All Forum Posts by: Missy H.

Hi Kathy

Congratulations and good luck in your future investments from Albany, CA.  I can appreciate your choice to invest out of your area.  I too live in an expensive market, NY/LI and as it happens, I am looking to add to my investment portfolio by investing in Albany, NY.  Funny coincidence.....

Let us know how you progress.

Missy

Hi Renardon

I don't really have a list of the Top three properties, but I do have a top one.  It would be plumbing issues due to old or clogged pipes or sewer lines. 

I have two properties.  One was completely rehabbed pipes and all.  When the tenants moved in, they were advised of this and told that any plumbing clogs or issues are on them.  My other property was not a rehab and I had plumbing issues there due to clogged sewer lines because the tree roots grew into the sewer lines under my front yard.  Every year the plumbing company was there with the whoosie whatsit clearing out the sewer lines and cutting through the roots.  Finally, I decided to put a sewer liner in and I have been problem free ever since.

I have learned that if I am going to rehab, i am going to do it top to bottom so that I have a clear mind as to what is wrong and fix it from the get go.  Aside from a Hurricane Sandy rebuild, I have been maintenance free for 4 years.

Good Luck,

Missy

It does sound like a great idea.  I am in the process of refinancing my rental property from 5.75% to 3.87%.  It drops my mortgage down by $600.  Of course I am going from what was a 30 year (and is now a 20 year) to another 30 year.  However, if I pay an extra $200 it will be paid in less than 20 years. 

The benefit that I see is that when I go to finance another property, the banks will see that this property is making money and will lower my debt to income ratio.

What are the terms of both the old and new mortgage?

@Raymond B.

OMG!!!!!!

It works!  Thank you soooo much.  You are fantastic.  Thank you.  Thank you.

@Scott Roper

How long have they been your tenant? When you stop by announced or unannounced does the property seem dirty or does it smell like they have a pet? Are they always responsive to your visits or other inquiries that you may have? Did the neighbors complain about the two pets or did they only mention it?

I would weigh the answer to these questions before asking them to pay an additional deposit or additional rent. However, I would also have a heart to heart with them to let them know that you know they are in violation of their lease and of course have them sign another addendum with a forewarning that a third pet will bring about an increased pet deposit or a charge of additional pet rent.

I think that any damage a dog may do to a house is a direct result of how well they respect and/or are trained by their owner. With that being said two dogs can do just as much damage as one dog and sometimes one dog can do just as much damage as two other dogs.

By charging them a total of a $500 pet deposit may bring about feelings of animosity and may lead to a disregard for the upkeep of your property.

However, if the fact that they already have two dogs in the house is physically evident by how they keep their house and how it smells, and if the neighbors are complaining, then I would charge them additional or require them to get rid of the second dog. I don't mean kill it, I mean give him.her away.

Let us know how it goes.

Hi Rhondalette. Aly L mentioned calling the landlord who evicted them. Have you had a chance to do that yet. I am just curious as to what was the reason for the eviction. I am nosy. LOL!!

Hi Victor Welcome to BP! What a great introduction you gave us. I feel like I have known you for years. I too bought a program several years ago. But, you are right. You live and learn. If you are like so many of us, you will find yourself addicted to BP. I no longer listen to the radio nor do I watch a lot of TV. I simply keep listening to the BP podcasts. Good luck in your education and endeavors.

Originally posted by @Rafael Floresta:

Welcome! What areas are you looking at investing? At first when I read "B & H Investor"  my mind did not read buy and hold, it read B&H as the B&H photo store in NY. 

I thought "Man, that was probably a great investment, that store sells a massive amount of gear!". :)

Too Funny. 

I WISH that I was an investor with B & H.  ......but even if I were, I would still still be a RE investor.  IT'S IN MY BLOOD!!!

As far as to where I am looking to invest???  My first choice is Albany since I already have a property there.  However, I am open to the possibilities.  I am a NYer at heart, but since I have been working in NJ, I have grown a fondness for the Garden State. 

Have car will travel.....  I read an earlier post from you to another Newbie in South Jersey.  (I can't remember who.)  If you guys do meet up, please keep me in mind.  I'll do a road trip to brainstorm with like-minded folks.

Thanks for reaching out. 

Hi Everybody

Just joined BP a couple of weeks ago and I am so excited to be a part of the family.

I am originally from Long Island and moved to North Jersey about a year ago.  I have always wanted to be involved in real estate and took the plunge 11 years ago when I bought a duplex in Albany, NY at a tax auction.  OMG!  This property was so bad the homeless would not live in it (leaking roof, water soaked carpet, rodents....).  After fixing the roof, I kept it for a couple of years sitting vacant, until my sister forced me to do something with it.  So I got my act together, rehabbed the house, got some tenants in (both good and bad).  Fast forward, 9 years......

....Hurricane Sandy hit Long Island at the end of 2012 and the house that my twin sister and I owned was ruined (purchased in 2005).  After dealing with the insurance companies and changes to building code, the rehab was complete.  I now have great tenants.  Fast forward, to the present......

.....my sister turned me on to BP and I am itching to buy another property.  I am on BP daily, reading posts and replying with my tiny nuggets of knowledge.  Over the last two weeks, I have been binge listening to the podcasts.  As soon as I catch up, I will start over again.  I can't wait to move forward and hopefully meet great like-minded people along the way.

My parents charged me "rent" from the time I graduated HS to the time I moved out.  I did not appreciate it at the time.  However, looking back, I realized that it helped me learn to budget so that when I did move into my own place, I did not have to worry about putting money aside for rent.  My rent was always the first bill that I paid.  Would I do that to my kids???  If I had any, probably not.  But I would do something that would help prepare them for their financial future.

But, enough about me......

My point is, giving your daughter a discount on the rent may be doing her a disservice.  Would she really learn to budget for realistic expenses if she is paying unrealistic rent?  Or if she knew that you were there to help bail her out?  Hold her accountable for the full rent.  If you want to put $240 aside for her "future" (in secret), well I am sure that she would appreciate that money when she, one day, gets married.  But treat her like the adult she is. 

You don't have to charge her a late fee and I am sure that you would never evict her.  If she needs help, birthdays and Holidays are always a great time of year to get a cash gift.  LOL!

Let me know what you decide.  Good luck.