All Forum Posts by: Gail W.

We own a home that we are now accidental landlords on and we like it! So we got to thinking, HOW can we use the house to make more money? We refi'd and pulled out cash to fix it up, gaining higher rent. Even after pulling out cash, we still have decent equity. Great, but now what?  

I heard an ad on the radio for a business named EquityKey out of San Diego... they "share" in your future equity...and give you a percentage WITH OUT any monthly loan repayment. There is something on the website about recording the transaction at the County Recorders... I have not gone any further to get more info yet; I would have to enter all my info.  So what I see on the website is all I know so far.

Since we are still learning and not even sure if we can proceed with buying a 2nd rental property , we thought we'd check in here first regarding this new-to-us process of getting money out of the house. Anyone heard of this type of thing and is it safe?

Thanks all for clearing some things up for me. Helps to see it all spelled out. Let me clarify: The GC did the majority of the work and subbed out things like the counter tops or the electrical to crews they usually use. The millwork guy was over extended and could not take the job, so the GC had one of their guys do it, (but I think they still got the cabinets from the millwork guy and had them assembled at his shop-my guy thru the GC said he was assisting him with it since he was so backed up).  He has always been with them, but I believe in a different job description (in fact, the foreman retired about 3-4 weeks in and ALL the guys shifted around...they were very unhappy with having more responsibility with less pay). 

So I believe he was thrust into a position he didn't normally do and therefore dropped the ball on ALL the paper work. I wanted extras, yes. Like pull outs in the cabinets. I asked him to do the least expensive, coated wire types. There are now solid wood ones. I wanted a pull out lazy susan for a blind corner and, again, asked for the least expensive one. There is this complicated and deluxe system! I was never given the prices for these additions and figured he forgot about them as the job was not moving forward; so I forgot about the additions. And then one day there were cabinets in. It wasn't until weeks after that that I even knew those additions were inside! My renter sent me photos! 

It was the same with the cabinet choice; no prices or guidance-just pick one and get shot down. So when I found one where he didn't say too expensive, I figured I was in the budget! No paper work, no ballpark amounts, nothing. The stain guys came one day and made samples and I picked a color. No one told me it would be extra...

This is my first time EVER having someone other than family do work, so I had no idea about these "Change Orders". Those came later as the job progressed and we got to the painting and flooring. I have never had an insurance claim or used a hired contractor! What a learning curve!

My credit union is holding the checks until releases are signed and all that. I know they are great and I can call them and ask them for some guidance. I'm just not sure how to go about creating the laundry list of items I dispute on the final invoice. I guess just take them in order as they appear on the invoice and make my own.

Don't get me wrong; I am extremely thrilled that we got this "windfall" and the GC did a fabulous job and I liked all the guys, save this one. But I don't have an extra $10k laying around to give them for cabinets and items WE did on our own! (We are landlords by accident...long story, happy ending;)

Now...I have to start another thread about the interesting story with the 4 huge fish tanks we had to shuffle around endlessly thru-out this process...!

I had a slab leak in my rental home. The insurance adjuster and contractor he brought in were great! I couldn't believe how much would be covered; we would be getting a whole new kitchen and flooring thru out most of the house! And since my family rents from me, that would be very nice! 

Everyone was great UNTIL...the cabinet guy was over booked, so the contractor had one of his guys fill in. This guy was kind of rude, vague, flip. He gave me a catalog of cabinets to pick. I asked which were in my allowed budget? He never answered me until I'd pick one. Then he'd say, "That's way over your allowance". Finally, I picked one and he said it was "probably more inline with the budget". 

Now, all the other workers would give me "Change Order" forms describing the work and extra cost that I would have to pay for. Things like having them paint the other walls not involved in the slab leak or buying me more laminate for other rooms at their wholesale price. I never received a Change Order form from this guy. I only received an email from him with drawings of the cabinet layouts and measurements, asking me to approve it. 

Cut forward 4 months, job is complete. Foreman gives me the final invoice. I couldn't believe the overages for the cabinets!! $1500 over for the cabinet doors and $5500 over for the stain treatment!!  I would NEVER approve something like that!! I was shocked! (The foreman told me this guy was already in trouble for installing thick glass shelves in the glass front cabinets when it was supposed to be wood; he had to eat it on that. I offered to give them back-didn't even notice that "upgrade"! But it was custom). 

ALSO, there are things the insurance allowed for that were never done; cabinet knobs/pulls (none installed), dump runs (we did all that), a bedroom that was not even in the damage zone, a powder room they said they did, but we did the whole thing... So I want all that money to go to ME to either buy the items stated or reimburse me for the job WE did-not them! But they want me to sign the Certificate of Satisfaction to release the money my mortgage servicer received from the insurance company.  I'm thinking I should NOT do that...just not sure WHAT to do!  

What's my next move here? I stalled them and told them about all this and that I needed to review the invoice first...

New here...need California Landlord advice!

I used to rent out rooms to my daughter's friends at our home. I needed to rent out the master quickly, as my hubby and I moved out. Went the Craigslist route. Took on a college gal.

Made the roomie agreement stipulate that the first month's rent of $1000 and the last month's rent of $1000 was due on move in with a 30 day notice required if she ever wanted to move. (month to month agreement). No security deposit.

She moved in on Aug 15th. After a lot of BS with this gal and a HUGE disturbance to the other 3 roomies, , she texts me on Aug 25th this isn't for her and she's moving out asap!

She ended up moving right out on 9/10. She was so nutty and verbally abusive that I emailed her yes- move out and I will refund you your last month's rent of $1000 after move out. She really scared the other girls!

My hubby got angry with me and said no- we are NOT refunding her the last months rent as she did not give a 30 day notice and we went to a lot of trouble and expense to prep the room for her.

So now what can we do?? CAN we keep that last month's rent? Even if I emailed her that I wouldn't hold her to a 30 day? We have NO funds to do so at this time as we are prepping the house to rent out to a regular family- no more room mate stuff!!