All Forum Posts by: Patricia Steiner

Who owns the fence?  If they do, you may have a chance under the scenario you're proposing - if they share your concern for it's condition (although that seems unlikely since they've been living with it the way it is for some time, it seems).

If you own it, it's pretty lowbrow to expect a neighbor to invest in your property.  I would also be a hard no; I don't subsidize other people's investments.

I keep a portfolio of photos in my arsenal - not posting all of them - but switching out a photo periodically as it can trigger your listing to move up the list when a change is made on some of the sites.  

Hope this helps...

What you've experienced is, unfortunately, not unique - and always painful.  I recommend that you have a face-to-face, on the job site meeting, with the owner and jointly create a new scope of work (with specific tasks and completion dates) to finish the job as quickly as possible.  The new PM needs to be there as well with the entire focus being on finishing the job and finishing it fast (his 'shock and awe' at what has happened just isn't helpful or appreciated). I would expect them to send me photos of what has been accomplished each day going forward - and if you're local, you need to be at the site every day ('inspect what you expect').  You will need to know what is in your contract; most contractors have language that holds them harmless for delays and provides for a specific time allowance.  I would avoid the lawsuit conversation at this point because all that matters is getting your job on the fast track...rather than another customer who was left in the same position as you.  

Keep it forward focus, documented on paper, inspect the progress, manage to the Scope of Work and nothing else - and they will know you're running your business. 

You've got this...

Huh?  Tenants do not dictate when or how payments will be made to the landlord.  That's a power play.  I would thank him for his feedback and share that you made a business decision that is mutually beneficial (https://www.avail.co/education/articles/should-you-collect-r...scroll down towards the bottom of the page to see the comparison) which includes providing the tenant with a receipt and rent reminders.  

You're running a business and businesses choose what payment methods are acceptable to them - not the customer. 

I only invest in opportunities - not property types.  "Getting in" is easy; making money, managing the business, with the increased financial risk of commercial properties is a whole different game.  My recommendation to serious real estate investors is buy an opportunity in any segment, do the math (it's all about the ROI; some investors fall for the 'commercial' is more prestigious chest thump to find that losing money isn't very prestigious at all), and plan on proactively running a business.  This is not a side-hustle.  

The only way to know if your idea is worth doing from a wealth building standpoint is to do the math: 

What is the cost to acquire? Maintain - includes taxes and insurance?

What is the property appreciation in that market?  Is this the best place to invest in real estate?

How does acquiring compare to renting a small office or sharing office space with another business in that market?

It's all about the ROI. The best ideas are the ones that make financial sense.

One opinion...hope this helps (and that you're warm in this crazy weather we're having here in Florida).

Best.

There are several lenders who offer low/no closing cost options for first time homebuyers. Some costs are eliminated (such as 'soft charges') while others are accounted for in the interest rate.  And, it's amazing how many closing costs are junk fees that we as investors need to pushback on paying for ourselves and our clients. There simply are too many people attempted to get their hands in our pockets.  The industry is long overdue for an overhaul.  

Geez...if only there was a license that built wealth on its own.  

Reality TV isn't reality...

Get a real drywall contractor...make the repairs.  Watch it.  Every room?  Drywall installation and finishing is harder than most people think and whoever did that job - see the tape showing - didn't think too hard about it.  Paint can only hold so much together for so long.  

Know this (found on every inspection website):  

You should be concerned about cracks in your home if they are large, appear suddenly, or are located in certain areas. Size

• Cracks wider than 5 millimeters (0.2 inches) are a cause for concern
• Cracks wider than 15 millimeters (0.6 inches) may indicate a serious problem
• Cracks wider than 25 millimeters (1 inch) could be a sign of structural damage

Location Cracks above doors and windows, Cracks near the ends of walls, Cracks where walls and ceilings meet, and Cracks that allow daylight in. Direction

• Cracks that run diagonally or horizontally
• Cracks that run at a 45-degree angle

Other signs

• Cracks that appear suddenly
• Multiple cracks, especially if clustered together
• Cracks that widen over time
• Doors and windows that don't close properly
• Sagging ceilings or leaning walls
• Signs of water leakage  
• -------------------------------------
  

Just annoying stuff...fun, huh?

If you don't mind having a 'financial bomb' waiting to ignite, go ahead and move forward with the wiring in place. While you might be able to find an insurer who will accept it initially, it's just a matter of time before they cancel the policy; your expense will also be higher. 

I recommend making the wiring replacement a contingency - and for it to be completed prior to closing. The seller can pay for it at closing (the title agent will cut the check to the trade to ensure there is no resulting lien) and provide proof of the replacement to the insurance provider.  

I've had this done - and the electrical panel will need replacing as well - in both investment properties and my home historical home.  I have several quotes in the $20k-$30k range - before finding a 'mom and pop' licensed electrician who did it for $9k.  It's laborious, messy - but it was far less damaging/challenging than the photos found on the internet...even with plastered walls.  

Skip the financial bomb and deal with it upfront.  It has to be done so it might as well be done on your terms and timing. 

Best...

Make the wiring replacement a contingency.