All Forum Posts by: Steve R.

@David Dachtera I have insurance but I doubt it would be over my $1000 deductible.

@David Dachtera @Kurt K. @JD Martin Thanks for the advice about filing a police report myself. I wasn't sure on that.

@Jassem A. I haven't seen the damage yet but I'll keep that in mind. It's probably best to not replace it until I have new tenants. These are inherited.

Hi All,

I received a text from one of my tenants last night stating "some guy started threatening my boyfriend for some reason and came to our house while we weren't there and stabbed holes in the garage door... I just called 911 to make a police report"

Any ideas on how to proceed? Is it their responsibility to pay for the repairs even though they did not do the damage themselves? Any thoughts would be appreciated!

You should seriously consider flipping this as soon as possible and trying to get your $15,000 in equity out while the gettin's good!

@James Triano Thanks James! I appreciate the insight!

Thank you! @JD Martin

I have this same question. Can anyone help?

I would not try to deceive potential buyers. You are setting yourself up for a lawsuit and it is just not a nice thing to do. I think the ideas mentioned are great, (painting the boards or replacing windows and doors). It makes the property look much better and hopefully will keep the trouble makers away, But, the fact that it is vacant should be disclosed, especially after you start to try to make it look better.  My 2¢

If it is just leaking at the bottom you can apply a window weather stripping or you can apply a plastic over the whole window. The weather stripping is just a peal and stick. To install the window plastic you must use the included two sided tape around the perimeter of the window and then stick the plastic to it. Then you use a hair dryer to shrink the plastic down to get all the wrinkles out. Both are just bandaids. I would recommend he install some pocket replacement window.

Hi Louis,

Here is my opinion on 4 out of the 5. Best of luck to you!

1) Is it worth it to have both a buying and selling agent? I have never paid a buying agent. There fee comes from the sellers funds.

2) Should I pay off the PACE loan, or transfer that cost to the new owner? Do i have to disclose it? or is it something the title agency should bring up? I would pay it off at closing. It is going to come out of your pocket one way or the other.

3) Should I sink some more money into the property and update the kitchen and bath to try to get to the $320 value? ( I think I could do this for about $10k-$12k) If you can get a great return on your investment, go for it. In my experience though, kitchens and bathrooms eat up a lot more money than that to rehab.

4) Does anyone have any good websites for foreclosed homes, auction homes? I have used auction.com and Hudson & Marshall. They are both great.

Hi Ryan,

I would sell your former home. You have a lot of equity tied up that you could be putting towards other properties that will probably cash flow better. If it was your primary residence, and you lived there 2 out of the last 5 years, you should not have any tax on the profit so I would not hesitate to sell and hold onto the money until your ready to pull the trigger on other investment properties.