in 3 states. 

I don't think three days' instruction is going to give you much more than an overview of the process & a general idea of what to look for. That's not a bad thing - if you're starting out, any information is better than none. But it will take many years & many, many properties to become truly knowledgeable.

Personally, I'd keep the money, read everything I could get my hands on & ask a local inspector if you could tag along. They may say no, but it doesn't hurt to ask! Go look at homes for sale & ask the realtor questions like crazy. (The realtor I use used to be a contractor/investor, so he knows his stuff. Many don't, but it's worth a shot.) If there's a rehab going on, knock on the door & ask if they have time to give you a tour. Lots of folks are very pleased to share what they know.

I've learned more from asking questions of the various professionals around town than you could imagine. I'm sure the plumber doesn't appreciate me crawling under the house with him & pestering him like a seven-year-old, but it's my money & I'm getting every penny's worth!

An LLC is a flow-through entity - the money made through the LLC is taxed as if you earned it yourself. It's designed to Limit Liability, not shelter income from taxes. You may want to get some in-depth tax advice from a professional before proceeding. Just my two cents' worth.

About 2 1/2 months - an REO, it took some back-and-forth to agree on a price. My second one (once I decided to buy it) closed in one month. Sellers wanted OUT!

Looks like you dodged a bullet on that one (hopefully not literally!). Good for you doing your research up front - this could've ended very badly.

If I were shopping, it would certainly be a "plus" feature over another property with older, less efficient mechanicals that might possible need repairs. It also gives buyers the idea that you've been thorough with your rehab. $2K isn't much to create a good first impression - put in the new stuff!

Thank you, everyone - I appreciate the encouragement! Yes, it's a very steep staircase. The house was built in 1910 & those are the original stairs. I'm thinking of advertising it as having an "in-home fitness center" - my behind has certainly benefitted from all those trips up & down.

Looks really nice - I'm working on my SFR bathroom this week, too. It won't be quite as fancy as yours, though - thanks for sharing your project!

It may not be possible where you are, but I've gotten utility information from the utility company. I told them I was looking at a property, etc. & they gave me high/low amounts for the last 12 months as well as the actual amounts from the last two months' bills. 

It doesn't cost to ask - and if one person won't help you, call back & see if you get another, more helpful person. Call around lunchtime - sometimes the "fill-in" person is more accommodating.

I'm so very pleased at how this turned out - and I made it all by myself! (This is the little SFR I'm rehabbing.) I did buy the spindles at Habitat ReStore ($1.60 each - can't beat that!), but the rest is right outta my shop. It's also sturdy enough that if you drove a truck into it, I think you'd just dent the truck. Yes, I've got a few touch-up spots on the paint - but I couldn't wait!

I've included a "before" picture - 2x4s screwed into the floor with porch lattice stapled on. And yes, that's particle board on the walls. 

Anyway, I've seen some nice DIY work on these forums & I just wanted to share my successful project.