All Forum Posts by: Mike McCarthy

@Bo Taylor water/sewer often isn’t split, and therefore not often tenant paid. Electric and gas may or may not be based on the house.

Some cities require commercial fire alarms, but usually for 3/4+ unit properties.

Trash collection may be separate, again, based on locale.

Also look into lead paint testing laws. Some cities are requiring lead inspections (for houses built before 1978) on a yearly or semi-annual basis.

@Dave Fairb sell and move to the middle states. Buy a huge house on acres for $250K cash. Invest the rest.

Extreme, I know. But it’s an idea.

@Osvaldo Benavides no. Because comparatively, I could stick that same money into an index fund and do absolutely no work and get ~7%.

There are of course other factors to consider, mortgage pay-down, appreciation, etc... but based on those numbers, your money can do better elsewhere.

I would probably replace them. A coat of paint would help, but I think a new kitchen would get you higher rent. But to know for sure, check out how your competition looks.

Just watch out for clearance on the left side with the range. It needs to be 6” I think (check installation specs) from the wall. It’s also way more convenient to have a 8-12” cabinet/counter there too for cooking.

Lastly, I’ve had great experiences with RTA cabinets. The quality (plywood construction) is hugely superior from what HD/Lowe’s sells, and the prices are comparable. I’d rather spend a few extra dollars on cabinets that won’t melt and swell if there a small leak.

@Tyler Harvey showed you a survey? As I’m on a piece of paper? The surveyor should have installed spikes or markers to show exactly where the property line is.

First I would talk to the neighbor and see if you can come to some agreement. Second is probably to get your own survey to confirm what he says.

Lastly, if neither of those go your way, a lawyer is your next step. There are things like adverse possession which may be applicable (though outside my knowledge) and may help.

Other than option 1 and trying to work something out amicably, if he ends up being wrong, he’ll have to remove the fence. So it’s not something you have to get done before he installs the fence.

Good luck!

@Colin M. I love it!

The city is varied in its neighborhoods. It’s also important to get to known the neighborhoods you’re looking at or work with a realtor who knows the area. A block or two can make all the difference.

Lastly, make sure you’re investing in an area that makes sense for you. I know there are some areas that I would absolutely not invest in... but there are others here who thrive in that area. Don’t just invest because the price is attractive.

@LaTrice Levy every settlement I've been through has always included either a HUD-1 or ALTA statement signed by both parties.

@Peter Schafer closing costs include everything outside the actual cost of the house.

Fees, insurance, taxes, title insurance, and the list goes on.

Are you working with a realtor? If so, they can and should provide you a closing costs estimate disclosure.

Some of it depends on the cost of the property (insurance, title insurance) and some depends on the date of closing. Things like taxes are prorated based on when they are paid and when you close.

Definitely termites, can be treated for $800-1200. Pretty common, especially in some areas.

Big question mark is how much of the framing needs to be replaced.

@Kurt Brown PA doesn’t have any specific rule about evicting tenants upon sale. Like most states, the lease goes with the property, so when you buy, you’re buying the lease too.

That said, many long term tenants are on month-to-month leases, so you’re probably able to give 30-day notice. Or you can use cash for keys, but there’s no way to force someone to live out. Or put it in your offer that the existing owner needs to deliver the property (or unit 1) empty.

Some options..: or just find a vacant property. I’m sure there are some out there!