All Forum Posts by: Kristine Ann

I wouldn't replace the HVAC if it's running fine.  Just maintain it and fix it when needed.  There's no guarantee a new HVAC will last but the one you have is quality and has lasted more than two decades.

Talk to a lawyer for this either way. I personally would put the property into an LLC as part of an overall plan to protect my liability. This would be especially true with a property that has a farm and horses.

Just let him know that you won't be renewing his lease when it comes up.  Make sure you give him plenty of time.  Give him at least the amount of time by law and what is written in your lease.  I think reasonable a person needs 60 days to find a place and move out, so that is how much I give.  Tell him verbally (but not in person) and in writing. 

I would say that you have to renovate the apartment, if he asks. As a renter, he won't understand the HVAC, plumbing and electrical stuff. Just say the apartment is due for an overhaul and leave it at that.  Don't insult him or point out characters flaws. Don't speculate on if he has a mental illness or is neurodivergent.  It's irrelevant unless he is working with a social worker who is trying to work with you.  You aren't obligated to continue the lease and don't have to tell him why.  It's just because of upcoming renovations, that's all.  

I usually don't hire random contractors for repairs or emergencies.  

Instead, I use established companies specific to the issue.  I contact a roofing company for roof issues, a gutter company for gutter issues, a chimney company for chimney issues. For plumbing, I always use a plumbing company that has several people on staff.  I start using them for smaller projects and keep them as a contact for emergencies.   Same for HVAC....I get the furnace and A/C serviced and just keep them as a contact if there's a problem. I think its a fallacy that the established companies are more expensive.  They know what they are doing and price the job accordingly.

Over time, you'll meet a general contractor and/or a handyman who you like and can help out as an individual, but in general I just use the skill-specific established companies.  The only exception is finding a drywall person and general carpentry person; that's the only jobs I try to find an individual person for.

No, the credit check will not be necessary because there is no mortgage or bank involved.  Make sure you are using a lawyer, though.  A lot of the things a mortgage company requires is to protect their financial interests (and subsequently protect you also)....getting title insurance, a survey, an assessment/inspection, and requiring home owner's insurance.  You'll still want do these things as part of your due diligence before buying.

His study was not scientific.  He interviewed his own followers and the data is completely skewed.  Everyone who follows him shuns debt so of course his study would show that.  Most of the millionaires in his circle become millionaires in their 401k after investing in the S&P consistently for 20-30 years. It's classic "The Millionaire Next Door" stuff.

This is a good problem to have.  I really like helocs, but they are usually only good for 10 years and the interest is variable rate. It also can be difficult to get one for a rental property.  Your options are a cash out refinance, a home equity loan, and a heloc.  I'd look into all three with a mortgage broker and see which one makes the most sense.

What is your mortgage exactly? You took a first lien mortgage and all you had was money to replace the roof? I must be missing something. What is the principle owed and the time period? If you have at least 80% equity, I would look into a cash out mortgage or a heloc. It will greatly improve your finances day-to-day. Run your STR like a business. At the same time, let the people you know in the community that you plan on moving there but you can't because of your job. The STR is just a way to afford to keep the house in the meantime. The perception of you as a rich STR owner verses a resident is probably an important one to address.

I think some of the problem here is that you aren't a member of town. If it were me, I would insert myself into the local economy and local community. I would talk to all the stores and restaurants to see how I can get the guests in the STR to visit local businesses. I would also donate $25-50 to the top several fundraisers whenever I get a chance and attend every pancake breakfast and chicken BBQ fundraiser I could. I'd eat at all the restaurants. I'd also stop in the library and talk to the librarian from time-to-time. I'd join some groups or take local community classes when I could. That's what I'd do if I was in your shoes.

Definitely appeal the assessment, but don't get your hopes up. It's a lot of work to appeal and the town won't necessarily rule in your favor.

@Ed O. It's frustrating to be sure.  But you need to move on and work with what you have. Bank of America isn't going anywhere. Pay the contractor more frequently so he's not panicking over $4k and remember that banks do this....they all do this (even the local ones).