All Forum Posts by: Mitch Atkins

@Greg Dickerson I agree with you. All the conversations have been in passing I need to sit down and be more professional about. It will be good practice for me anyways.

@Nathan G. The capital gains would be around 115,000 if he sold it out right.

I asked him a few times what he would do with the cash and he just says “I’m going to give it to my boys”. (I have 2 other brothers). He doesn’t have a lot of expenses so he just wants to live off interest and be debt free. Talking to his accountant would be a good idea.

I want him to owner finance to me so I can rehab it to lease it out and I want to sell him on that idea. His plan with the sale money would be conservative and put it in CD’s. I picture a different scenario where the building stays in the family because it’s close to a college that is likely to expand in the future. The property is free and clear and will sell for around 200k and he would pay around 150 k in capital gains. Seems like if he finances to me he would make more money than a CD.

I’m asking help if there are tax and capital gain advantages that I am unaware of. On the other side of the coin any disadvantages to holding the property.

Also anyone that’s has been in this situation willing to share their story would be appreciated.

@Charlie A. This is an interesting idea of loaning yourself money. Is your plan to get a longer term loan from a bank after the initial period?

My rental house is an old mill house so the houses are close together. My question is it worth it to a tenant to have a privacy fence up. I was there the other day and a person walked through the back yard with a dog and it made me think that I would not want some walking through my yard. Anybody with suggestions and people with experience putting up a fence on there rental properties would help my decision making. Thanks.

The breaker box outside has breakers not fuses.

You you'll probably have to find new jokes since they won. The house is small 1000 sq feet and some of the plaster walls have cracks from settling. The people I've talked to say patch and paint.

Hey Everyone hope the Holidays are treating y'all well. My Christmas present was a investment property in Greensboro NC, it's an old mill house built in 1929. The inside has plaster walls and I'm asking if anybody has experience dealing with them. I can paint over them but I want to know any other options and cost of replacement. Thanks. The goal of this house is long term buy and hold or the BRRR method.

I'm having someone come look at them tomorrow. I will price them with the vinyl windows. 

Originally posted by @Brian Pulaski:

Most important to a tenant, what does the window look/function like? They are 1951 wood Windows. Do they unlock, open, close and look acceptable? I just purchased a 1969 home, with original wood Windows and they would need to be rehabbed themselves. New caulk, scrape, paint, and the hardware fixed or replaced. At the end of the day it would probably cost me as much time to rehab the Windows and make them acceptable as to put in replacements. In a rental I would weigh this heavily on my decision.

 The windows would need to be worked on paint caulking etc which seems like a lot of work for old windows, plus a few have been painted but you the caulking is dry rotted. I don't see a big raise in rent because of new windows, but my thinking for the windows is less maintenance in for the future. The windows come out to 363$ per window 11 window 4,000$ plus the warranty is a good on the new windows.