All Forum Posts by: Steve Stanley

 Yes. This is so true. Thank you Ben.

Thank you for your replies. 

I am considering all options and doing the research. So thank you for your input. 

I get it that it will be easier and better, more than likely, to hire a good PM co.

But I have to do the math and pros and cons of the possibilities with self management. 

So far it looks like the path to more potential problems. 

@Luka Milicevic I am considering the worst case scenario for calculating this, which would be new tenant every year and paying 100% leasing fee. Their renewal fee is $500. High as well. 

The first tenant, I can place myself and I will select properly and run all that is required, etc 

It is good to learn that I can pay for placing a new tenant for the one I will need if mine moves out. 

I would love to learn what are other self managed owner are doing for the transition from tenant to tenant from a distance in regards to having someone present for a final walkthrough for tenant moving out and then getting the house ready for new tenant. 

I know there are more things to consider. I appreciate, and I am reading carefully every comment and this forum. 

Thanks again

Hello everyone, 

I have a single family home that I just finished remodeling and I am considering renting it long term vs selling right now. 

Thing is, I would be moving far away from my home to help care for elderly parents and was thinking about renting the house for a few years or longer. This is my only home and my mtg is super low since I bought a long time ago. Rents are high in my area right now, so it is worth it. 

I have talked to a few management companies and crunched some numbers. 

Quite frankly, they take a whole lot of the monthly profit and I am feeling like at least researching ways in which I could manage this home from out of the country. 

Is there a way to do this that would make up the trouble in profit? 

I calculated that with a PM company on a 2k rent I am paying almost around $400 per month if you consider the 10% management fee and 1st month's rent they keep. (also $500 renewal fee) (Nashville market)

So I was thinking I can get a solid contract/lease, study up on the tenant screening and notices, etc, to avoid the management costs, but I will have difficulties after I place the first tenant and would need boots on the ground. 

For this, I was wondering if there are companies I can pay to do walkthroughs and inspections for me to take care of the boots on the ground part of the managing a rental. 

For the possible eventual repairs, I could work that myself when a repair is needed by hiring from thumbtack or other contacts I have gathered from the many years I have lived here. 

I would have an issue with a tenant acting up and would have to educate myself on how to handle situations as they arise AND would have to figure out a way to do final walkthroughs and how to get home ready for new tenant. 

Sounds like a lot, but it is also a lot of money to give to a property manager , so I think it is at least worth it to explore this avenue, if it even exists or is recommended by the pros here. 

Any advise is appreciated. 

 Thank you for replying guys. 

Evan, do you think that Christmas is a good time to lock in deals with Lowe's? 

They quoted me 20% off on cabinets for their Allen Roth "Essential" line which is the most economical, but may be just what I need. No bells and whistles. Shaker style white. 

Or is there a better time of year to get the deals you mention like 40%? I can definitely wait a bit if there is a history of better deals during certain times of the year with them on Kitchen cabinets. 

I understand there may be better, cheaper, etc but the flexibility of financing this over 2 yrs at 0 apr is very appealing to me for a big expense like this at this moment. 

Thanks again

@Pat L.

That looks nice! 

So you had no issues with Lowe's completing your cabinets etc. 

I would be also buying either granite or marble depending on the final budget. 

Need to figure out if I want to pay them to remove everything or have them remove and just leave the cabinets in my garage so I can sell them. 

Would their granite be good too? They say it is sealed for life?

I am sure the wife knows what works for the kitchen with regards to layouts etc. I am struggling a little, but this is what they have designed so far.  It is not a big kitchen, but this seems to be a good layout. Thoughts. ?

Thanks for replying!!

Hello, 

I wanted to know whether you guys would work with Lowe's for a kitchen remodel or not.

The advantage is I can use my Lowe's card to pay for it and will have 24 months no interest, which is the only reason I am considering them.

I have already worked out the design of the kitchen cabinets with their sales person, but it seems a bit expensive for the quality and also I am not sure this design for the cabinets is what will work best to increase the value of this home (in preparation for future sale, possibly) 

The cabinet's brand is the least expensive "essential" by Allen Roth and there will be some granite on the counters. 

I have already worked with Lowe's on other things needed for the house and it seems that they are always messing something up. It can be small or big, but there is always some type of issue, so I am hesitant to jump on this big purchase with them. 

Any insight on the "essential" Allen Roth line they sell and any experience or heard of someone else who had a horrible experience getting cabinets and granite from Lowe's?

(I could post pictures of the proposed design if you have time to suggest some anything that would help with the usability or value of the kitchen design proposed. I am no expert and I feel a little lost in this, not knowing what should work best for this situation)

Thanks a lot for reading this. 

 thanks for the suggestion, I will check out water proof laminate since I have pets and I have seen what standing water can do to laminate. 

What would you do with the kitchen hardwood? Just suck it up and refinish them or remove and put the laminate to have same floor type everywhere? Is there a non toxic way to finish hardwood?

 I noticed this too. My home is right now at around $230 for even smaller similar homes that sold on my street last year. 

I see a condos with LVP and homes under 200k with LVP. Rest is hardwood, carpet and laminate (engineered hardwood). 

I am not looking forward to sanding and poly for the hardwood in the kitchen since it is toxic and takes several days and it's a mess and was hoping maybe just covering the floor with LVP if that was a sane choice. Also because hardwoods in the kitchen is just silly in my opinion how they take a beating and LVP being waterproof, I thought it would be the easiest way to tackle the kitchen. I guess not. 

Hello, 

I have a 2 story home with 

1) Hardwood floors in the kitchen that have been neglected and scratched up badly.

2) Carpet through the entire house including stairs. 

3) Vinyl sheet in the bathrooms.  

I own and currently live in the home, but I may sell it this year so I am looking to replace the flooring so that it won't hurt resale value. 

Unfortunately budget is very limited, so I rather educate myself well prior to screwing it up buying awfully cheap floors, but still need the most inexpensive option that looks the best for the price.

What would you do if you were flipping a home on a budget, but you were still living in it and maybe even live there for a while before selling?

I have seen that LVP (LVT) is popular online, but I am not so sure it is the best choice if you consider that it may have a stigma for being just plastic flooring after all. In my area, when you look at homes for sale you see laminate and hardwood for sale (especially on flips). 

Unless there are homes being sold with luxury Vinyl and I have not noticed that in the "description"? I have looked for search terms like LVT, LVP, Vinyl, luxury Vinyl, etc.. All I have seen is maybe they list with just "new floors" and then you have to try and figure out if it is laminate or LVP and quite frankly LVP looks really good and it is hard to tell the difference in pictures. 

Advise is appreciated!! Thanks a lot!

Edit: I did a new search with LVP and Luxury Vinyl on zillow and found some properties, however not many, but there are out there for sure. Just wanted to correct myself.