All Forum Posts by: Patrick Slagle

 Hey! Thanks for the response. I don’t think it’s a circuit breaker issue since power is still getting to the unit. The bigger question though is who to hire for appliance type issues. The manufacturer or someone else? 

Hey all! The dishwasher in our rental has issues starting. It requires you to flip the circuit breaker on and off, but recently it’s required you to flip the circuit breaker a lot of times to turn on. 

What approach do you usually take when your rental has dishwasher issues? Do you get a service rep from the company or hire someone else? I feel like the service reps take a bit to get out and cost a lot more. 

Also any ideas on how to fix that issue would be appreciated! 

Hey! How do we get notified of future meetups?

@Brandi K. thank you! This is what I was looking for. 

Not a bad idea, but that even seems weird. People rekey their homes all the time though, where do those new keys come from? 

I just bought a set of kwikset locks for a new property. The locks came with generic keys (each box had the same key), and I’m trying to use a different key then the previous lock. The kwikset locks are easy to rekey, so all I need is the new key

The question is... where do I get a new key? I asked someone at Lowe’s and he acted like I asked him a quantum physics question. Looking online I can’t find any discussions about it. 

Hey all,

How common is it for asbestos to be in plaster walls or joint compound of an old residential home? I have a duplex in Richmond Virginia that's around 100 years old, and will require some demoing and repairs of walls. The house has been rehabbed throughout the years, so the materials used could be anywhere within the last 100 years.

Any idea how likely we may have walls with asbestos? 

Thanks!

Here’s my current strategy for a kitchen remodel, let me know if you’d do it differently

Our original plan was to replace the broken tile, nasty countertop, and paint the cabinets. But we just found existing hardwood flooring under the tile. Well really the tile was cemented to hardiebacker, when was installed on plywood, which lays over the hardwood floors

The hardwood floors are in decent shape. A little rough, but after refinishing should look nice. There is about a 3’x4’ spot of hardwood that would need replacing, but the rest should be good.

Our new favorite plan is to remove all the existing tile/cement/hardiebacker (including under cabinets), put a coat of poly on the plywood where the cabinets will be, install back the cabinets, remove the plywood everywhere else, refinish the flooring.

I know normally you’d remove the plywood under the cabinets too, and refinish all the flooring before installing the cabinets back, but I’m currently in a time crunch and won’t be able to do that. Also we plan to refinish the whole floor at the same time, and the rest of the floor isn’t ready for that.

What are your thoughts? Is there any reason to avoid this strategy of leaving the plywood under? Would you do this strategy or just install tile?

What are your expectations for rent rates for the upcoming months and years? I know there will be more vacancies, and missed rent, but do you think we'll also see a decrease in rent rates? Looking back at 2008 it seems like rates stayed about level. 

@Eddie Gonnella just read your post, good stuff! Thanks for providing your insight and the questions. 

I'm pretty certain on my job security as well as my savings. My concern is more about timing, that I could wait until the damage to the economy is done, and get a better deal. If the damage to the economy is significant, I may see the ARV drop down below purchase price even after rehab.

I'm relatively confident on the ARVs, rents, etc, though not completely confident as this is my first purchase. I've looked at a lot of data though, so believe I have a decent understanding of the current market and numbers. I should clarify though, even if the Coronavirus didn't hit, I wouldn't expect the 20k to cause an ARV of 370k. Maybe somewhere closer to 320k. Keep in mind some of that rehab would be self performed. In terms of cash flow I'm using pretty conservative numbers, and including all the different costs you mentioned except not factoring in property management.

At this point I don't believe I can get out without losing the deposit, which was $5000. Considering that my down payment would be roughly 9k, this would be a significant part of the investment. Currently living in an apartment where we pay more for rent than I pay for the mortgage. 

@John Pierce Northern Barton Heights, and each unit is 3bd 1ba