All Forum Posts by: Kay Rock

Hi Mindy,

Thank you for your response.

 When I fist went to see the property everything seemed to be intact, the owner reported that it was updated 2 years ago,  and that they had some issues with the roof which was fixed. My inspector went a few days ago and  he found a lot of issues such as:  roof, termites, electrical and moisture.  I got an estimate for the roof, and termites, I didn't get any for the moisture in the bathrooms yet, so that was my rough estimate.  I'm sure it could be more than that. You are certainly right, I do want to know how much it will be before I own it. I don't want to spend more that 35k inrepairs.

Thank you @ Raymond McGill

Hi all,

I just got the inspection done on duplex that I had on contract on for about 5 months ( its a sort sale). The duplex needs a new roof, new windows, update with the electrical outlet, it has termites and moisture damage (possibly molds) among some other things. When I ran my numbers I added $10,000 for repairs, however, the roof alone will be approximately $14, 000. There are not too many duplex in the area , so not too many comps. Im getting the Duplex for 225K repairs will be about 30K, taxes $5200. It rents for $2700, should I go for it?

Hi all, 

I just got the inspection done on duplex that I had on contract on for about  5 months ( its a sort sale). The duplex needs a new roof, new windows, update with the electrical outlet, it has termites and moisture damage (possibly molds) among some other things. When I ran my numbers I added $10,000 for repairs, however, the roof alone will be approximately $14, 000.  There are not too many duplex in the area , so not too many comps. Im getting the Duplex for 225K repairs will be about 30K, taxes $5200. It rents for  $2700, should I go for it?

Hey Jordan, 

Thanks for responding. The 4100 is if i go conventional, if I decide to do FHA the income would be 3050.

Good night, 

I saw a fourplex I was interested in on the MLS and made an offer through my realtor. Initially i wanted to do FHA finance and house hack since my present property is a conventional loan. I was very excited, however, when I went to seen the property (I would say it is in a C- area) I don't think would live there. The numbers were not very great with a FHA loan, but I thought it was doable for 10% down and I could keep my cash to do something else. If i take the conventional route it will take away all my funds. What is the best route to go?

Fourplex 

Asking price 326k

Income 4100 monthly

Taxes 7500

Insurance 5000

landscaping 160

Water/sewer/garbage 500

Hi , It has an energy saver option on the AC,  I've asked them to use that, or turn the air up when they leave. I don't think they have.  They moved in a month after my previous tenants moved out, a month later was when I saw the big hike in the electricity bill. 

  Ive thought about that, but I won't be able to until lease renewal.

In comparison to last year's this same time the bill is significantly higher but different tenants.

we are on the same meter, and I didn't put it on the rental agreement for them to turn the AC of. I will do the adjustment for the next time I lease or @ renewal.   this is indeed an expensive lesson to learn. And they still have bout 8 months on the lease. Thanks for your response  , I have to research the RUBS system as I don't know how that works,

I have a studio attached to my home that I rent to a young couple. They have been living there 4 months and the electricity bill has gone up 200%. I know it's summer, so we use more, but since they have moved in they haven't turned off the window unit AC. I've if they could turn it off when they're not at home, and was told that they won't turn it off because the studio will take too long to cool down when they get home. What can I do?

Thank you @Steve Vaughan @Mike Cumbie @Matt Geerts for youre advice.