All Forum Posts by: Sergey A. Petrov

Stopped reading at “crane”. Do it! Having dealt with cranes and associated permitting (how about a helicopter delivery on a high rise?) and your unit being 15 years old, it is worth it. When it goes, it’ll go with little warning and you (or your tenant) will be without AC while you coordinate the replacement. And it always goes during the hottest of the season!

How about helping renters understand the value of property ownership through active communication and feedback on maintenance and other requests? Tenant says “I’d like this thing”. You say “ok but that costs money and doesn’t affect the habitability of the property so it can be done but we have to talk about how it gets paid for”. Learning the value of money vs “things” that are “musts” and “nice to have”

Go to a casino and see if you can do it in one night. Otherwise, with an average rate of return and some work, you can get there in roughly 40 years

Depends. Purely an investment? If so, I just look at the numbers. Something that we could use personally on a part time basis? Currently thinking through that one!

Not enough info. Sounds like there was an inspection contingency. If it expired on 09/03, after the buyer’s demand but before the seller’s acceptance, the deal might be off. But there is more to those timelines as well…

As others noted, what is the hardware? A $500 fee for a locksmith isn’t all that much if you have high security locks. A Medeco set will be well north of $1k and take a few weeks. A Schlage Primus isn’t too far behind. A qwikset doesn’t require a locksmith but most can pick that lock in 10 seconds 

Agreed with other’s comments. At the end of the day, it cones down to your personal financial position. You may need to “explain” things to an underwriter, make sure you are in compliance with the owner occupancy requirements on existing financing, or so something else but as long as you have a strong financial position you’ll find a lender. It may be non conventional or hard money on the initial purchase. You refi out of it once things are stabilized. From a long term perspective, it’ll probably make sense. If are looking at short term, flip, or something else, the market may or may not be where you want it to be in 6 months 

Keep the account in your name but have the bills sent to your management company for payment and inclusion on your financials 

The only way to decide is to run comps. What are the rates on furnished short(er) term rentals in the area? How much are you spending to furnish and what is the payoff period? Does the demand go away and you are back to LTR before you recouped your investment into furnishings?

If you are out of pocket less than $5k and cash flowing on year 2 it makes sense. Your total cash in is only $7k, right? $5k to acquire plus negative cash flow of $2k in year 1. I’d do it without thinking about it unless there is something else to it. Do your due diligence I suppose!