All Forum Posts by: Kimberly Roth

@Tammy Nelson @Emilio Ramirez Thanks!  @Mike B. I wish I could walk in - the phone message says they are not open. 

I will leave a message and try to get ahold of someone.

Thanks Angel! I'll give him a call. Scott, this is for Lakewood, CO - sorry about that!

Hi, I have a trusted contractor that I am bringing in from out of state for a flip in Lakewood and we want to make sure we follow the right permit requirements. He has submitted his information to Lakewood for licensing but we haven't been able to get much info on permits.  Is there anyone who can shed some light on the process?  We are considering taking out a wall in the kitchen/living room but realize that will require a permit.  What do we need to do to get that approved? What is the turnaround time? Do we need architectural drawings? Who would I go to for this (first time flipper)?

Besides this, most of the changes are purely cosmetic to the house - removing wallpaper, replacing carpet, sanding hardwood floors, replacing bathroom tub and vanity. 

Thanks so much for your help!

Thanks @Nathan Gesner

Does anyone make the tenants fill out a new application and run background if you inherit tenants?

@Brad Hammond @Scott M. @Nathan GesnerThanks so much. I'm excited and nervous. I don't want to increase too much and I like the idea of staggering as I'm able to improve the property.  Getting teams in place to do the work will take a bit in the current market. They aren't paying for water/sewer and garbage right now so maybe I just start with them taking on those costs.  I definitely want to get new contact info. Do I have them fill out a new application and do a background check so I have that and know they can afford the place with their income or does this start the relationship off on the wrong foot? I won't be getting any background or application information from the current owners. 

@Nathan G.

What do you do during the initial inspection? Is this just to see what needs to be fixed outside of the inspection report received before closing or as an opportunity to get to know the tenant and hear from them?

I'm closing on my first duplex in less than a week.  There have been long-time tenants in place and I would like to keep them as they take good care of the property (mowing and snow removal) but they will need to sign a new lease (currently month to month) and pay the higher rent that will be charged.  

How do I initiate the new relationship?  I want to send a letter and meet them (purchasing out of state but will be there to close in person). What should I say in the letter?  I figured I would wait for the news about the rent increase until I meet the tenants.  

I know I need to set up new rules, set up payment information, new contacts, etc.   Is there a standard anyone uses when they inherit tenants they would like to keep?  A checklist of sorts so I don't miss anything with existing tenants versus brand new tenants?

Thanks in advance!

Kimberly

@Mark B. Thanks! I will check with the lender.

@Bill B.- yes, they are using the language posted on MLS as their backup (similar to what you stated). They didn't post that language in their posting but it is listed on MLS. Inspection negotiation timeline is closed so I cannot back out based on inspection. The realtor did provide lead-based paint disclosures so it seems she knew but maybe had a typo when entering. I didn't think anything of it and figured it was just standard procedure (hind-sight 20/20).

@David Avery Right now the agent is recommending requesting to split the earnest money since we received a flat no on exiting the contract and getting earnest money back.

@Jonathan Bombaci No attorney on my team yet. This is my first deal.   Lessons all around.

Hi. I'm in the process of closing on a duplex and the appraisal came back where it identified the property as being built in 1972 versus 1982, as was listed on MLS. My biggest concern is the popcorn ceilings and higher potential for asbestos. I have to fix some issues found on the inspection (soft spot, sagging ceiling and large crack in 3 separate rooms) that the sellers would not fix. This could increase these costs to have someone remove asbestos before or during the fix while there are tenants in the home.

I requested a reduction on the price and they refused and won’t allow me to receive my earnest money back if I back out. Is there any thing I can do or do I consider this an expensive lesson? Also, how/what should I be doing in the future to verify the listing info?  Thanks so much!