All Forum Posts by: Mike Young

I lived in a unit while I rehabbed it. Electric stove/oven was not new but in good working order. Tenants in two weeks and say oven is not working. I sent out a repairman who checked burners, oven and broiler and all work fine. He said tenant was embarrassed because he didn't know how to use the oven. (two knobs... one to choose oven or broiler and the other to set temperature) 

I was charged $50 for the service visit and I sent it to the property manager to have the tenant pay.

The next day the tenant calls and says the oven burned the top of their food and obviously the oven does not work correctly. Property manager suggests I should just replace the stove or let the tenant replace it at his cost (and take it when they move) and get rid of our old stove.

Am I being petty thinking that I shouldn't be out of pocket for the service call and lose our working stove?

I don't see how to reply to people other than posting a general reply.

More info...

Renters are staying because they cannot find anything in the area at the rent they are paying. (which is half what it should be) They will never find a rental with the deal they are getting now. 

Contract states that escrow will not close until the renters are out.

If renters are not out by closing date the seller is responsible to pay for relocation of renters.

House is being sold less than market value.

I only have until July 30th to rehab the house and need to do most of it myself.

Normally I would walk away if things didn't work out, but I'm emotionally invested. I have wanted this particular home for years.

The seller has no loan on the property and is out of state. So the seller doesn't lose anything if it doesn't sell.

Can the seller just back out with no consequences? I seem to have no leverage besides just not buying the house.

Signed contract with contingency that renters will vacate in 90 days.

Updates along the way were renters found another place and have been moving stuff out.

90 days is May 30 and just received word that the renters will not move out now.

I assume our options are to back out or bend to the will of the renters.

Renters are paying half the market rent (that will not even pay the mortgage let alone expenses) and I have a very limited time to rehab the house before putting in new renters.

Any advice?

So I'm up to 7 individual insurance policies. All with different due dates and amounts due. It seems like I'm spending a lot of time checking/paying/getting alerts for all these individual policies. 

Is there an easier way to organize and pay? My insurance agent suggests I just put them on auto pay and forget about it.

Being fairly new to real estate investing I have an odd question...

Are there certain terms or jargon used to describe the steps/levels/scenarios below?

1. Paying for your own mortgage on primary residence and your own living expenses.

2. Owning a rental/s that pay for themselves but still paying your primary residence mortgage and living expenses.

3. Rentals pay for themselves and your primary residence mortgage but not enough to pay your living expenses.

4. Rentals pay all expenses making you even steven.

5. Rentals pay everything and put money in your pocket.

6. All properties paid off and all money coming in is passive income.

How do you describe where you are in this process? Are there certain terms used to describe where you are in your investing journey?

Very small town in Oregon. First time using this agent. My concern is that the report will be shared with seller/sellers agent because of familiarity.

Another learning moment. When ordering my inspection report it asked the name of my agent. I didn't know that the inspector would send them a copy of my inspection. My issue is that the agent is in the same office as the listing/sellers agent.