All Forum Posts by: Jonathan Johnson

@Sharon Tippett The best way to do no money, is learn how to analyze a property, analyze 100 of them, make a short marketing package for the top 3 or so, and then go meet investors and tell them about it. Let them know what you can do and then offer them a return on their money if they invest with you. If you can find a deal where you can make money on top of offering 12% back to investors you're in a good position.

Great Job! I love the floors and the gray/white color scheme. Are recessed lighting hard to install? They look amazing. Looks very modern, bright, and popping.

I want to be careful how I say this, but, "This deal is soo good." I'm just matching the previous buyers offer. Even if I come up 200k it'll still be a good deal. Tired family owned apartment, totally paid off, and they just want to be done with it. My last offer was for more money but they chose a buyer who could close more quickly. Money is not the priority for them, time is. 

I'm pretty sure I have a lender that can fund this deal in <30 days so I'll have my fingers crossed.

@David Dachtera @Chris Tracy @John Jacobus @Mindy Jensen @Dash Siva @Mannie Greenspan

After faithfully following for a month, I had given up calling every week asking how things were going. Now, after two months, the buyers were asking for too many extensions and the sellers have asked if I'm interested in submitting an offer.

Assuming I can convince my wife to come along on this, I may have a killer apartment deal!

Thank you all for your encouragement, support, and advice.

@Brian Adams I love seeing this and I'm totally in the education part of the same journey. Is there any way I could see a past marketing package or deal guide you've made? I've been constructing my own but it's kinda sloppy. 

Really appreciate the value you add to BP.

Landlordology.com has good state-specific landlord-tenant laws broken down in plain english to read. Very helpful.

In this case, I don't think you have to give the deposit back. They signed, which means "agrees to", the paragraph stating they'd lose the deposit if lease breaks. What you have to ask yourself is, "Is it worth the deposit to pursue this?" 

Sorry for the late reply, I only check BP during the week.

@Austin Fruechting That looks great! Do they feel like new or do they feel like someone painted a tub?

@JD Martin I'm definitely not doing this myself.

@Mindy Jensen I got a quote for $375 to refinish the tubs. I don't plan to re-tile anytime soon because the tile looks pretty decent. Would you still recommend just replacing? I just did a quick glance and the fiberglass tub on Home Depot was $150.

@Angel Dejesus LOL, there isn't actually a hole, there's just chipping in the shape of a hole. I'll send pics for sure.

@Jen R. Thank you! That's helpful information. This may sound ignorant, and I confess, I am: but is the second tub really that far gone? From my basic understanding of refinishing, they fill in areas with a special material and then paint over. That "hole" spot isn't deep, it's just wide and chipped. But I've never done this or know much so I could be way off on how this works.

@Rocky V. That seems similar if not worse than what I'm dealing with. Thanks for showing pics! What made you go the refinishing route and not replacing? Has the tub stood up over time yet or was that recently done?

@Will Barnard Thank you and I agree. However, at the moment there's a high turnover and repairing everything at top dollar for the best return I can get over the long run isn't exactly possible. I have to give and take what I can get to make the apartment marketable for new tenants. The property actually will cashflow great with new tenants so replacing is definitely something I can afford after a couple years.

@Jen R. This is a rental I recently purchased. It has 4 units, I'm living in one, and all 4 tubs have chipping and cracking.

What ballpark prices have you experienced with refinishing vs take out and replacing? $500 & $700?

Hello BP,

I got 4 tubs that look like these two:

They are cast iron tubs and I have some money for repairs. I care more about saving money than time at my current stage. The bathroom sinks look similar and need replaced as well, but I think I can do that for about  $30 each. The tubs are a significant project. I could reasonably figure out a lot of repair stuff but I wanted to ask you all if you have had any experience with this type of stuff?

Here's what I found in WV law:
"§37-6-5. Notice to terminate tenancy.

A tenancy from year to year may be terminated by either party giving notice in writing to the other, at least three months prior to the end of any year, of his intention to terminate the same. A periodic tenancy, in which the period is less than one year, may be terminated by like notice, or by notice for one full period before the end of any period. When such notice is to the tenant, it may be served upon him, or upon anyone holding under him the leased premises, or any part thereof. When it is by the tenant, it may be served upon anyone who at the time owns the premises in whole or in part, or the agent of such owner, or according to the common law. This section shall not apply where, by special agreement, some other period of notice is fixed, or no notice is to be given; nor shall notice be necessary from or to a tenant whose term is to end at a certain time."

The parts in bold may apply in this case where Tenant #1's lease is up and he's just paying month to month.