All Forum Posts by: Teri B.

Follow up.  I contacted the district council person.  She looked into it, and agreed that the city is responsible for repair.  She will work to get it put on the sidewalk repair schedule for this year.  I know it's not fixed, yet.  But, thus far, I'm impressed.

Thank you.  The different perspectives are interesting.  I think a lot depends on the area and local government.

---

As far as me eating the cost if the city billed me, only about 1/2 of the stairs lay upon what could even remotely be considered 'my responsibility'.  So, they'd have to bill the neighbor, too.  Not a meaningful point, but still.

I'm selling this place by spring.  I almost wish I hadn't said anything, but they need to be fixed.

---

The actual steps should hopefully cost less than $500 to repair - they aren't in bad condition.  If I have to fix the handrail, I won't be paying to have a metal one put up.  I'd slap a wood one up on 'my side'.

My biggest issue is what @Matthew Paul mentions, too.  Where does the responsibility end?  But, if I do sell it's not a long-term concern for me, I suppose. 

Sort of like sidewalks (which have precedent that seems to be relatively homeowner friendly around here), but this isn't quite that.  

---

I'll keep asking around and update with what I find out and/or do, for posterity's sake.  

Can I tell my tenant not to use them until they are fixed?  Winter and concrete work isn't easy.

@Dennis M.

Thanks for the reply.  I think you nailed what rubs me the most!  

---

It's held in an LLC with a out of area mailing address - registered agent - for privacy. Cash buy. I'm curious how he would have responded if I was the owner-occupant neighbor in this nicer neighborhood - especially since the first guy was so adamant that it was the cities' problem. Another consideration for holding in one's own name, perhaps?

Another perspective - I felt the same way about a house on the same block as my own home. It wasn't a FSBO, but definitely vacant. I talked myself out of sending a letter so many times (it was so small), and someone else got it! That stings. Call those numbers or you'll regret it when you drive bye. If they are holding on for retail, it's ok, because then you can drive bye at ease because at least you know. There is a FSBO caddy-corner to me, and they are way too high on the asking price (long neglected rental). Pass, but at least I know.

I picked up a great deal that the neighbors to that home really wanted.  I took a huge chance and seems to have worked out nicely.  But, I know that was probably hard for them, as they also invest.  It goes both ways, so just jump in.  The action-taker often wins.  Your skin gets thicker quickly.

I use Cozy, but the deposits to my account are slower than I'd like, as others have mentioned.  However, I chose it because of the screening and maintenance features, which I have never actually used anyway.  The tenant was confused on getting rental insurance, and Cozy seemed to make that easy enough for him.

I really wanted to do bank deposits, but I had two thoughts - enforcing a late fee- which Cozy does up front.  And, partial rent payments in cases of eviction or notices, etc.  I'm assuming that I could shut Cozy down if I needed to, but I'm not sure that I could tell the bank not to take a deposit.

In years past, I collected it in cash.  I will never do that again. 

Hello.  Wanted to bounce this off someone as a first step, please.

Rental property has about 6 concrete stairs (carriage walk) going from the street to the sidewalk.  Steep grassy hill in front, so hard to get from street to sidewalk without steps for neighbors.  We have a corner lot, so tenant could walk to corner and use the sidewalk.  Less convenient, but doable.  Tenant likely uses stairs just as much.

A few of these stairs have some damage to 'treads' - few hours and some patch needed.  Also, just noticed that the metal handrail fell off and tenant didn't mention!  That's a more expensive repair.

Called zoning to ask who they belong to.  First answer was 'city property' and 'here are two people to call for repair'.  One person finally called back today - City Engineer.  He said they are city property, but the city won't fix them.  I have to come in, get a permit, and repair.  Other person (Street Dept) never bothered to call back.

If you eyeballed it standing on the street, our side property line and the neighbors... just about divides the stairs in half.  I called the neighbor homeowners who are meticulous.  Polite but not as interested in me, perhaps.  Mentioned the City should repair.

Very picky insurance inspector came out a few months back and also didn't mention, although the handrail was still up then.  Any insight on what I should do next?   Thank you.

@Tyler Jahnke

Yep, Tyler, that's sounds like the stuff I want to avoid.   Thanks for the info.  I'm not cut out for it. 

And, to A/B neighborhoods....

Yes.. exactly. We put our newly acquired B+ rental up on craigslist and were pleased by the number of good responses.  We went with an acquaintance (not friend!) of my spouses, but wouldn't have had any problems getting someone else.  It cash flows, should hold value  (dare I say maybe appreciate), and I got in at about $.50-$.60 on the dollar.  For me that was key, because if I had paid retail it wouldn't have worked as well.  

@Dennis M.

The great thing about this field is that everyone can do what works best for them. I don't mind getting called out when I'm wrong and I consider all the feedback I get.

But, are we not able to be motivated (or demotivated) by different things? 

---

And, yes, I agree, Jason, I painted two different pictures.  I'm not the best at objectively hashing through yet, but I'm getting there.  It helps to post here and get scrutinized - lol.  Again, each person that shared is appreciated.

Also, off topic but something I've wanted to share here for awhile.  I know there are people crushing it in the Mid-west from across country, and I think that is awesome.  But, I have seem some shady stuff, especially here lately.  

I passed on a house that I knew was going to very likely get taken by the city - eminent domain.  All the locals passed it up because it needed serious rehab and they knew what was probably coming.  An out of town-er bought it.  He's probably going to be stuck, because it's not rent ready but if he rehabs it he risks not getting his 'all in' back.  He can maybe make money holding it and hope they give him more than he spent (very likely) but I didn't have money to park and wait, and he won't get rich on it.  The guy that sold it to him is a mega-landlord and the numbers were sizzling hot.  That would have been my first clue. 

Another house I passed on . . .   Great location 'technically' but a crazy environmental issue right next door.  I happened upon the fella that bought it online, and he is also not from this area.  Unless he walks away and eats what he's invested so far (probably under 15k), he is probably in for a painful lesson.  He is so money strapped he can't afford the rehab, but that's another issue.  So, it's just sitting there and I see animal holes in the fascia now.  

Both houses were cheap with dream potential returns.  But, not really, if you knew the local issues.  The house I asked for advice on was different, but still risky in some ways, and when I calmed down I considered those issues, wiped the dollar signs out of my eyes, and moved on.  LOL

I guess it just depends on a person's strategy.  I'm knocking no one and I respect everyone's hustle!  I'm just saying things aren't always as they seem.  I personally think that I want to hold in 'safer' investments and I'm willing to pay more for that.   When I get more experience as a landlord, I may branch out.

@Jason D.  

Well, good question. 

Long answer in case any newbie like myself stops bye....

Because I live over an hour away, and property managers in this area are horrible.  I could maybe luck out and get good tenants (as I mentioned the location is on the 'line' between C and maybe C-/D++) but if not they'd be the type to trash it and/or stuff it to the brim with people and I'd want to be close to keep an eye out.  I should also note that the C neighborhood seems fine now, but a few years ago it had a gang banger/weapons/shooting problem.  Those days seem long gone (jail/arrests?), but the families are the same so who knows.

. . . and if my in-laws (who live in this area) found out I had it they'd want it.  Nightmare; non-payers.  They'd probably stop talking to my spouse, forever, over not being able to live there.  Yep, they are that petty . . .  although the least of my concerns, overall.  

$20k? maybe.  But, because of the job base - when the economy dipped the unemployment soared (seriously, the president-to-be stopped bye personally it was that bad) and houses like this were going for well under $20k.  I think another dip is coming here and maybe staying - depending on technology - in the next 5-10 yrs.  People are starting to talk about it around town and yet the city is spending money like it grows on trees to build up, but they can't seem, or don't care, to diversify.  

Deals like this - I've actually come across better, believe it or not.  I sold one last year and regret it.  

There is a good chance I underestimated that rehab wearing my rose colored glasses.  There's no telling what is happening under that leaking roof and if it needs to be torn off again - along with any rafter/attic damage.  I also don't know what would come with that collapsing garage roof.

Still a flaming hot deal, but I just want to be pickier.  

And, lastly, I have a plan and I'm trying to stay disciplined because I have a hunch about a certain area being a better bet overall.  I just bought one there (solid B+/A--) and I have top-notch potential renters bombarding me.  Less return and more money, yep.  But, it will hold value and hopefully less headache.   When I cash out refi it, I'll still clear about $200 a month and when I sell I'll make money.  Even if I only held it to next Spring I'd still clear about 50K + my rent moneys collected.

That's my line of thought.  Right or wrong, not sure.  Thanks for asking.