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All Forum Posts by: Danielle Morrow

Danielle Morrow has started 2 posts and replied 10 times.

Last year I was approached by a gentleman that had purchased a low income 3 family house occupied by a low income disgusting families. Before I took on the building, there was 8 feet of garbage alone in the back yard. Poor guy got sold a bill of goods and got the house for $32,000.00 CASH which in this area is a decent chunk of change. The guys life savings. Anyway - The copper was robbed out of the walls and the basement. As a property manager now I obviously see that I have some plumbing work to do - but I am running into a few problems.

1.) The city actually requires you to have inspectors come in and approve the property - because it has been vacant for 3 years and now lost it's Certificate of Occupancy - I have an idea of what it is going to take, but from the windows to the walls to the fixtures, switches, plumbing - the works needs to be repaired and I need to do the labor to cut back on labor cost. I don't want to hire a contractor if I can do it myself!!!

2.) I am on a budget - An Itty Bitty Budget. I am doing what I can with what I have. I need to find out what the most cost efficient way to do the plumbing. The city hasn't upgraded to PVC yet and demands Copper. Pex, CPVC it's all no good. I am stuck with copper - which obviously will really cost me. I have seen it in the straight lengths and the coil, but should I use? Also what is the best way to go when running... 3/4" ID. or 1/2"ID...Does size matter in regards to each floor (3 total)? Like I said before the original copper was robbed so I have to replace ALL the pipes in the building. :cry:

If anyone has any pointers, I am all ears. I am looking for the most cost efficient ways to do things, but I don't want to keep having to repair stuff either.

Post: no cash and no credit

Danielle MorrowPosted
  • Posts 10
  • Votes 0
Originally posted by "MikeOH":

Let's see. You have no money; bad credit; no experience; and you're too lazy to work hard at a job to correct your situation. Yeah - I'd be willing to loan a bunch of money to someone like that! Are you kidding?

You can't be lazy and be a successful entrepreneur. EACH AND EVERY successful entrepreneur that I know has worked their butt off to build their business. Your chances of being successful in real estate? ZERO! I'd suggest getting very comfortable in your job, because you definitely don't have what it takes to be successful in business.

I usually end my posts with "Good Luck", but that won't help in this case.

Mike

First and foremost, who are you to tell anybody that they are lazy, especially if you know as little about them as we do creedog. We don't know who he is, his morale, or his goals. So you should stop right there. Everyone starts from scratch, and he is trying to find his niche - so I say give the guy a chance and a few pointers, instead of deeming him unsuccessful from the start. Without support no one would be successful.

Post: no cash and no credit

Danielle MorrowPosted
  • Posts 10
  • Votes 0
Originally posted by "creedog31":
I have come across that also and thought that same thing while when I go to those so called free seminars or even the ones that you have to pay for that is what they suggest. Given the fact that I have no credit and no cash, how would you recommend that I get into the business, you seem very know knowledgable on the subject of Real Estate Investing.

Honestly, I am in the same position as you are creedog - I started last summer, as a broke single mom, with a full time job that said me 9.00 per hour. It just wasn't working for me. I took on a position as a property manager, which was a decent paying gig. I was making about 250 - 500 per week, on top of my full time pay. Eventually, one homeowner transformed into 4, and before I knew it, I was getting paid 35.00 - 40.00 an hour instead of paying contractors prices, to redo these apartments. On top of the 35-40 an hour, I also had my own crew of workers in there, that I made an overhead profit on them. Even if your bringing in an extra 7-8.00 per hour, YOUR NOT WORKING! At the end of last summer, I had about 4500.00 banked in a savings account, and the winter off - all I did was collect rent. It's a nice easy way to cushion your pockets, and it gives you some overhead cash to work with, that is yours free and clear. This summer, I will not be employed full time, but will be doing management full time, and I now have a waiting list for rehabs!

I am not being completely negative to the fact that the landlord wanted to have an inspection. If it would have been a normal inspection. As I typed in my original post, that was word for word off the wall in my hallway. So I felt a little at first like my manager was just being nosy, but later became warmer to the idea, thanks to the posts. But here is the rest of the saga:

My "apartment manager" has been known to mouth off and call people, unjustifiably no less "scum", "trailer trash" and so on and so forth. And I used quotations for a reason, that is more on the mild side but very accurate.

Being a property manager I understand the importance of keeping your properties well up to code, and a safe enviroment for all. I have no problems with that - but this woman just this past weekend entered into my apartment forcibly, did not give us any notice whatsoever.

Came into my home, and called my fiancee and I a scumbag, because a few dishes were in my sink and my cabinets were not washed. Told me because there was a little laundry in the bathroom the place was trashed. Proceeded to yell scum in my back hallway with a one year old in my home.

First hand, I remembered why I became a property manager, as well why I refuse to rent from homeowners that employ my services.

The ending story is, I will be moving February 1, 2007, I informed the landlord if his daughter the "apartment manager" that is she forced her way into my home again or continues to act as a fool in public , I will have her arrested for trespassing, and endangering the welfare of my child. The things she says should never be said in front of a child.

But, I just figured I would give everyone the end result of our little "inspection."

They did properly give me the 24 hour notice. That I will give them.

But - it just dosen't seem right that my landlord can give me 24 hours notice to come in and snoop around my apartment. There is a point where you just have to let your tenants live. I think checking the smoke detectors every 2 months is a little bit excessive. On top of that, to go snooping through my refrigerator, freezer, closets (a.k.a. my personal belongings) seems a little unreal. So for the last week, in fear of what she may find, I went through everything I had and made sure anything of personal or monetary value was hidden, because I don't know what this psycho is going to do! I would understand this if I was a nasty dirty scumbag. But I have always paid my rent early and the owner of the property has been in my apartment almost on a weekly basis doing renovations. It doesn't make any sense at all!

And I can't find anything regarding an inspection in my tenant rights. It only says that they have to give me 24 hours notice for any repairs.

As written in the New York State Tenants Rights Guide:

RIGHT TO PRIVACY

Tenants have the right to privacy within their apartments. A landlord, however, may enter a tenant's apartment with reasonable prior notice, and at a reasonable time: (a) to provide necessary or agreed upon repairs or services; or (b) in accordance with the lease; or (c) to show the apartment to prospective purchasers or tenants. In emergencies, such as fires, the landlord may enter the apartment without the tenant's consent. A landlord may not abuse this limited right of entry or use it to harass a tenant. A landlord may not interfere with the installation of cable television facilities.

Is this right?

Any additional input is definitely appreciated!

Understandably, asking questions is a good way to way out the pros and cons, and really feel out what is going on.

Here are some answers, along with some tips.

1. To find wholesale tips: Get in the network. Talk to realtors, tell them what your looking for private deals welcome. My brother was a newbie and just put in his first purchase offer, that was accepted for a 18 unit originally for $250,000 and purchased at $185,000.00. (Utica,NY) Private/Cash Deal. No Financing. I got into the network, talked to tons of realtors, and investigated the market. Scowered it. I was all over the place.

2. To have the financing available that fast was the key. Even if you have a mortgage behind you already pre-approved. When you put in your offer, put down a hefty deposit to get the sellers attention. Show them you mean business.

3. Foreclosures - There is no reason not to go to auctions and sales. If it is a good deal, jump! Why not?? You can get houses for next to nothing that way and make them into something that improves the neighborhood. All that much better.

4. I believe if you have the financing backing you, you will have an easier time going through the closing when the seller accepts. Less waiting and hassle time! Faster Closing.

Move Out. That is your only bet. WHen you live alone, you only clean up after yourself. Or do better interviewing.

Waking this morning, I found this letter posted (with duct tape no less) to my door, for myself and everyone else to see. This does make me wonder if this is right?

Saturday morning my father and I will be inspecting everyone's apartment and changing everyone's batteries in their smoke detectors.

We will be checking EVERY room. Stove, Refrigerator, Mini-Blinds, Toilet, Bathtub and etc. including entrances to all apartments.

Now - I am a property manager, and have done inspections. But nothing like this. Basically a quick walk around to make sure all looks good and is in repair and I'm outta there.

But I don't even have ANY signed paperwork with this woman.

Wow, any input?

In my endeavors, I once worked for ServiceMasters, which is a Fire Water Smoke Restoration. So Water Damage is something I know a lot about. If you are really considering renting this apartment, have ServiceMasters come in and do a Mold Inspection, and also a water inspection. They will be able to tell you if it is something on going or something that has been fixed. And the estimate is free! (They are also cheap to get your carpets cleaned!)

Where are you looking for a club? I know of one available by the City of Rome, which is located about 45 minutes outside of Syracuse. The downstairs was completely remodeled by a friend of mine, it's goregous, and there is rental income potential on the 2nd and 3rd floor.