All Forum Posts by: Christopher B.

A 1 piece isn't feasible, couldn't get it turned in a tight hallway. Any comments on cultured marble? Pros/cons? Looks that or tile are my options. I used to work at a tile store and still have a friend there than can get me about 80% off but was
Worried about maintenance over the long-term.

Mindi B. That is wild and ridiculous!

I'm not sure if I will be giving my tenants $50 gift cards or tablets but I don't agree with the corporate mentality some boast. I am a huge fan of the Zappo's business model and look to incorporate a lot of the same ideologies in my business as I grow. We're in a people business and a nice gesture can go a long way. Not everyone will appreciate it because we can't please everyone but in the end, imo, you will reap many more benefits from doing the extra for your customers (or "Wowing" them as Zappos says) than not.

I've searched every keyword(s) possible here at BP and while finding some info I wanted to get more insight. If there has already been a discussion that I didn't find feel free to post a link for me.

My duplex was built in 1951 so I chose to leave the cast iron tubs and refinish them. Currently I have a cheaper 3-piece tub surround in each unit but I'm having issues with the caulk peeling off and it's very suspect to mildew and growing some mold. I live in 1 side and rent the other, we both maintain clean homes and the bathrooms are vented so I'm not sure whats causing the problem.

Since I am about to do my 3rd re-caulk in as many years in my bathroom my question, for this property and future rentals, is what have you found to be the most durable and cost effective route for tub surrounds?

I can get nice tile fairly cheap if that's the best option. I've also read some posts here at BP touting cultured marble. I'm open to anything and am willing to pay more now, within reason, for more durability and less maintenance long-term.

Suggestions?

I completely agree with John Mireles. I purchased my first rental almost 3yrs ago and really embraced the "a good rental will attract good tenants" mantra. I spent time searching for good deals on attractive light fixtures, fridges and dishwashers, flooring, bath/ kitchen fixtures, door handles, built-in bookcase, etc that would give my units a unique and quality feel to them. The last thing I wanted was a property that wreaked of home depot.

It works as well. I've had 3 tenants (first stayed for 16 months before buying a home of their own, the 2nd lost his job so moved back home, and the 3rd will likely be there for 2-3yrs if not longer) and 2/3 have been what I would call "model tenants." All of them stated that the attention to detail and quality of the unit were the reasons for choosing to rent from me.

Sure, I spent a little bit more on the remodel, but it's a home a would personally live-in and it has attracted quality tenants for me. I've never had to chase rent, never had to complete any repairs due to my tenants, and overall have had no problems. In fact, one tenant actually refused their deposit when I tried to return it! How many landlords can say that?

At the end of the day, don't take any shat from people and provide a high-quality product with excellent customer service. If not your results will suffer.

@john holdman Almost all local banks I've talked with recently say no to financing a rental property before they even know my financial situation. The best options I have found so far is a local bank offered 5/1 ARM portfolio loans for future rentals at 4.5% amortized over 20yrs. To me this sounds kind of risky considering what it could do to my cash-flow down the line when rates go up. So I have found financing options but am a bit unsure if it's a good option and what kind of strategy investors use with these financing terms? Maybe I haven't talked with enough banks but I can't find anyone to give me a fixed rate for a rental property.

@Aly L This is good to hear. This is technique I worked out in my head but have trouble understanding how people are getting FNMA financing as that option has been quickly shut down at every bank I have talked with. I will check into Citibank though, thanks!

Jared Orme I will have to do more research on owner financing. When you say "have enough resources" to acquire financing what do you mean? 6 months PITI, 720 credit, 20%-25% down?

Minh: I am refinancing the property either way because my current rate is 5.75%. So I don't have the option to just do the HELOC. In the future I will likely just set-up a HELOC when possible due to the no upfront costs though, thanks.

Kyle: Yes, my intention is to use the cash to invest in flips to generate some working capital which will lead to more rentals down the line. I'm not a big fan of ARM because I worry about what will happen to my rental portfolio when rates start going up down the line.

I don't understand how investors are getting conventional loans for multiple rental properties?

Joe: Thanks, I appreciate the help. I am a UT alum myself, Go Vols!

Tim: Thanks for the reply. However, I do know that sewer lines and laterals are not covered by insurance. I was merely using it as an example of how I've been hit financially by my unit this year and couldn't afford a large deductible for my roof in addition to what I have already paid out for the sewer. Luckily I keep a min. of 6 months expenses in my account so I had the reserves to cover it.

I am currently looking to access the equity ($50k) in my duplex. I have talked with a few banks and my options are:

1. Refinance at 4%, 20yrs fixed with a HELOC up to 80% LTV with a 4.5% rate

2. Cash-out refinance 4.5%, 30yrs fixed

3. Refinance at 3.75, 30yrs fixed but have to wait 1yr before they will let me set-up a HELOC.

Obviously I would prefer 3.75% but at this point am not really willing to wait another year before I have funds to move forward with other investments. The difference in my monthly payment for the cash-out vs 4% refinance is $27/month. At this point it seems like a cash-out refinance is a better route so I wont have to pay interest on my HELOC each time I put money into a deal? Any advice?

Michelle, my quote for a $1m umbrella through SafeCo was $265

Michelle I will let you know what I get back from my agent. I feel like I am getting bent over by deductibles as well. I am paying $1300 right now for a $112,000 policy with $500k in liability. There has to be better rates out there. This will be an on-going search I feel.