All Forum Posts by: Marichelle Lao

@Destiny Mix I also feel that it is high. I would appreciated any suggestions for contractors or PM. Thank you.

@Chris Allen I will send you a DM with the name/company of my PM. Thank you for your suggestions. "He is giving you what is easiest for him, no best for you." I think you hit the nail on the head with this one. 

@Matt Fore I will send you a DM with the name/company of my PM. Zipcode is 37407. I don't know the exact line by line of the repairs necessary. I have just requested my PM send me the actual quote from the contractor so Im still waiting. Thanks for you input.

@John Britt is there a way to tell my PM that I want someone else to take a look at it? How would I put it delicately? My concern is that if the properties are not as damaged as stated, then he will retaliate and ruin the property to where the repairs are surely necessary? I hope that's not a silly question, and I would like to think that would not happen, but it is my concern. I feel that because I am not present physically, that he has a lot of control over the properties. Any advice appreciated. Thank you.

@Heath M. the foundation issues just recently happened, as 2019 saw a lot of rainfall in the Chattanooga area, it wasn't an issue until the tenants complained that the door was not closing properly. thanks for the insight.

@Mary 

@Mary K. thanks for your input. I ended up taking out a loan to fix the foundation, and now the rental has more issues, but I'm going to figure it out. its worth the headache and the lessons that I'm learning.

HELP! my two vacant properties in Chattanooga, TN need some TLC, according to my PM it will cost $24-28K to get both rent ready. (New paint, inside/outside, new flooring, repairing/replacing cabinets, door knob, doorway, and some windows) From the pictures that were sent, all 36 of them didn't seem to drastic though. I don't know enough about repairs, I've been quite the passive (out of state) investor, and it didn't seem as though it would cost that much. After looking up my PM company online, I can't see much, and the social media presence shows that the company is more of a parking lot repair/build type of company. I asked if the cost of the repairs is like a rehab where the property value would go up, and the answer was "no." I asked for a lower quote from the contractor, but the PM said "everything in the bid is absolutely necessary" they cut about $900 off to clean/reinstall some light fixtures. Both properties are about 1200 sq ft and are 4 bed/2bath. after I asked for a lower quote, he came back with a payment plan, $13000 down, and then $2K/month/5 months to pay off, no interest loan from the contractor. He also said that after repairs, he would be able to rent the properties for $1200-$1400 but I think that the area is not the right place to be charging that much because they are the nicest on the block. I don't know if this is a good deal or if I should be looking for a new PM. Any advice or words of encouragement appreciated. Thanks for your time. 

SFR property bought turnkey, currently there are foundation issues (newbie mistake, bought at peak of market without an inspection done). Should I sell the property at a huge discount and pay the remainder of the loan balance or fix the foundation ($17-20K). After two inspections (Ram Jack & American Foundation Company), the foundation urgently needs to be repaired. SFR IS IN Chattanooga, TN. Any advice greatly appreciated, still in the process of learning. Thanks.

@Mindy Jensen thanks for the insight. I decided to sell the property with my property management company.

Current rental has foundation issues, two separate inspections done, there are cash offers, how does it work with disclosure of foundation issues. How can I protect myself if I sell it as is? Property in Chattanooga. Would it be sufficient enough to provide the inspection reports in the contract? How do I prevent a lawsuit in the future? Thanks.

Any recommendations for home inspectors in Indianapolis? I’ve heard of Pfeifer home inspections. And has anyone heard or have any experience with TBH management as their property manager. Thanks in advance.

Can anyone please recommend an inspection company in Toledo, OH? Any advice or tips appreciated. Thanks! I've found homebridge home inspectors and Erie inspection services, if any experience working with either I'd like to see how it worked out. Looking into buying a SFH.

@Bryan O. point taken sir. That is an excellent way to look at it, especially if I'm trying to save a few dollars or make any short cuts. Trust those with the expertise or learn my lesson the hard way.