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All Forum Posts by: Lauren Daly

Lauren Daly has started 14 posts and replied 24 times.

Post: HOA woes

Lauren Daly
Pro Member
Posted
  • Rental Property Investor
  • Tyler, TX
  • Posts 24
  • Votes 6

I just bought my first SF home today and I am pumped. My Fiancé and I plan on living in it while we fix it up, and renting out the condo we are currently living in. We called the HOA to notify them that we plan to put our property up for lease and they told us that 20% of the units in our complex are rented and we can no longer rent our unit per the bylaws maximum of 20%.

Couple of points here: 

We knew this was in the bylaws and called a week ago to find out if we were at 20% capacity yet, and they said no. Evidently someone put their unit for lease in that time frame.

My Fiancé bought the unit in 2012, this was written into the bylaws in 2013. (Thanks grouchy neighbors)

So, I know HOAs are tough to fight, but has anyone had any luck in a situation like this?  Or should we suck it up on the wait list?

Post: To move or not to move?

Lauren Daly
Pro Member
Posted
  • Rental Property Investor
  • Tyler, TX
  • Posts 24
  • Votes 6

I have a dilemma that I am having a hard time getting my head around. I'm guessing I'm not seeing all the angles.

My fiancé and I are buying a house for $140,000 and we are going to try to put 3.5% down if we can get it approved (we have the cash to do a larger down payment but would like to reserve it to redo the flooring and a few repairs, all of which are not immediately necessary). With the expenses factored in, we think the property will cash flow $200 per month. 

Currently we own and live in a condo which we have always intended to rent "one day" when we were ready for a house. The condo is in a community which comes with a whopping $400 HOA and country club dues fee. The property would cash flow $-37 per month if we rented it.

We need to decide whether we are going to move into the house - which would decrease our current living expenses by ~$500 per month because the tenant would be paying the HOA and club dues, and we wouldn't pay inflated club prices just for convenience- or stay in the condo, and take our $200 cash flow from the house? Any guidance?

Post: HVAC system is leaking coolant

Lauren Daly
Pro Member
Posted
  • Rental Property Investor
  • Tyler, TX
  • Posts 24
  • Votes 6

Thanks for all the great questions and advice. I had another A/C quote or second opinion. He agreed with the first guy that the leak can't be repaired because it is inside the air handler (I think he said coil) and wherever it is he would "make more problems" by trying to repair the first one. He gave me a quote for replacing just the indoor unit: $800 with labor and materials for Goodman, or $1200 for Trane-- at this point they took the bells and whistles away. Sounds like maybe prices in my area are a little inflated?The condo is 1,700 sq feet and he says these will work, I think he said 3 ton system.

I'll try to get another guy out here next week for a third opinion. I had the first guy refill our refrigerant, and guess our leak is really slow because we are still getting cool air. Is it smart to wait until the refridgerant leaks out enough that I need to replace the air handler?

Post: HVAC system is leaking coolant

Lauren Daly
Pro Member
Posted
  • Rental Property Investor
  • Tyler, TX
  • Posts 24
  • Votes 6

My HVAC system is leaking coolant in the property I'm currently living in, but will be renting out next year. The unit is a "luxury" condo associated with a country club-- generally an "A" property. Several other units in our building are rented by doctors in residency at the local hospitals. I'm planning on owning this property for at least 5 years because I know it will cash flow and the area is getting very popular because the building is on a lake. The HVAC guy gave me a few options:

1) Bare Bones $5000 - It will keep the place cool for roughly 8 years

2) "Old Reliable" $7,500 - It cools, and is known for 15+ year life and a 10 year warranty

3) Bells & Whistles $10,000 - High efficiency (we won't pay the electricity on this place), Variable speed comfort (it basically can adjust how much air it blows so that your house is at a constant temperature), can be connected with the "smart home" system so I can change the temperature or lock/unlock the door from my smartphone, have security cameras, connect the smoke detector etc. Smart home is $1000 more to install.

Should I spring for the Bells & Whistles (would a tenant even pay for that)? Is it worth it to upgrade from bare bones to something reliable? Or should I just get the one that cools the place and replace if I still have the place in 8 years?

Any advice here would help!