All Forum Posts by: Sam Alberry

Thank you all for your replies much appreciated : The market on the house for rental would be between $950-1200 a month depending on how many improvements are made

Hey Patrick,

Thanks for your advice much appreciated . 

No mosquito's in the cistern as that was unhooked from gutter a long time ago . 

Hey everyone ,

So I inherited a property been a couple of years and decided (finally) to rent out as I could always sell it in the future or move back in someday (grew up in that home) . Now because I am renting and not selling I need some advice on what to fix and what to not bother with from people who have done this b\f.

My basic questions are :

Siding 30 -40 years old showing some wear and tear - replace just paint or just power wash the siding and roll with it.

Bathroom - no shower older style tub- buy a shower kit for 6-7 hundred bucks or replace everything with new tube and shower (I am replacing sink and toilet)

Living room - has carpet that I admit has been their a while (my whole live) but my parents never walked on it they had plastic runners and carpet down over the carpet to protect it all these years. My wife says its dated and should be replaced . 

Washer and Dryer  - My parents had a washer once they did not use back in the 90s - I plan to add a washer and dryer in the basement with the stipulation that if the washer and dryer breakdown  I will not replace in the lease . Washer and dryers are must this day and age correct?

Basement - a couple of things 

1- is not completely dry has humidifier that I turn on now and again to lower moisture as floors (concrete) can get some water in it. is this a problem for a rental? would this make your just sell property? again its been this way my whole live it really does not effect anything except every decade or so they would bring in a company to repaint and tried different things to keep water out with no success

2- It has a cistern also which they used to (back in the day ) use for a water source but the village put in sewer and water for everyone about 15 years ago so it has no use . I was just going to board it up so no kids could fall in or should I just pay to have it removed . The company that was their last end of 2013 (and already out of business) said that if that was removed it may solve some of the water issue they tried to waterproof it with some paint about 6 months b/f my mother passed .

Kitchen sink and cabinets - refinish or repaint or replace everything?

I was really just going to paint interior and put new flooring in ,bathroom sink and toilet ,new garage door and 2 new entrance doors and move on ...but looks like I need to do much more . 

I have uploaded some pics 

thanks to any one for their advice

I see the property came off the listing in mid August . Did you sell it or decide to keep it 

Hey John they are actually from florida at least that is where the call came from . They do not ask for up front fee's. They do advertise on bp 

Has anyone used Lending One as their Hard Money lender

Thank You Shawn I appreciate the explanation

So I am looking at a hard money lenders website (Lending One )  being new to Investing I was doing some research . Here is what it says in the faq

Do you fund the repair cost  

Yes, we specialize in Fix/Flip lending that includes Repair Costs. We will lend up to 90% of the purchase price and up to 90% of the rehab costs or up to 65% of the after repair value. The repairs are handled via construction draws.

How are construction draws handled

Our borrowers request a draw. Within 48 hours, one of our licensed contractors inspects the work completed. Within 24 hours after the inspection, the funds are released. There is a $150 charge for each draw that is deducted from the draw amount. We don’t make any money on construction draws. The cost of the draws go directly to our contractors to ensure that the work is done properly and within code.

So they will fund the repairs in the loan after the repairs are completed ? Which means I pay upfront repair cost.

I am a newbie myself but imo You should look to rent the property b\c you did just refinance for $170k you had to put 52500 down , so if you sold as was said above you are losing money . So the number you need to use is the 170k purchase price . At the end if you sold for 180k  they would hand you a check for about 155k so you would pay off you 118k and only have 37k of the 53k you just put down

The best way is to rent it even if you are breaking even every month your gaining equity and having the renter pay down your mortgage for you.

good luck

Hey Michael ,

 I am also in and from Watertown New York  . Congrats on your success so far . I am about to jump in myself after quite a while of listening to podcast and wondering if I could do it . I have yet to do a purchase offer however own 2 properties that I am about to rehab and put on the market or maybe rent