All Forum Posts by: Mike McCarthy

Looks like part of a septic system, though should be underground.  Maybe the septic or sewer system is being replaced?

I'd try something creative. How about offering to buy and install them if she signs a 1 year lease? Or that you buy and install them and split the cost 50/50, but deduct her half of the cost off her rent for the next 12 months. Basically saying if she stays the year in good standing, her cost will end up being 0, and you have 'guaranteed' rental income.

I don't really understand how it's the realtor's fault. You listed it at a price, and got basically your asking price. That means to me it was priced correctly, since the realtor is working to get you the max price possible. I'd say, since the buyer offered full price, maybe it should have even been priced a bit higher! But now the buyer is stuck. They can't get a mortgage at that price without a larger down payment, which they probably don't have. You either need to renegotiate with the buyer, see if you can split the difference - if that makes sense to you. Or suggest they get a new appraisal done. Are there any comps that reflect that price? Or just let the deal fall apart and re-list it and hope/plan for a better outcome with the next buyer/lender.

I'd much rather find a good handyman or two and an HVAC person I can call on. I've never heard much good with the home warranties. Remember, they are in business to make a profit. Whatever they charge is typically going to be more than you'd pay the same repair person they do.

I think most investors just have a % set-aside for capex, but if you want, you can do the actual math. Roof needs to be replaced in 20 years and will cost $10K at that time. HVAC 15 years, and will cost $8K Kitchen, 10 years, $5K Floors, exterior paint, windows, etc. Add it all up and amortize it over the duration. You'll have a more 'real' number you have to set aside. But you'll probably see that it's more than you think!

Pre-approval is basically when you provide your financial situation (income, existing debts, etc) to a mortgage provider and they spit out a letter that says 'congratulations, you are pre-approved up to $xxx' If you don't know where you are debt-to-income wise, it probably makes sense to sit down with a lender so you know what you can reasonably afford. For the letter itself, it's nice to include in your offer package when doing a more traditional purchase (via a realtor, etc). It gives the seller a warm fuzzy that you can likely get an $xxx mortgage. That said, anyone who has done this a few times realizes that a pre-approval letter means almost nothing. Once you actually apply for a mortgage, you'll immediately find out the 78 reasons you can't get a loan for that amount. :)

It depends what kind of debt and how much of it. The easiest answer is to get a copy of your credit report and see what it has to say. Not only will you receive your score, but you'll also get a description of why it is what it is. (High revolving credit, too many accounts, etc). Use that to determine how to improve it! I've used freecreditreport.com (don't sign up for their monitoring service and monthly charge). There are lots of other ones out there too.

Note that Colton Cook stated how it should be done - the first step being laying a self-leveling cement. It sounds from your post that the installer is going to skip this step and do it 'simultaneously'. This means he'll build up the thinset in some places and add less in others while laying the tile. Expert tile setters can do this, but in most cases you end up with a still un-level floor. Presuming the floor is crooked enough for you to be concerned about it, I would definitely have him (or someone else) use a self leveling cement first - then lay the tile.

Definitely a state-by-state thing. In PA, you can collect a max of 2 months deposit for the first year, 1 month deposit for additional years, and accrue interest after month 24. Look into your landlord tenant laws in your state - they should be very clear.

I would add one more vote to the 'not PayPal' group. It's great for a buyer (renter) because they can dispute a charge. But from a seller (landlord) perspective, there are too many things that can go wrong. Did you know that can hold some of your money in escrow (non interest bearing) if they feel there's a risk that your customers will request refunds? Or delay payments to you. Or give your money back to a buyer if they request it? I'd stay far away from them for anything other than eBay purchases and the occasional sending money to friends/family.