All Forum Posts by: Michael King

Jonathan a couple of years ago I was selling a house in Texas. There was a defect with the roof - long story about a contractor who screwed me on the roof and I didn't find out how much until this lawyer comes along to buy the house, and his building inspector or roof inspector declares an issue. Well the lawyer decides to pull out of the deal and a couple of weeks later I get a letter from him threatening that I need to pay him for all his purchase costs, inspections, etc, within 14 days or he'll file in the local court. He signs it off 'esquire'. I remember looking that up, apparently it means he's highly educated or something. Much more so than me, gosh I had to look that word up. Well I do some research and speak to his inspectors and it seems this lawyer jerk was up on my roof poking the new shingles with a sharp implement and it caused damage to the shingles. 

Took me 3 days to word a reply letter to him demanding he repair the damage to the roof. Never heard from the cowardly POS again. But you're right, anyone can sue anyone. 

This is not the first lawyer I've had to engage with wit, and it seems to me that lawyers in general are just professional bullies. And the point of the story is, that no matter what kind of bully you are faced with, they tend to retreat when they fear they are no longer holding all the cards. 

Jonathan I'm sorry I was more of a knee jerk reaction, emphasis on jerk. I'm like you, easy to get along with and try to be the nice guy all the time. I'm sorry your wife has to deal with this, preggers and all. I used to be a police officer and would see this BS from time to time.

Maybe a subtle message like a human silhouette used at the gun range peppered with a half dozen head shots hanging in the window facing his house might get him thinking about your capabilities? Your avatar looks pretty tough and I wouldn't mess with you!

Good luck!

I guess that guy has a different 'take' on real estate investing. ROI is through the roof.

I couldn't get my wife on board with an investment property in 2011. Then exactly 3 years ago (2016) when we accidentally found ourselves landlords, she warmed up to the idea. Now we have 5 SFRs, worth on average $200K a piece, bringing in $84K gross annually. I feel like we've only just begun.

You need to get aggressive and threaten him with your own legal action. He's nothing but a bully, and he'll crawl into a corner when someone stands up to him. 

Don't know if it's been mentioned, but I've found in my experience with really hot days and AC units that are overwhelmed, turn the unit's fan into the 'on' position. It will continually circulate all the air throughout the house and do a better job of controlling the temperature. A fact is that the thermostat measures the air temperature at the wall in the room it's mounted to, not where there's a warm room. Since I found this trick I've used it on the last 3 homes that I've owned, and it works. Have her do that for a few days. It will also lower her electric bill. 

Economically is the way to go. No matter what you put down, you'll have damage from the tenants. I'd consider cheap carpet to protect those apparently gorgeous old floorboards you've got.

You bought a house for $52,000 and it's now making $1200 a month after all expenses, including the refinanced mortgage? 

Forget your question, I'm trying to figure out why you'd want to offload the goose's golden egg. 

Refi is your answer.

Without knowing the rental probability and price, it's hard to respond. Using the BP calculator when you have the rental return, should give you a better understanding of whether it's viable. 

Since it's manufactured, does that mean it will rent out slowly, and for less? If I was a renter and could choose not to live in a manufactured home (forgive my ignorance, does that mean like a single wide or double wide, as I've heard the phrase used?). 

I know plenty of people live in cheaper forms of housing, but does the fact it's near the beach make it special value to the renter, or to you? You may be the one eating up that special value, as opposed to it commanding a higher rent.

Just a couple of thoughts I have looking at that deal, which would give me pause. I personally wouldn't buy a manufactured home unless I was buying a whole park full of them.

That is really hot there. Have a look at the drip edge along the shingles. Your heat is coming from the shingles and has no where to dissipate because it's boxed in by the overhanging eave. 

A ton of heat comes off those shingles. Have you ever been on the roof in summer? 

I don't know if there's a better vinyl siding you can get but if I was in your shoes I would replace the vinyl stuff with hardieplank like this stuff: https://www.homedepot.com/p/James-Hardie-HardiePlank-HZ5-5-16-in-x-8-25-in-x-144-in-Fiber-Cement-Primed-Cedarmill-Lap-Siding-615572/202035444

Get the seller to use that. Even if just on that side of the house. It looks great and is an upgrade to that vinyl garbage. Plus, it will outlive you, your kids, and their kids.

If they just replace it with more vinyl, this will happen every year. That's the worst I've ever seen (not that I go around looking at vinyl siding to check for melting). Good luck!