Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Michelle C.

Michelle C. has started 3 posts and replied 15 times.

Post: Local wildfire makes many homeless overnight

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4

I just sold my rental property in SR in August. It was in west SR in the evac zone, though unharmed. I too wonder what this is going to do to real estate prices in the area. Housing is already very tight there. 

Post: Northern California Rental Properties

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4

@Brian Burke I don't think there are enough good paying jobs in the area (specifically Santa Rosa) to sustain the high prices of homes, both as renters and as buyers. Ultimately, that's driving people out of the area. Will that force a drop? Who knows. I don't think prices can stay high indefinitely, but when the drop will happen is unknown. I bought in 2009 and sold at essentially the same price that the previous owners bought for when it went into foreclosure for during the crash. I don't think Santa Rosa can be like San Jose, or San Francisco where real estate prices keep going up, because of the job issues. 

Post: Northern California Rental Properties

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4

@Ash Hussain I don't know of any deals there right now. I think the market is high and I wouldn't buy there again until there's a drop. It's a lucrative area, in my opinion, for both rentals and appreciation, so if you can get it when the market is lower you'll make money both ways. 

Post: Northern California Rental Properties

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4

Wait for the drop. I just sold a property in Santa Rosa (not a multi-family) but, nonetheless. SR is a good rental area, but it's too inflated right now. 

Post: Cat urine in subfloor

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4
Originally posted by @Jason Hirko:

@Michelle C. I had a similar problem when I went to sell a rental - It was awful. Two coats of Kilz and it just smelled like new paint after that. Put it on the subfloor, baseboards, and sheetrock. In one corner that was particularly bad, I literally poured the Kilz on the subfloor and spread it around so it could go under the baseboards

Thanks. I think i'll try some Kilz because I heard it's a bit thicker than BIN. The BIN worked well on all the other areas that weren't as bad, but it's pretty thin so I had to keep layering on. I have to fly back out there in about two weeks so I'll see whether it's better or worse after letting the place air out and the BIN seal everything up. 

Post: Cat urine in subfloor

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4
Originally posted by @Account Closed:

When showing the property don't allow prospective buyers to put their nose on the subfloor.

 Heh yeah, I doubt any buyers will go that far, I'm just worried the smell could come back up if it's not completely gone. 

Post: Cat urine in subfloor

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4

I'm getting ready to sell a rental property and the tenant let his cat urinate all over the carpet upstairs. I've pulled out all the carpet, padding, baseboards, and in some areas parts of the drywall in the impacted areas. Painted nearly everything on the floor and baseboard area with BIN primer. However, the plywood subfloor in the closet of the second bedroom smells awful. I soaked it liberally with a good quality enzyme cleaner, but it didn't do much, I then put several coats of BIN primer on it, but if i put my nose down to the floor I can still smell it, however the room doesn't smell any longer. My contractor doesn't think it's a good idea to remove the subfloor because its on a second story of a townhouse and the area is right up against a common wall between my unit and the unit next door, and to a bathroom. My next plan was to bring in an ozone machine. Would throwing any OdorXit on top do anything at this point? What about doing a layer of Kilz? More layers of BIN? 

Post: Would you rent or sell this property?

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4

It's an extremely good rental market still, so it's a tough choice! 

Post: Would you rent or sell this property?

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4
Originally posted by @Jo-Ann Lapin:

Are you at this having to invest large dollars for the upkeep?

No. I did remodel it when I bought it; new kitchen, new bathrooms, new appliances, new water heater. The HOA covers front yard, gutters, and roof. The backyard has some trees I maintain but that's about it. It's overall a low maintenance property.

Post: Would you rent or sell this property?

Michelle C.Posted
  • Chandler, AZ
  • Posts 15
  • Votes 4
Originally posted by @Thomas S.:

"It doesn't needed any repairs" Every property will need constant repairs over the life time of ownership

Expenses and long term maintained on a home will cost on average 50% of the rental income (50% rule). You could assume less with a town home but the HOA fees will take it back up. Remember expenses happen in the future and must be accounted for today.

Assuming 40% in expenses that will leave $1140 to cover the mortgage. The remainder would be your actual positive cash flow except for the fact that you have a huge amount of dead equity.

Equity of $243K with a opportunity value of 10% is eating nearly $2100 per month in lost income...... $1140 - Mortgage = positive cash flow. Positive cash flow  - $2100 (equity opportunity value) = true cash flow.  

This property is probably costing more than $1500/month in lost income making this a very poor investment property.

Valid points. Thanks for your time :)