All Forum Posts by: Virginia Jones

A rental we are renovating had a cheap, flimsy stand-up shower in the only bathroom. Since the house only has the one bathroom I was thinking we should probably go with a bathtub/shower combo. 

We will be doing the installation ourselves (husband and I). I've read the reviews on the cheaper units that are at Lowe's and there are a lot of unhappy people. Does anyone have any suggestions on what type of material we use? (fiberglass, acrylic, etc.)

Also, what are your thoughts on having only a shower option in the only bathroom of a rental? 

For a Freddie Mac loan I found out I need to wait 6 months. 

And it is in a total stock market etf

Thanks for the input - to expand, I was mitigating the temporary low cash position by the fact that I could use the credit line if need be. 

Thoughts for the extra cash on a refinance would be to put into another deal however I would have to first find one. 

We are able to save around $4,000 per month which is twice what we need to live on so unless something happens I felt pretty good about building cash back up. 

I've been going back and forth over what to do and would appreciate any feedback.

A couple months ago we purchased a SFH with cash and an unsecured credit line ($20,000). The line is interest monthly with a variable interest rate - currently 6.5%. My options are as follows:

1. Deplete brokerage account to pay off line of credit. This would leave us very short on cash temporarily until more could be saved up. I've had this account for about 19 months and currently has gained $700 in value.

2. Take out a long-term fixed loan on the property in the amount to pay off credit line.

3. Utilize BRRR method and cash out 80% of ARV on house.

More info.

Purchase Price = $42,575

Closing Costs = $950

Rehab = ~4,000

ARV = I am thinking close to $60,000

Note - I am not "flipping" this house - using as a rental. I think I will be able to get between $700-$750 in rent.

I've been going back and forth over what to do and would appreciate any feedback.

A couple months ago we purchased a SFH with cash and an unsecured credit line ($20,000). The line is interest monthly with a variable interest rate - currently 6.5%. My options are as follows:

1. Deplete brokerage account to pay off line of credit. This would leave us very short on cash temporarily until more could be saved up. I've had this account for about 19 months and currently has gained $700 in value.

2. Take out a long-term fixed loan on the property in the amount to pay off credit line.

3. Utilize BRRR method and cash out 80% of ARV on house.

More info.

Purchase Price = $42,575

Closing Costs = $950

Rehab = ~4,000

ARV = I am thinking close to $60,000

Note - I am not "flipping" this house - using as a rental. I think I will be able to get between $700-$750 in rent.

For about two years now, one of our tenants has been paying for rent in cash. I am almost certain nothing illegal is being done to obtain this cash - they are in a band and receive tips for that and his wife is a waitress and gets tips. He works at the same place as my husband so no extra effort is being made to go to the house and retrieve the rent. 

I've always heard not to accept cash but we are having no issues over it. Is there something I'm missing and at what point would I need to insist they use a different method? 

Is there a reason the insurance is so high? I'm only paying $35/month on my duplex. 

I have a rental that has a wood burning fireplace. I've stated in the lease that the tenant is not allowed to use the fireplace. I'm considering sealing it up once this tenant moves out. As far as I know they have not been using it - too much hassle to get wood when they have a heat pump available as a heat source. 

As for insurance, I don't think my premium is higher because of it. I believe I'm paying around $34/month for hazard insurance. 

I know there does not seem to be a strong presence on BP for people in the New River Valley area (Pulaski, Radford, Blacksburg, Roanoke) but I would like to try and get some type of networking event going (either in person or in an online group). 

I know there is an REI group that meets weekly in Roanoke but as I work in Wytheville, I cannot make it to these meetings.

I've started a facebook group so hopefully some local investors or anyone in the area involved in real estate will join.  Looking forward to making new connections! 

We are working on remodeling a 1940’s kitchen. Today we took down all cabinets and ripped up the vinyl flooring. 

When we got home, I suddenly had a panic that we were exposed to asbestos. The flooring had a white paperish substance glued to it and the subfloor which had a black like coating on it. 

Any advice for how we should proceed or has the damage already been done ?