All Forum Posts by: Rhys Boschert

I'm encountering a similar scenario with a Townhouse I just rehabbed in Saint Louis.  The property is valued about the same and rent would also be about 1600/mo.  I'm going to post it for rent and be pretty picky about who lives there (no pets, high deposit) and just collect rent until I need the money for something else.  If you think the Condo is going to keep appreciating in value higher than the norm, I see no downside to keeping it if you don't need the money right now.  Good luck! 

Hey All,

Looking for a good Accountant in the St. Peters or St. Charles MO area.  Preferably one who knows the ins-and-outs of Real Estate and Stock Investments and ways to save money.  My current Accountant doesn't do anything for me besides fill out the paperwork.  Any assistance would be appreciated.

Thanks!

Rhys

Hey all, this is my first ever flip and i'm curious of your thoughts.  We've agreed to a contract on the property but have the Inspection still upcoming and can back out (or ask for a reduced sale price) if we find anything out of the ordinary that would greatly increase our rehab budget.  Having never done a flip before I tried to guess high on the rehab costs and guess low on the resale price to give myself as much wiggle room as possible.  We're having an Electrician, HVAC, Asbestos removal, Window guy and Plumber come out to do inspections and give us work bids before our full acceptance date.  We're having the sewer lateral lines scoped to make sure there are no issues there too.  If anyone has any suggestions or thoughts on the deal, i'd love to hear them.  Thanks.  

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Thanks for the replies, everyone.  I'm going to have a plumber out tomorrow to look for a leak somewhere.  Bills are normally $20-30/mo so this is almost 10 times normal usage and nobody was even in the house most of that time.  A huge part of the problem is that the water company (MO American Water) is not communicating with their own contracting company that they use to install a reading device on the meter.  So i'm getting the run around from everybody. 

@Jason D.  The leak can be between the main and the house even if the meter is inside the house?  

Hello,

I'm fairly new to to Real Estate Investment (4 properties).  I purchased a rental property a few months ago and in the process of rehabbing it and getting inspections passed, we obviously had to turn the water on.  2 months later the water company sent me a water bill for $400.  Nobody was in the house except for repairs and no leaks were found.  Water Co. said 90% of the time it is an issue with a leaky toilet so we replaced the only toilet in the house just to be safe and shut the water off.  Fast forward 2 more months when the final inspections were being done, the water had to be turned on and we assumed the new toilet fixed the problem, but then I get another bill for another $400 on top of the other bill.  My prop manager (who manages 30+) properties has been to the house dozens of times and never seen any water leaks and heard any water running in the house.  The water co. worker didn't see anything either.  The tenant is getting ready to move in and we don't want to hand off a house to her that has $200/mo water bills.  The meter is inside the house so i THINK that would exclude any leaks outside the house from going on my bill, but i'm not sure.  Any ideas would be helpful.  Thanks