All Forum Posts by: Mark H.

http://www.kwikset.com/smartsecurity/re-key-techno...

I just look on eBay for "builder packs" - 10 locks in cardboard boxes instead of retail bubble-packs..I've scored them as low as $10 a lock -  I key everything the same myself - if you goof up, there's a video on YouTube showing how to re-key a borked setup (only done it twice so far), and there's also a $3 tool to flip the lock cylinder so the keys all go in the same way..  

It's nice for anything that's been on MLS, as well as after a tenant leaves, you can re-key the whole house in 10 minutes if you're slow for $0. There are people who claim these locks will "lose" their programming, but I've never had it happen & it's not like they're expensive if you had to actually toss one anyway.

I got my own re license, so I could do my own listings (ensure the pics & description were good, use the MLS to accurately value the properties, access the local standardized rental agreement & most recently, dispose of a unit @ full-pop retail for 1/2 commission)..

If you feel you can't trust anyone but yourself to do the job right, there's your answer. That said, even with a license, I had to pay a pimp-fee to my broker & 1/2 month's rent to the tenant's agent (and pay for pro photos, MLS fees, nar dues, lockbox fees, etc.). So I only end up saving a little money (fortunately, I've always picked tenants who lasted for multiple years, so re-leasing hasn't been an issue). The only eye-popping savings was when I tried to list one of my rentals for sale (just didn't feel like doing it), and the local high-volume , highly regarded agent tried to get me to list for $35,000 under what I eventually closed the deal at.

Short answer, most likely "yes" - that's how the title company is going to want to do it. I don't know how you get a better bargain with the parcels split, "combining" them and legally dissolving the HOA should be a fairly quick//inexpensive process. Fwiw, I've never done exactly what you're doing, but I've "combined" parcels before & all that was required was a trip to city hall & having the assessor draw a line through all the old parcel numbers & generate one new parcel #. The new deed showed "lot x,y,& z of blah blah blah" - but it's not like deeds cost more if they have more words, so, again, I don't see any savings or reason for the seller to negotiate.

I'm going to disagree with the herd on this one, especially the point that "insulation doesn't save you money in the heat" - attic insulation can make a huge difference in both comfort & cost in a cooling situation.  I'm in Phoenix & going from r19 to r-50 in the attic made a huge difference in the comfort of my own home.  You don't necessarily need to go that far, even a 4-6" "topper" of blown cellulose will greatly reduce air leakage into the attic & that's what you and your tenant both want.  Adding 10" of blown cellulose to my 1800 sq/ft house was $1500, including labor.  

Before the insulation, I couldn't get the house under 76 on 110 degree days, now my everyday set-point is 72 & I'm paying about $100/mo less than my neighbors during peak cooling season to maintain that super-low set-point.  Obviously, it helps in winter as well - I can run the heat for ~15 minutes in the morning & not need it again all day most times.  

Obviously, cost is a factor, but if your quotes are inline with what I paid, the payoff is huge & well worth doing.  

Bill, the short answer is they're both right.. maricopa sells one year at a time, other counties sell multiple years.. in maricopa, if youre hoping to get the property, you need to buy the lein every year.

Lol.. thanks!

A quick recap, a year later.. since hindsight is 20/20..

~$30k in a tax deferred ira.. converted to about $20k after taxes. 25% down + closing costs on a $70k rental, loan of about $50k @ 5%.. piti of $400~ish, pulling $950/mo in rent. Model matches now closing at ~$140k.

Kinda glad I paid the tax, needless to say..

The security deposit is an obligation you are assuming when you buy - it shouldnt be considered "down payment assistance".. the title/escrow office doing the paperwork should break all of that out on your closing statement.. there may be other "prepaid" costs as well.. depending on your area, things like property taxes might be owed, but not billed yet - so the current owner may have to pay you a sum equal to a few months taxes, for when the bill comes.. that money is allocated, and not considered a "down payment" on your part, nor is it "assistance" on the seller's part.

Actually, I find that I'm the one interviewing the broker, as the agent. Many of the franchised brokers will want a big slice of your earned commissions for "training" you - if you dont want/need that training, that money is wasted. Others collect a monthly fee and a flat-fee on every transaction.. a common model in my area is $25/mo + $250 per deal.. the remainder of the buy/sell side commission goes to the agent. Some brokers want 30% on all deals, some want 80% on the first two deals in a month + "desk rent", "technology fees", etc.. you should be the one making sure that that the broker provides is something that you need.

Theres nothing wrong with signing with a broker that charges 80% on your first two deals, if they're giving you the training & leads to get a decent amout of sales, that you wouldnt get on your own. If you just want to run deals for yourself, you dont need that kind of support, and they may not want you running your own deals under their brokerage. You should really be the one asking the questions at the interview..

Lol.. sorry you're hearing crickets on this one - i think the short answer here is that flippers dont often replace windows here ( double pane windows help with noise, and security, but dont usually do much for energy savings) buyers & tenants dont really care about windows, or if they do, they wont pay extra for new windows..

I had the windows replaced on my primary residence, mostly for sound, but I couldnt recommend the guy I used, and most of the others I've interacted with expected to be paid like rock-stars..

As a former "road warrior" who's spent *way* too much time in hotel rooms, I do agree we can learn from them. Definitely consider stealing a color palate if you find one that really looks good & check out how they do bathrooms for durability tips. Ive seen many of the slightly upscale rooms using slab granite even for tub surrounds..

One thing I've noticed is a preponderance of Moen faucets.. they're so common that you can even buy generic cartridges for them in bulk.. the tub surrounds have "legs" about 4-6" past the tub to keep the wall-finish dry.

I dont think wallpaper would work in my area, because textured walls are common.