All Forum Posts by: Shane Craig

@Kenneth Mooney

I agree with you.

Starting out I would buy something and do as little as possible to get it rented. But I starting to completely remodel rentals to prevent problems in the future.  

@Dennis M.

  I literally laugh out loud when I read your post ~gonads kicked into my throat !

I like your positive twist at the end of your post and will print off the last bit of the post that talks about Persistence and determination. 

@Erik W.

It would be cool if they could keep this post around for a while so people could see both sides. 

I just replaced a rubber roof on a commercial building that I have and didn't want to fork over the money. But the alternative could be costly repairs in the future like you stated in your post.

@JD Martin   

50K in a month is sickening. 

When you keep writing checks it gets scary. Some times you start to think someone is out to get you.

@Jonathan Greene

200K ouch!!!!

Wow!!!!

How would you prevent that in the future or know about that before you bought the place.

@Nicole Heasley Beitenman

I have had to deal with cockroaches from neighbor as well that is why I try to get a property in the nicest area I can afford so I don't have to deal with bad neighbors.

Hopefully things sort themselves out with your rentals. Best of luck.  

@Joseph Firmin

You're right!!!! When it rains it pours. 

Thanks for the encouragement and hopefully both of us will get out of this storm. 

Generally speaking I'm a realist that leans more on the positive of most situations. However for the last month I have been getting my butt kicked( tenant complaints, costly repairs, and next month will be my highest vacancies I have ever had).  I understand life and business has it's seasons and it will get better soon. I'm still a fan of the rental business and love a lot about it but recently I don't want to even look at my phone because it's going to be more bad news. 

In your reply explain a bad rental situation or situations that all happen at once.  Explain if you could have prevented the situation or what you will do different in the future.  I hope this post will give new landlords a perspective on the business and hopefully it will help me with my pity party.

@Stephan 

@Stephanie P.

I owe less than 75K on the building and I think it's worth $150-165K. 

The building is located in Ashland Ky ( Small rural town located in North Eastern Ky). 

Back story on the building: It's a multi use building ( 2 commercial spaces and 2 apartments above the commercial spaces). However when I bought it the building wasn't making any money and the 2nd floor wasn't usable at all.

Without writing a book on what we have done to this building I will recap the main points. 

Bought the building this year ( $63K Cash) using hard money at 8% interest. When I bought the building it was in shambles the whole second floor was one space and was not functional( no plumbing, electric, heating or air, and a leaky roof).

Since buying it , we have rented out the front commercial space and renovated the second commercial  space and I'm using it for my real estate office. The whole upstairs is new( we tore all the plaster out, added installation, all new wiring with separate meters, all new plumbing and drains, new drywall, new drop ceilings, new flooring, new heating and air, and a brand new rubber roof). Since all the renovations we now have tenants upstairs in the 2 apartments ( 2 bedroom/1 baths).

I plan on giving the appraiser a detail document showing repairs, leases, utility bills, and a copy of the taxes.

Any pointers on anything else I should do? I'm trying to pull out as much money as a I can to re invest.