All Forum Posts by: Richard C.

The hardwood question is one I actually can answer.

Poly. 3 coats. Springing for the extra coat on install is extremely inexpensive.

Screening, not sanding. Rather than sand and refinish once a decade, have a flooring guy screen and recoat about once every 4 years. Maybe five if you are lucky. You never need to actually sand it down and refinish if you never let the wear get through the topcoat. Screening and recoating is a simple job to do yourself, no complicated or expensive tools like a full floor sander. Or in my area, screen and recoat costs about $1 a square foot to have done by a flooring guy.

Understand, I have no idea what I am talking about :).

But since renters from outside your region were mentioned, I just thought I would put out there that in some areas (mine, for example) wall-to-wall is definately considered a lower end floor covering, and if we were moving to Charleston and renting at $2000 a month, my wife would definately insist on hardwood. And I kind of think people who like carpet might think, "Hey, I guess I'll have to buy some area rugs," while people who hate it have no way to get around wall-to-wall. For what it's worth.

Part of their job is to tell you what the tenants are thinking, and part of their job is to save you from yourself.

Don't you want to know that all that it will take to avoid a vacancy and turnover costs is a larger fridge? Or would you rather just have the place empty and never know why?

And sometimes landlards dig in their heels over what they think is reasonable, and property managers have to tell you what the market realities are.

Hi Ryan,

I am going to try to take a somewhat different tack than some of the other posters. I am not a flipper, and anyway you have seen their advice (most of which strikes me as on-target, but again, not my area of expertise.) But let me see if I can help a bit on your original question. What you SHOULD have done doesn't help you now, right? What you need to know if what you can do now.

I am going to assume you are simply unable to reduce the price siginificantly and therefore have no choice but to hope someone comes along and falls in love. So I'll leave that alone.

Things that would make the house much more appealing to ME, would be:

1. The cofferred ceiling. I actually love cofferred ceilings and am considering adding one to me own residence. But the room I would do this in is about 15x20 and has 11.5 foot ceilings. To me, having the cofferred ceiling in a room as loarge as yours, with a ceiling height as low, feels like you have something looming over you like the Sword of Damocles. I wouldn't tear it out now that you have but in the time, but I would paint it all white, and consider a subtle vertically-striped paint scheme on the walls to raise the ceiling visually;

2. Fixture finishes. Been mentioned a couple of times above, but they have to match. Have to. Even if it means fixtures of lower quality than the ones you have in place. Especially in a small space like a bathroom, having the doorknobs, light and outlet covers, faucets, etc all coordinate is really noticable;

3. I am sure that the flippers may say don't spend anymore in a lost cause, but to me, wall-to-wall is a low-end floor covering. I realize this may vary by region, but to me that room with the cofferred ceiling out to have hardwood;

4. Landscaping/exterior. Not up to the standard of the inside. To me, the variegated masonery looks very dated, and if I owned the house I would paint it all a neutral color. And landscaping can be done on the cheap if you are using your own labor.

Sorry for your troubles. I have been a pretty inactive member here for a couple of years, and I am positive that even the the harshest-sounding advice you are getting is well-intentioned.

I just want to point out that Mark's advice was that you NOT tile the tub surround.

Don't take a small loan. It sounds like your problem isn't with payment history, it is with the length of your credit record. Adding a small loan (like the "credit builder" loan some credit unions offer) will just decrease the average age of your accounts, which is the last thing you want.

The same with new credit cards.

What will help is increasing limits on pre-existing cards. You can ask for reviews; if you just wait for the bank/cc company to do it, you may wait a long while. Especially if you don't carry a balance. Paying off your balance every month is responsible practice and good for your credit score, but it makes you a less-than-ideal customer from the standpoint of the credit card company.

This may sound like a strange question, but here goes:

I have found a house, in a town I am very familiar with, that is an excellent deal at 35k. My problem is getting a mortgage. And not due to down payment (I can do that no problem) or credit (750-ish) but simply because I can't find a bank that will do a loan that small. The credit union where I do my personal banking won't do anything under 50k, and local banks I have called won't even go that low.

This isn't a good enough deal to make it worth it to pay some hard money lender 15% interest. Do I have any options (other than family and friends, which are not an option)?

Thanks.

I should also say that all utitilies would be tenant-paid, and that there would be a real possibility of getting the taxes adjusted seriously downward, but that process takes time.

Hello Everyone,
I’m new here, my past real estate purchases and remodels have been for my primary residences. I wondered if anyone could take a quick look at this deal, and let me know what you think?

VA Vendee financing, 30yr, 4%.

Purchase Price 37,500
Down Payment 1,875
VA Origination Fee 2,500
Seller Paid Costs 1,125
Move-in condition.

(month/year)
Rent 850/10200
Vacancy @ 10% 85/1020
Est.Gross 765/9180

Taxes 100/1200
Ins 73/876
Maintenance 100/1200
Subtotal Exp 273/3276

NOI 492/5904
Debt Service 150/1800
Cash Flow 342/4104

What do you think? Is this worth getting into?
Thanks for your time and knowledge.
Rich