All Forum Posts by: Tom Harkins

@Dana Ti Some home inspectors' websites will include a sample report. Feel free to reach out and ask directly if not. If it means they will potentially get your business, it is a reasonable request. Or if you are working with an agent, they may be be open to providing you with one along with a recommendation for good inspectors in your area. I prefer a report that includes the inspector's opinion on the relative severity of the issues found (e.g. a stoplight rating or similar) rather than simply noting it. Language like "obtain more information/history on xx" is common. This is also why it's a good idea to always attend a home inspection - it's much more informative than simply reading a report, and gives you the opportunity to ask questions.

@Michael Chang We did get a credit due to this and some chimney work that was needed. If you are working with a real estate agent they could advise you on how to approach that. A good first step would be to get estimates

@Michael Chang What state are you in? In Maryland, wet basements are common. Cinderblock/concrete foundation walls are porous. A puddle of water is a little more concerning - are you/the sellers sure of the cause? The house I recently bought (cinderblock foundation) had moisture on the walls in one corner which we noticed during the home inspection (it had rained the night before). After moving in we had some re-grading done in outside in that area. There was also an interior drainage/sump system already installed, so for me it wasn't a huge deal. Depends on your comfort level.

@Neil Donnelly What state are you in? Local REIAs are a great way to connect with landlords in your market- they would be able to answer your specific questions. Regarding rent vs location, setting up alerts on the typical real estate apps is an easy first step. My personal favorite is HomeSnap.

Same town yes, a few miles apart. It needed some work which we did over time (lived there for about 5 years). We renovated the bathrooms and painted before moving out as well. I decided to self-manage for now to learn how to screen/select/manage tenants while having a vested interest in the outcome. I figure that understanding what a PM does should help me hire an effective one when the time comes- the goal being to buy more houses and become more passive with time.

@Alan McDonald I wouldn't worry too much about the composition of owners vs renters in a given neighborhood. If the house works for your criteria, then it works. And if it's desirable for you, it's likely to be desirable for someone else. Good schools can just as easily be a perk for long-term tenants, if that's what you're looking for. I did what you are looking to do (minus the househack) and turned my first home into a rental property after moving into another, earlier this year.

@Dhondup Chime As the saying goes- the best time to plant a tree was 20 years ago, the second best time is now.

@Jonathan Tavarez Try M Taylor Enterprise (owner Matt) or Mission Home Services (owner Dave). Best of luck

@Eric L Christian I did what you are looking to do and turned my first home into a rental property after moving into another, earlier this year. I decided to self-manage to learn as much as I could about screening, selecting, and managing tenants while having a vested interest in the outcome. Understanding what a PM does should also help me hire an effective one when the time comes. Brandon's books are a great resource. Also check out your city/county's landlord-tenant page, and join local investor networks.

@Shawn Ab “I also sent an email to my insurance provider but I am not expecting a response today given it's a Sunday.”

Fires happen on Sundays. Have you filed a claim yet? Do that ASAP if not. Your insurance can recommend a company to do the board up and early mitigation work. There is no need to come out of pocket for anything. In the meantime, read your policy cover to cover - learn the details of your coverage and your responsibilities in the process forward. Best of luck.