All Forum Posts by: Locke Tucker

What type of rental is it? It's it something you can manage yourself? Was it actually an emergency, or did they just say it was an emergency?

i think if the PM violated the contract twice, they will likely continue this behavior if there are no repercussions. I would personally put them in notice just because they never tried to communicate it on the back end of fixing it. That said, I don't think you can ask for reimbursement unless you would have done the job yourself or they clearly overcharged for the job.

This sounds like a home run and a great first purchase!! Do you have anyone experienced in AirBNB/SRT to learn from and help you analyze? You may also find a house hack works for this if you're living there. It'll be easier to manage and you could have less frequent turnover.

Either way, congrats on the home run of this purchase!

With all of that in mind, I think it would really be dependent on where you see that specific market going. We all know houses historically go up in value over the long term. If property values appreciate well, you might be sitting on a property that's worth a great deal more than todays ARV, especially if you can complete some of the repairs while your grandmother still lives there. If properties in that area tend to appreciate more slowly, especially if you can't start renovations immediately, you may sit on that investment watching potential profits get eaten away at slowly as inflation passes appreciation.

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it. If appreciation is not there, however, it seems like a potentially long waiting game to see if your $60k investment today returns anything meaningful in the long run.

Sorry this isn't really an "answer", but it's something more to think about.

Can you take the loss without completely ruining your finances? Does your refi give you enough cash to purchase your grandmother's home in cash? What are your long term goals?