All Forum Posts by: Gp G.

,I have tenant who is troubling for weeks. He created lot of issues saying mold in the property recently. PM gave him 60 days notice to vacate few weeks back. I am waiting for those 60 days to complete as soon as possible
Attached is the letter I received from county today as this tenant keeping junk cars and trash all around the property even after informing him multiple times. I emailed this letter to my PM as well. Please advise what steps I need to take to avoid fines or imprisonment as stated in attached leter.

Attached is the picture of the junk cars and trash he kept all over the property

Hi,

In my old rental property I am not sure when roof replaced last time. How to know when is time to replace the roof.  can the roofing companies can give honest answer.  I do not want to spend 20k to replace roof if current old roof still has more years of age left. Please advise

Hi,

I have 1961 property  causing more maintenance issues. I bought it for 136k from wholesaler about 5 years back. I spent so far about 150k. This includes some major items like below

upgrading septic to elgin septic system 20k

upgrading electric to new cod 20k

tree cutting trimming 10k

trench/French drain 10k

hvac replacement repair 10k

new plumbing 10k

crawlspace repairs 10k

appliances replacement 5k

doors replacement 5k

mold repairs 3k

roof repairs 3k

other repairs 

It is in good location. I am currently getting about 2100 rent. But lot of issues compared to other newer properties. Now i see redfin shows property value as 311k

I am thinking whether to keep the property or sell it.

If I keep it might appreciate much better.

But challenge is expensive to keep it. Almost negative on cash flow with all these repairs coming all the time.

Next major thing I see is hvac in crawlspace and those ducts are loose and coming off. Also crawlspace air also not that good quality if air leaks through those loose ducts. To remove hvac from crawlspace and put in attic it may cost me around 15k. 

I am kind of struck with this property.

When I try to sell this property before covid i got offer around 180k but do not want to sell in loss. 

I hear people having rental properties older than mine like 1900 still cash flowing and happy. I am confused what to do. As i spent so much energy and time and money on this property thinking better to keep property.

Also this property is in downhill area. Rain water used to sit in back yard and crawlspace. I have to build trench/french drain to divert uphill rain water running into my property to further down away from my property. There is small retention pond kind of area next to my property belonging to city which they are not managing ( There are big trees there which are close to my property about 12 feet away which may damage roof if fall towards my property but it never seems happened since 1961 touch wood). Water table is high due to these rain water drainage issues. Septic field lines failed forcing me to build elgin system in the front yard and put a motor to pump sewer water from backyard to front yard.  Tenants bit unhappy also due to these type of issues causing challenges there. PM also not that responsive making issues more bad for me.

Please advise

Hi,

How to sell a property as FSBO(for sale by owner) with as is condition clause. What are good websites, resources for this purpose.

Please advise

Very useful information. Any good  qualified intermediary around Atlanta Georgia area. Please advise

Hi,

Can you please share mold and pest etc. addendums you are using in leases. What other addendums we have to provide in lease and have tenants to sign. Please advise

What are the must-haves to have your insurance policy ? What are the best coverages and limits to have in insurance policies to cover edge case scenarios like these Insurance Policy with water, mold, vandalism, pest etc. Also lot of insurance companies to give new quote asking for proof of new roof replacement otherwise not giving quote which concerns me as my roofs are very old replaced by previous owner or original roofs. Please advise

Thank you for your feedback. 

Can a realtor help with 1031 exchange as I never did it. I may need some hand holding to do first time without any issues

Hi All,

I am thinking to sell my old  property. For example if my property sells for 300k I have to pay 6% to realtor which leaves me at 282k. Out of 282k how much taxes I have to pay right away and how much taxes I have to pay during end of tax year time. Any other closing costs or fees or charges I have to consider.  Any way I can save these costs or fees or charges. I like to sell this property 'as is' to avoid any potential issues in future. How does 1031 exchange works. How to sell this property in 1031 category and buy other property ? How many days I get to purchase other property. I never did 1031 exchange so far. Please advise

Thank you for your detailed feedback. This is single family house but converted as duplex by previous owner. Rain water leak happened on one unit where these tenant issues happened. Should I ask PM to send his own mold inspector and remediation contractor to check other unit also which is not impacted just to be safe side. My mold contractor and remediation contractor checked other side and said all good there. He basically checked attic and inside units. Should I ask PM to check Crawlspace area also which was not checked by my mold contractor and remediation contractor? Please advise

Regards,