All Forum Posts by: Wendy S.

Hello BPers

I have an applicant who makes decent income and is in the construction trade with his own vehicle, tools etc thats looking to rent a bedroom so he can save up to buy a house.

Problem is Transunion has been unable to verify his info via Apts.com. He has provided his bank statements and everything but I've told him without a background and credit check I am unable to rent to him as this is a part of my requirements.

I've personally called Transunion and they suggested he print his free annual report ,call them back and verify but for some reason he is not able to get even that report.

Any suggestions on what to do?

Good day All

So I bought an investment property, at the time inspector said there was no heat and air. My HVAC person then tested it and said the furnace was good but no air, he would need to turn the gas on to verify. Turned out he was right and was a $60 fix.

He also came up with a solution for air and heat for the entire house. The existing furnace is too big for the house (4 tonne for 1600 sqft) but he suggested tapping into what I already have and add more vents etc so I can get heat and air to the converted garage (400 sqft).

The house would have 1 system supplying heat and air for about 2,000 sqft and cost about $4,500 total fix.

However, I'm concerned about the temperature throughout the house especially as I rent per bedroom and the garage conversion (bought it like this) could be 2 bedrooms or a 1 bedroom flat with smaller room for office, small kitchen and living area.

The other solution by another company is to replace oversized unit and install a 3 tonne unit supplying heat and air then install mini splits for the garage conversion. This would be more efficient, occupants have better temperature control but costs $12,850.

Of course I'm grappling with what to do as that is $8,350 difference plus I have to insulate attic and walls...

Not to mention I've been carrying this property for 10 months and is now so close to the finish line to get tenants in.

Will my experienced Bpers weigh in thanks.

@Vinh Nguyen

Ok one point I have not seen addressed is to be particularly careful about persons that are out of state and wish to rent your property. Please be careful not to be a victim of a scam where they will send you the money or more than you requested then come up with some story about not being able to move in again then request that you send back a portion of the money and keep the rest for your troubles. If this happens DON'T SEND THEM ANY MONEY.

With that said.

You can use Adobe or Docusign or some other esign software to send them the lease so they can review, you can clarify anthing that needs be then they sign. You have them send all the required funds and once you've verified its authentic and clears your account you sign and return the executed contract with both signatories.

Arrangements for handing over of keys are also made. Boom they move in.... At least this is how I do it.

Great. That was going to be my next question about pulling equity out. I'm still learning but after my last refinance, I think I'm leaning more towards a Hel or Heloc

@Evan Parker

Congrats on the purchase, renovation and getting a tenant in quickly.

However, I don't understand your maths, how did you come up with just $19,000 invested? Is this $19,000 just for the renovation? Did you take over the existing mortgage or some similar strategy so almost no money out of pocket?

Hi @Kent Clawson, won't be eligible for refinancing until early February. The unpermitted resulted in a lower appraisal prior to closing on the purchase. 

Thanks Charles. I too like the wood looking but more of a light brown with red tinge hence my Oak Trail being at the pricey end. The grays I'm not a fan of, they scream investor and I want a softer look in the home. 

@Charles Large Thank you. Yes they do have but it's the closest match to the already exisiting flooring. Also it's the color and features I was looking at. So is it that all LVP is waterproof, and scratch resilient?

Good day All. I'm having a dilemma choosing LVP flooring for a buy and hold remodel that will ultimately be a Personal Care Home in Georgia..

The choices are Traffic Master LVP @$1.78/sqft, Duralux Rigid Core LVP $1.58/sqft (sale price cut from $2.29) and Lifeproof LVP @$2.78/sqft.

Based on the product features, warranty, etc I'm leaning towards Lifeproof which is sold exclusively by HD.

Any seasoned floor experts out there that can weigh in?

BTW, price is definitely a factor.

Traffic Master covers 24sqft per case for $42.95

Duralux covers 21.41sqft for 33.83

Lifeproof covers 20.06 sqft for $55.76

@Richard Chen, @Stone Jin, @Douglas Holden. This is a rather interesting discussion.

As a new Investor myself I totally agree that it would make a lot of sense to keep existing Rental property which is not only providing cash flow now but also building wealth, unless it has several deferred maintenance that you're trying to avoid.

Based on the Op's disclosure it seems there isn't sufficient money for down payment, would there be even any for closing costs?

Another viewpoint not factored in as parents we sometimes fail to remember that our children grow up and sometimes outgrow the family homes they were raised in. So while Op is looking to buy house for more yard space etc, the kids will then grow and possibly move for college etc. Will the new big house still be desirable? Yes, right now moving in the new big primary might seem like the in thing but will it later be cause for regrets. Personally, I don't think I'll be living in any primary residence for the next 15 to 20 years, given my kids have already completed at least 1 first degree, own primary residence etc and I am also in my 40s. How will you pay for college for all the extra curricular activities they will get into for middle school and beyond as well as college? Will you then sacrifice quality of life for the new primary residence.

Quality of life is important, building wealth is too so try to find a balance.

Maybe rent short term, while you seek to find a great deal, rent to own, owner finance etc.

Cheers and the best to you.