All Forum Posts by: Nina Diehl

Hello,

I just closed on my first investment property on Friday!

I'm creating a scope of work for the contractor and I'm deciding whether to simply cover the asbestos tile in the basement laundry room or should I remove the asbestos tile?

I don't know if it matters, but this property will be used with the housing voucher program.

Thanks for your help!

Great ideas, @Theresa Harris

 very helpful!  Thank you so much @Eshe Harvey

Hi,

I am readying my first investment property for a long-term tenant. Today, I worked on the backyard. It’s a small, fenced space behind a townhouse unit. There are two strips meant for a garden but they are basically bare, as the previous owner passed away 3 years ago. I weeded them out and they look very lonely. Is it worth planting some cheap plants in there?  Should I just allow the tenant to use this as their own garden?  If I plant something, any ideas for cheap and low maintenance plants or shrubs?

Hello, everyone,
It’s the night before closing on our first investment property. I’m freaking out a bit over how to pay for needed work and renovations to the property before we can put it on the rental market. I miscalculated the amount due at close (I estimated 4% closing costs on the amount loaned, but I am paying 4% closing costs on the price of the house). Now I’m nervous about having enough cash reserves for these repairs. 

I’m considering a few options:

1) pulling money from my pension or 403bs knowing they will be taxed at 10%
2) paying for only the most necessary repairs and putting the house on the market

Any thoughts?

Quote from @Rick Luebbert:

Welcome to BP, Nina! If they are unwilling to make the needed repairs or negotiate,  I would suggest walking away. Chalk it up to a learning experience for when you look for your next opportunity. Is this a private seller, or are you buying from a TK provider? 

We were not buying from a turnkey provider, but the owner had made it look really nice- new everything until we went through inspection and found that electrical, plumbing, and HVAC were all messed up pretty badly. 

We asked the seller to fix the problems, they refused, we walked away. Two weeks later, the property was off the market without a sale. Not sure if the seller “fired” her agent or what happened 🤷🏻‍♀️. The $475 paid for the inspection was the best money spent!

Quote from @Matthew Becker:

why are you offering vouchers?  I don't think there is a law against it.  Most people with vouchers are low-income.  I do it when I am trying to help a single mom but I am well aware that it generally turns out poorly.  In my area the voucher prices are about 25% lower than market.  

I’m not offering a housing voucher. The local government would provide this. Section 8 is now called a housing voucher. 

Quote from @Kristin Boekhoff:

That can REALLY vary by property. For example, for my last flip property it took me about 3-4 weeks of analyzing and putting in offers to finally get one under contract. The property I put under contract was a foreclosure property, however, and the closing was extended out several times which extended it by over three months. I put another property under contract AFTER that flip property and it closed before the flip property. My team can normally close a deal in three weeks after I get it under contract if the other party is ready. 

Kristin, when you make your offers, are you going out to visit each property? Or do you make your offer without seeing it in person?

Good evening, everyone,

I am in the process of purchasing a townhouse I plan to offer to housing voucher holders.  This is my first time doing this (investing/landlording/housing voucher- all of it).

I notice that many rental listings for housing voucher tenants do NOT require their tenant to purchase renter's insurance.  Some do.  I was under the assumption that requiring renter's insurance was a no-brainer.  Is there any compelling reason to not require your tenant to purchase this, particularly for housing voucher holders?

Interested in your opinions...

Quote from @Kristin Boekhoff:

Good luck! I also invest in Baltimore and normally analyze 100 deals, put offers in on 15-25, and then (if I'm lucky!) will get under contract.

How long does it take you from start of your search to closing?