All Forum Posts by: Petra M.

I'm looking to freshen up my A class property kitchen with some new appliances (stove/oven, dishwasher, and range vent), sink, and a granite counter top.  

How difficult is this to do?  

Is it just a matter of ordering appliances off Best Buy or Home Depot that fit the space and then have them come and remove the old and install the new?

For a granite counter top do I need to get new cabinets?

http://imgur.com/a/cQBua

I wouldn't. You're not in a flood zone. What's the likelihood of flooding?

Whats your position? Replace things before they break (proactive) or don't fix what's not broken (reactive)? Also, when do you know if something is nearing end of life? 

What's your average life span for the following:

- AC and air handler/furnace (replace both at the same time?)

- Water heater

- Roof

- Fridge

- other things?

I have some pretty old hvac and water heater in one of my properties that are original from when it was built in 1999. Things work but wondering whether I should be proactive or just wait until it fails. 

AC unit on one of my out-of-state properties went down.  How do you deal with getting multiple quotes from vendors?  Do you ask your tenants what times they are around and then have a few vendors come by and give you a quote?  I haven't built my network of trusted AC companies yet that I can trust won't rip me off.

Same applies for any 'major' repair like replacing a water heater, etc.

Why such a specific demographic?  My fear with international students is that they'll take off and return to their home country without paying rent.  Also, they don't have credit history, social security, etc. Why risk it when there are plenty of other tenants out there.

After closing, tent and fumigate.

@Esaul Viramontes

I wouldn't bother texting them.  It's not worth the stress and energy.  You escaped unscathed.  Be thankful for that!

I got a quote from NREIG and a few national insurance companies.  NREIG was $40 a month to cover an $80,000 property for RV.  National carriers, like State Farm, was almost double that.

There was one quirk with NREIG.  It took them a while to produce documentation with cost and coverage, in other words, an insurance binder for my mortgage company.

@JD Peters I'm in the same boat as you.

My research shows the following:

Indy? FS Houses.  

Memphis? Memphis Invest and Buy Memphis Now.

You have to make a trip and vet each company.  Make sure the rehab jobs they're doing aren't just lipstick and that issues are being properly addressed.  

Do you use Gross Rent or Operating Income (Gross Rent - Vacancy Losses) to calculate your expenses?

For example:

$1000 monthly rent.

8% vacancy

$920 gross rent.

Property Management 10%

$100 or $92?