All Forum Posts by: Tanya H.

I don't see that anyone joined the Facebook page.  I'm interested still....

I live in Colorado and have horses and dogs.  I've done both - rented out horse property to others, and rented horse property from others.  And I've done both in the last 10 years or so - all because of the crazy market here in Colorado.  So I've got a few experiences to share and my perspectives.

First, my experience of renting out my horse property to another.  I rented it to an equine vet.  He was going thru a rather ugly divorce.  His credit was not the best, due to the divorce, but he was an established vet in the area.  We actually did a lease-to-own.  He totally trashed the place and decided not to exercise his option.  I guess I was lucky that we were under a lease-to-own agreement, because I got to keep the option amount, the damage deposit, and all those extra $ on to of the monthly rent, but what a mess.  He was there for 2 years.  He literally did not clean a stall the entire time he was there.  Truly sad that his own horses were standing in such filth.  When I took the property back, there was over a foot of PACKED manure in the stalls (I'm not exaggerating - it was packed from wall to wall, and I even had rubber mats in the stalls).  Just one example of how bad it was.  Even though I'm one, I think many horse people are just plain crazy.

Second - my experiences of renting horse properties.  I have to say that I'm very appreciative of the fact that other people are willing to rent out horse properties.  We were in between selling (the above mentioned property) and looking for the right opportunity to buy my next primary home (horse) property.  It was so difficult to find horse property to rent.  We ended up in a couple of really nice places, and we were careful to care for the property as our own.  Both owners remarked how unusual that was for them.

I, personally, would never own rental horse property again.  If you go that route, I would suggest a lease that spells out absolutely everything.  Seriously, horse people are a special breed, and I think many just have way different values than non-horse people, and not necessarily in a good way.

Feel free to PM me if you have any further questions!

I have a small and older home in Bay City that needs quite a bit of plumbing work.  The challenge is that the crawl space is not very tall, so I've had difficulty finding a plumber to do the work.  

Any suggestions?  

Tanya Hodder

Hi Lauren,

I think I would take a look at the rehab you are planning.  I've seen your work, and you guys are doing cool stuff in the unit you are living in.  So you already have a great start on the rehab.  But you want to be careful to not over-rehab.  What do you have in mind for $15K?  That just seems like an awful lot of money to put into the house, especially since you've already done quite a bit on the unit you are in.  

Besides that, though, I think the place sounds like a great deal.  I question the current mortgage payment - seems high, but maybe they've refinanced some money out of the place?  Are they underwater at the price(s) you are considering?  But I think your mortgage payment would be lower than that.  I would play with some mortgage calculators to get a better idea of the payment for you.

And reaching out to your realtor friend to find some comps or to come up with a market value is a great idea.

Keep us posted!

Tanya

I'm interested as well.  My family is from Bay City, and I'm in the middle of buying the old family homestead.  So I would love to network!

Hi @Tyler Peters,

Something doesn't sound right there.  If you can post the link, I can take a quick look at the listing and provide some feedback...

Tanya

I will add in my agreement with @Erin K. and @Paul Choate.  One of my best tenants ever had just gotten out of bankruptcy. This was in the last downturn, and he had a small home repair business.  As I said, one of my best tenants ever.  And I've maintained a business relationship with him even after he moved out to move closer to his extended family up in northern Colorado.   He's a wonderful handyman - very honest and conscientious. So I gained a valuable addition to my network by renting to him.

So I guess it all might be situation dependent, but I wouldn't discount him just because of the bankruptcy.    

Congrats on not only a beautiful flip, but on the full start to finish, @Kevin Fletcher!  Very interesting to see the prices there.  Thank you sharing all your info - very impressive.

I'm sure it will sell quickly.  Keep us posted on the status!  

Tanya

I actually am buying a property in Bay City.  It's basically my family's old homestead, and I'm buying it from the estate.  It needs some work, but it will cashflow right away.  It currently is 2 houses on one lot, so my plan is to split the lot.  Then I may sell one or both of the houses eventually.  

I'm interested in others' thoughts on the market in the Tri-City area....

Tanya

I just joined the FB page.  But it would be great if we could find a way to keep at least some of the conversation here on BP.  This site is such a great resource and we all found each other here, so I think it's worth looking into options of creating a group here.

And I have to admit that I've been rolling an idea around in my head for a while of creating a mastermind group focused on women in REI. But it hasn't really solidified - I'm having a hard time envisioning how it would work, what the mission would be, etc. Anyone interested in brainstorming this with me?

Tanya