All Forum Posts by: Scott Taylor

I have reached out to a couple, will be reaching out to more tomorrow morning.

Contract is just a one pager...

"The Cost of Repair is not to exceed the total of $.... Additional cost

not included will be the incurred costs of city inspections, permits and

unforeseen code additions"

"Any change orders will be authorized before work is performed

Additional Bill for Permits, Engineering and Code supplement will be

payable upon approval and payment (documentation provided)."

I had a rehab project to fix up a unit. Rehab project was supposed to cost $50k.

The unit involved was a small studio; under it, a garage. This was renting for around $700 (garage for an additional $100). 

The unit was wrecked but I was sold a rehab project that would be much more expensive so that the unit could be converted into a bigger living space; the idea being that we could get more rent out of it (close to $1200 vs. $800/mo).

The rehab was supposed to take ~ 3mo. It ended up taking around a year.

During this, the rehabber was not responsive to my calls/texts. Meanwhile, the city was also fining me for the unit not being up to code.

After the project completed, I got a trumped up bill, asking for roughly $10k more (~ $60k). 

I had not agreed to any of these additional charges before the rehab was completed and was surprised when I was sent the final bill. 

Also, because of code issues, the unit can't rent as a larger 2 bdr. on two floors so is still a garage + studio/small 1bdr, so the whole point of a doing a larger rehab was pointless. (in fact, the rehabber had extra expenses because they had to fire rate the garage).

Further, I'm out of roughly 9 months of rent (@1k per month = ~ 9k).

How would you handle this?

I'm a remote property owner; I've got property management in place.

I've had some crime (break-ins etc) at this remote location recently so I'm looking to install some cameras that I can view remotely.  This would hopefully deter crime, as well as give me eyes on the property (and also allow me to check if management is doing what they say they are doing). Obviously cameras would only be outside / pointed externally.

I've looked into Ring, but it would require me to pay for wifi monthly, which is non-ideal.  This property is 4 units plus a garage, with two of the units across a yard which makes me wonder if the wifi would reach from the main building.  The wifi would also have to be installed in the basement, which can only be accessed through one of the tenants units, so wifi is also undesirable.  I'm also far enough away (plane ride, not car drive) that if anything happened, it would be a call to my management co (for instance, if internet goes down, etc).

I've been looking into Arlo Go (and/or Go 2) as it can run off a cell signal; wondering if that has worked well for others.  I suppose I'd also need the solar panel.  What are the monthly subscription fees? 

Any other recommendations?  Basic idea is to have something reliable, to keep cost down, and to be able to view the property remotely, with minimal fuss after installation (ideally wired / don't need to replace batteries every few months etc).

Thanks!

@Dave Lin What do you rent out your units for and what screening criteria do you use?

@Syed H. - I'm out of state so a remote owner. I've switched property management companies recently so it's hard to know, but in the past I've gotten very few applications and the units have had to sit vacant for many months.

It's a 4 unit building downtown Allentown.  Property is maintained well but hasn't been rehabbed in a long time.

Are you right downtown or a little further outside of the city?  I've noticed that there's a big difference in the areas as you get a little bit outside of the downtown.  I'd suspect vacancy rates go way down with 1) a newer rehabbed unit 2) getting into the more suburban parts of Allentown.

My biggest problem in Allentown is finding steady and reliable tenants, but I think that would probably depend a lot on the area + property. 

Why does FCI servicing require that you foreclose with only their appointed foreclosure lawyers?

Thank you all!  Your information has been invaluable.

Can you provide any recommendations for loan servicing?  What's out there besides FCI?