All Forum Posts by: Missy H.

Have you run these numbers through the BP rental property calculator?

@Jacob Benninger I would say that as the very first step, I would get to know the area that I want to invest in and how much rents go for.  I have a couple of properties in Albany but in two very different areas with different price points and market rents.  The last thing that you want to do is think that you can get $1000 per month in an area that only can command $800; then there goes your profits.

Above all, use the BP calculators and watch the webinars that @Brandon Turner hosts on how to find rental properties.  They really give you step by step instructions. 

I think the first red flag is that you only want to meet with one of them.  

You should meet with at least 4 to walk through the project, explain what it is that you want done, listen to their comments, get the feel of how well you get along, especially if it will be a long term project, get references, check references, check with the BBB and/or civil court to see if there are previous small claims cases from clients.  

I would say that the first step is to find a scope of work template (online) and then take the time to consider exactly what work you want done.  Write down everything to the very last detail.  

Better yet is to but the BP book by J Scott on The Book on Estimating Rehab Costs.  Read through it front to back and take notes on the bathroom section.

When looking for a contractor, get at least 4 estimates, listen to their ideas, revise your scope of work based upon any ideas offered that you like and then send them the scope of work to request an estimate.  Each contractor will try and tell you what THEY would do, but it is YOUR bathroom.  There is a lot involved and you will most likely make mistakes, but hopefully you will also learn for the next renovation that you have to do.  

I just did a bathroom renovation on one of my rentals.  Although I have renovated bathrooms and houses in the past, i am still making mistakes, and learning from them.

Maybe there are others who can chime in and offer their perspective.

Welcome Cosme......good luck and many happy returns.

When you say that you "had him complete the new tenant process and he was approved", do you mean that both of them signed a new lease?  

If they did not sign a new lease, then the person/persons who signed the original lease is still jointly responsible for the rent; unless it is now a month to month lease.

If they did both sign a new lease, and your original tenant is paying the full amount, then there is no reason for you to get involved.  (If the new guy did not pay the cable bill, but it was still paid in full, the cable company would not get involved.)  You would only step in if the full amount is not paid and then both tenants would be evicted.

Hope it helps.

How is this agreement worded in his current lease?

@Thomas S.

Good advice.  I will tell them to wait until I can go up to look at it.  I can't imagine that this is an all of a sudden problem, they must have experienced this in the past.

However, if it is an easy fix, maybe running another line, I will consider it.  Don't want them to think that I am at their beck and call for every little thing.

Thanks for the words of wisdom.  

Hi @Brian Degener

The property is in Pine Hills, near the College of Saint Rose.  Are you in that area too?

Hi @Christopher Renda

Welcome to BP and good luck on the exam!!  

Don't worry, there was no offense taken to us debt holders.  LOL!!!