All Forum Posts by: Mike McCarthy

Wow is right! I wonder if you can spray-prime the mirrors on the ceiling and paint. Use a white paint for the mirrors and an off white for the ceiling trim. (Or something like that). Honestly, I have no idea if a decent primer will adhere to glass, but it would be an easy fix at least for the ceilings.

I think insurance is worth it for those things you might not be able to afford. No one can afford $100K up to rebuild a burned down house. No one can afford a multi-hundred-thousand dollar liability claim. Insurance is well worth it. Over a year, you'd spend $1,200 on insurance to cover you for a month or two of rent. If you're doing things right, it may stink to lose that rent, but you should be able to handle it financially. I feel the same way with extended appliance warranties and things of the like. I can afford fixing/replacing an appliance if it dies, I don't need someone else holding my money and making money on top of it to do it. But of course, everyone has different risk-tolerances.

Good point Brian Pulaski , I've mostly run into the older cloth covered NM, with a spattering of ungrounded BX. Not sure if it's specifically a timeframe or locale difference. I think the same concept holds true, wiring systems from 60-70 years ago are due a refresh if the rest of the house is getting one anyway. Without it, you'll likely run into issues swapping switches and receptacles (the old insulation tends to crumble) and the wiring is only rated for 60 degree C connections. Most new light fixtures require 90degree wiring. Again, worth a replacement of everything else is being upgraded.

I don't like the fact that your electrician was cutting corners. It doesn't mean it's unsafe, but when you have the walls open, it's not worth saving a few bucks to not bring everything up to current code whether or not there are permits required/pulled. There's no reason you shouldn't have 2 20A circuits for countertop appliances. (Microwave, toaster, etc add up quick!) There's no reason to not have a correctly sized range circuit. (Note that this could be aluminum wire by code and safely) There's no reason even turning shouldn't be GFI protected. It's just good practice to follow current codes!

I'd recommend getting your electrician in to at least assess. If there are some upgraded circuits already, you'll save yourself some $$ leaving them. But from the 50's, most of the wiring is likely olde cloth-covered NM (romex) that is worth replacing. You'll probably end up pulling all of it out anyway. Save it though - copper is worth selling/recycling even still in the jacket.

As Jd Martin stated, septic problems can become very expensive very quickly. But assuming you can get them to pay for it, can you do something creative? Can they remove the basement bath (remove the toilet and vanity, cap the pipes) so the septic system is no longer too small? You 'lose' a bathroom, so I'm not sure what that does to your appraisal, but then the septic isn't technically an issue at closing. Then once you close, you can fix the septic, add a new bath, etc. Just a thought.

I'll let the experts weigh in on the 1/2 month rent out if security deposit, but I would definitely up it to 19/30 of the monthly rental cost. He was there a few extra days, might as well get paid for those too.

It's not a management platform, but I just implemented RingCentral as a VoIP phone service for a company. It works like a standard office phone system, but also has a computer-based soft phone, app for your smartphone, and you can text/fax all from one number. Happy to give more details, but I don't want to sound like I'm selling it. :)

From my limited experience so far, a good realtor will be able to help you with neighborhoods, comps, MLS access, and just general real estate knowledge as you start off. I would happily pay my realtor the 2.5-3% that he's getting (from the seller in most cases) for his experience and input. You have a lot to learn about the investing side, let someone help you with the real estate side.

I'd try offering them a reasonable credit. $1,000 or $1,500. Discuss with them that you haven't noticed any issues and even the inspector says that it likely isn't an issue. See what happens, cash often fixes things. :) A lot of houses around here have old clay pipes that were cemented together 100 years ago. Now, they have holes - but unless damaged, they still send the waste where it needs to go. Just my $0.02