All Forum Posts by: Scott Rogers

your money your piece of mind. Just think it through and make yourself happy. Since you live onsite and would get enjoyment out of it I say do it.

Also if the bank forgives (allows for sale below owed amount) part of the loan. Taxes will be owed on that forgiven amount.  Not sure if a bankruptcy would change the parameters or not but that may be a better option for the seller.

Not a trap. Gel Bait comes in a tube or a syringe.

something like this

https://www.homedepot.com/p/COMBAT-60-g-Source-Kill-Max-Roach-Kill-Gel-2340051960/202885843

In my area I would be able to buy 2 houses including renovations for what it would cost me to build 1 of similar size and quality.  Economics are very different depending on locations.

If you are in a area with decent appreciation, I would assume adding another location would appreciate faster then an addition to a existing property. So that would be the way I would likely go after all other factors such as cash flow and carrying costs are factored in.

When I bought my first rental I saw no bugs when I evicted my first tenant 10 months later is was completely infested with roaches.  I had the exterminator out 4-5 times and after each visit I would see a few dead and hundreds of live still roaming. Exterminator finally gave up. My PM told me about the gel baits sold in a tube at home depot. I put out a inch long piece of the bait in the corners of each room and under the counter top in the kitchen behind water heater ect.  A week later hundreds of dead roaches and no living to be seen.  

now at each turn over I use the bait whether I see roaches or not,  and thankfully I have not had to deal with that level of infestation again either but if I do I know the gel baits are the tool to handle the problem.

I dont understand the criticism of someone else's success or the underlying jealousy.  Just compete and succeed on your level and dont worry about what others are doing.

As long as you are moving forward with your goals you are succeeding and their successes are irrelevant.

I own a carpet cleaning company. Odors are possible to remove but in many cases costs to do so exceeds replacement cost. 

Typically when you clean a carpet you are cleaning the surface of the fiber, and if the carpet is maintained properly this is sufficient, How ever a abused carpet will have soils, oils, urine ect. absorbed into the fiber, into the backing, into the padding and even into the subfloor.  Cleaning the surface of the fiber will make it look better and even make it smell better in most cases, but chemical application and subsurface extraction may be required to correct the issue. These can get very costly and if the carpet is over 5 years old or excessively worn or stained then replacement is a better option.

Ozone can be use to mitigate many of the odor issues quite successfully  foggers can also work. both of these have side effects and can be dangerous if precautions are not taken.  Do lots of research.

Even after carpet replacement odors can reappear in extreme situations if the subfloor and air system are not properly cleaned and sealed (wood subfloors). This is especially likely in high humid areas where phantom smells will appear on high humid days.

Who pays yours?

Unless its a multifamily home with a single meter and common areas who ever resides in the home should be responsible for all utilities.

If its a multifamily then the average utility cost should be factored in when determining rents at the start of the lease.  Costs to do business is always factored in to price of goods and services.

Those saying having a single property is bad are being ridicules. If you are not over leveraged vacancy isnt a big deal at all.

1st recommendation get a property manager.  they are the middle man and it takes away a lot of the issues that arise when a tenant tries to take advantage of you and they will in one way or another (late pay, frivolous repairs, ect.)

2nd Price it right, dont over price it, it will sit too long, tenant will not stay long term.  Dont under price, will hamper your ability to maintain the property as well as make enough profit to make the venture worth while.

3rd  don't ever let emotions get involved in this BUSINESS.  Your tenants personal problems are theirs don't let them be yours.  and visa-versa.  have a solid lease/contract and live up to those terms and make them do so as well.

Also be aware, many auction listings on Zillow, Trulia, ect.  are not accurate. Many are previously settled and still erroneously listed.