All Forum Posts by: Amy A.

Expect to be shocked. I just got a quote of around $2800 for a small house!  They tried 2 different companies. Chalmers Insurance.

My buildings in Androscoggin county charge about $3.50 total per load. Check out your local laundromats, you might be able to charge more. Also, the money is made not just by the coin income, but from the savings of not having tenants do laundry all day long. I've had a couple of tenants who had some sort of obsession with laundry and would do every outfit separately! Also, some tenants will do all their friends' laundry if it's free.  The machines will pay for themselves quickly. Good luck!

@Joey Morea  @Damian Seguen Thank you for the information. Can the HOA handle all of the maintenance and turn-over, buying new furniture and linens as needed, or is a property manager required? Does the HOA fee cover any of the cost of renting the unit? I'm looking to simplify my investing.

@Peter G.  @Melissa Jolley Yes, Shores of Panama is what I'm talking about. I saw the ad in the Wall St. Journal. It must be pretty bad if they're auctioning off 99 units if those units haven't paid HOA fees. There are many complaints about the property online, but it looks beautiful! I also read that the HOA now has control of the restaurant, so there will be revenue from that. If I lived in the area I would investigate more, but it seems to have too many moving parts for a long-distance investor. I bet at the right price it could be an incredible opportunity.

I've stayed in condos in Florida a few times that are individually owned but rented out like hotel rooms with on-site management.  Does anybody have experience with these?  I'm looking for more hands-off investments.  I noticed some are up for auction in Panama City Beach, but the property has terrible reviews.  I guess that's a risk with this type of investing.  I'd appreciate hearing any experiences in this type of property.  Thanks!

You should ask the tenant why he props open the door.  I had a similar problem with an older tenant.  She was propping the door open to the heated hall, which I paid to heat!  I finally figured out that she was leaving it open for a stray cat.  She felt sorry for the cat when it was cold out.  I asked her if I could take the cat and give it a good home.  Problem solved!  

I just visited a house where the guys were obviously milking the job the bank had given them.  There was a little mold on a dirty window sill, so they primed the entire house.  They said they tried to get the bank to let them replace the window and deck, which just needed a few repairs.  When I was there they had a wood stove going and were smoking up the house so badly that I could barely go inside. I think they were burning something plastic. They were also cutting small trees around the perimeter of the property for no reason.  They should have taken the trash off the property, but weren't interested in that, maybe because it would cost them money in disposal fees.  It looked like they had been living on the property and wanted to take as much time "fixing" it up as possible.

Perhaps the same thing is happening at your house.  Just a thought.

By the way, I now have the house under contract and need to stop by and make sure the guys haven't burned it down before I give them my deposit.  I probably have them to thank for scaring off other buyers so I could get a good price!

I have tried for years to get my kids interesting in real estate investing.  They want nothing to do with it.  "Why can't you get a regular job?"  One of them spends the summer doing landscaping for somebody else, but gives me a hard time when I want him to go mow the rentals.  The other one would rather work in fast food.  It's crazy, but kids always think they're smarter than parents, until they get old enough to appreciate their wisdom and experience.  I was that way - I wanted nothing to do with my parents' manufactured home dealership.  Now I realize how much I could have learned from them.  I guess the best thing to do is encourage kids in whatever they are interested in and help them develop a good work ethic.

I invest in Lewiston, Auburn, and Poland apartments. I also flip in the area.  Looking to try self-storage next!

Don't feel too bad. During the recession I saw $100 deposits often. This was from people with zero down financing, such as VA or RD mortgages. Heck, I'd even reimburse the buyer for their inspections and all closing costs. Anything to make the sale! Now, in a seller's market, deposits are higher, as you've seen in the other comments.

Don't forget that you get a tax exemption on the sale if you lived there for 2 of the last 5 years!  This is a big reason to sell it if it's not too late.  Also, that price is pretty low for Sonoma county.  It might be worth far more than you realize.