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Folks simple question, what is a good estimate on price per square foot to install a) carpet and b) laminate in a home, assuming I pay someone to install. I am NOT handy. But looking at a couple of good short sale/foreclosures that appear to only need cosmetic work so am willing to invest in this kind of "clean up" work. Homes are in the $100-150k basic single family home and would look for basic builder stuff that looks good and that's it

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ma91pmh said:   Folks simple question, what is a good estimate on price per square foot to install a) carpet and b) laminate in a home, assuming I pay someone to install. I am NOT handy. But looking at a couple of good short sale/foreclosures that appear to only need cosmetic work so am willing to invest in this kind of "clean up" work. Homes are in the $100-150k basic single family home and would look for basic builder stuff that looks good and that's it
  Lowes, stack with 10% coupon and gift cards. /thread

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ma91pmh said:   Folks simple question, what is a good estimate on price per square foot to install a) carpet and b) laminate in a home, assuming I pay someone to install. I am NOT handy. But looking at a couple of good short sale/foreclosures that appear to only need cosmetic work so am willing to invest in this kind of "clean up" work. Homes are in the $100-150k basic single family home and would look for basic builder stuff that looks good and that's it
  

Depends on quality. You can get a local carpet store do "5 rooms for $500" using existing pad and cheap carpet. We've always gone with Home Depot, since they only charge $37 for the carpet installation for the whole house. But, you have to buy the pad from them too, which is not a bad idea if your pad is worn out. Compare their per square foot prices on carpet and pad with other places and factor in pretty much free installation. 

Laminate is more expensive to install, but is an easy DIY with a $40 installation kit. 

If you are not a DIY guy, this probably not for you, since you will end up over paying someone to do a lot of stuff. It never stops. 

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I moved out of my primary residence and rented it out. I bought another primary residence in the same county in MD. I was expecting the property taxes on the rental to shoot up but it has basically stayed the same. I am concerned that I may have missed something. Do I need to inform the county tax folks that the property is now rental and primary residence. I know this will be county specific but I want to have a general idea about how this is done. I search online and couldn't find any specific information.

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I'm not aware of a county basing it on if it's a rental or not, but maybe it's different there. I think it's taxed on assessed value only. in our county they only increase it every few years if the properties have appreciated significantly, or they will increase the tax %. I think you're fine. You may need to get a rental permit if your county requires it would be all I can think of. We have to have an inspection to make sure it's up to code every 2 years but I don't know how common that is. Good luck!

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dpa789kd said:   I'm not aware of a county basing it on if it's a rental or not, but maybe it's different there. I think it's taxed on assessed value only. in our county they only increase it every few years if the properties have appreciated significantly, or they will increase the tax %. I think you're fine. You may need to get a rental permit if your county requires it would be all I can think of. We have to have an inspection to make sure it's up to code every 2 years but I don't know how common that is. Good luck!
 Thanks, I have applied for rental license 2 years in a row so I know  I am covered. The only thing that concerns me is that other rental properties on the block as mine with similar values have higher property taxes than mine. The only difference is that their owners are not country residents.  Well, I guess there is nothing I need to worry about now because I have done what I am expected to do. Hopefully, I won't be hit with a hefty tax bill in the future.

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raspino said:   I moved out of my primary residence and rented it out. I bought another primary residence in the same county in MD. I was expecting the property taxes on the rental to shoot up but it has basically stayed the same. I am concerned that I may have missed something. Do I need to inform the county tax folks that the property is now rental and primary residence. I know this will be county specific but I want to have a general idea about how this is done. I search online and couldn't find any specific information.
  Yes; inform the local assessment office -- you may longer be allowed a homestead deduction for the now-rental property; you may have to have a professional property manager (unlikely if you live in the same county); and you may need a license to rent (most of the urban counties require one). 

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vadeltachi said:   
raspino said:   I moved out of my primary residence and rented it out. I bought another primary residence in the same county in MD. I was expecting the property taxes on the rental to shoot up but it has basically stayed the same. I am concerned that I may have missed something. Do I need to inform the county tax folks that the property is now rental and primary residence. I know this will be county specific but I want to have a general idea about how this is done. I search online and couldn't find any specific information.
 

  Yes; inform the local assessment office -- you may longer be allowed a homestead deduction for the now-rental property; you may have to have a professional property manager (unlikely if you live in the same county); and you may need a license to rent (most of the urban counties require one). 

 I'd try calling them but there is no formal notification process. I applied for rental license 2 years in a row and I actually didn't apply for the homestead credit while I lived in the house. My taxes never went up that much during the time either. It actually decreased at some point. Also, I live in the same county and purchased another property in the same county about 2 years ago. While disputing a bill on the new property, I mentioned to them that I had another property that was a rental but they never questioned me about it. In any case, i will have to find out from other rental property owners or I may just call the tax authorities.

 

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Question: When renting a home from a Investment Group is the investors job to notify the tenants of the sale of the property or provide a sale to the tenants ? Question 2 can the investors just have a agent come by the home and place a lox box on the door without the tenants aware of the agent or real estate agent coming by? I have had the worst experience with an investors group with rental property and never will rent from one again. Maybe it was the investors group I rented from but I promise that I will fight for new laws to be set in place for the investment groups in the future

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Question: When renting a home from a Investment Group is the investors job to notify the tenants of the sale of the property or provide a sale to the tenants ? Question 2 can the investors just have a agent come by the home and place a lox box on the door without the tenants aware of the agent or real estate agent coming by? I have had the worst experience with an investors group with rental property and never will rent from one again. Maybe it was the investors group I rented from but I promise that I will fight for new laws to be set in place for the investment groups in the future

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twoworkathome said:   Question: When renting a home from a Investment Group is the investors job to notify the tenants of the sale of the property or provide a sale to the tenants ? Question 2 can the investors just have a agent come by the home and place a lox box on the door without the tenants aware of the agent or real estate agent coming by? I have had the worst experience with an investors group with rental property and never will rent from one again. Maybe it was the investors group I rented from but I promise that I will fight for new laws to be set in place for the investment groups in the future
 This could differ in your area but generally tenants do not have be notified of an owner change but tenants must be supplied with the contact info for the management. I am not sure what you mean by "provide a sale to the tenants".  Normally the landlord cannot enter the premises without informing you except in an emergency.  Check your lease as it may allow a realtor access.  Investment groups are no different from any other landlords, some good, some not so good. Good luck!

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raspino said:   
vadeltachi said:   
raspino said:   I moved out of my primary residence and rented it out. I bought another primary residence in the same county in MD. I was expecting the property taxes on the rental to shoot up but it has basically stayed the same. I am concerned that I may have missed something. Do I need to inform the county tax folks that the property is now rental and primary residence. I know this will be county specific but I want to have a general idea about how this is done. I search online and couldn't find any specific information.
  Yes; inform the local assessment office -- you may longer be allowed a homestead deduction for the now-rental property; you may have to have a professional property manager (unlikely if you live in the same county); and you may need a license to rent (most of the urban counties require one). 

 I'd try calling them but there is no formal notification process. I applied for rental license 2 years in a row and I actually didn't apply for the homestead credit while I lived in the house. My taxes never went up that much during the time either. It actually decreased at some point. Also, I live in the same county and purchased another property in the same county about 2 years ago. While disputing a bill on the new property, I mentioned to them that I had another property that was a rental but they never questioned me about it. In any case, i will have to find out from other rental property owners or I may just call the tax authorities.
 

I am surprised you have so little knowledge about the property taxes in your county/municipality. you need to either do some research, or talk to other owners. The rules are extremely location-specific, and vary widely. 

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Anybody have experience using carpet tiles? Is it a complete turn-off to tenants?

I'm thinking of putting some in a basement bedroom directly on top of uneven concrete. Had water issues that required pulling the pad & can't put in tiles as the floor is uneven. I think I fixed the landscaping to prevent future water intrusion, but this would make it easy to swap out tiles if needed due to water damage or other stains. Thoughts?

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CaptainCool said:   Anybody have experience using carpet tiles? Is it a complete turn-off to tenants?

I'm thinking of putting some in a basement bedroom directly on top of uneven concrete. Had water issues that required pulling the pad & can't put in tiles as the floor is uneven. I think I fixed the landscaping to prevent future water intrusion, but this would make it easy to swap out tiles if needed due to water damage or other stains. Thoughts?

alternately, you could just use smaller tiles, perhaps 2x2 in a mesh grid. they work with uneven floors and don't cost much more...and they're basically permanent.  

i doubt that tenants would have a problem with carpet tiles though, as long as they aren't too rough and commercial-y.

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Has anyone gotten a HELOC on an investment property that has a mortgage? i am looking into getting one on properties that I can't cash out refi. Any know care to share limits or guidelines?

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rufflesinc said:   It's been two years since I started buying rentals and I've been very fortunate in a rising market so I thought I'd share a few tips, starting with the most important part of renting: your tenants, that is how you make money.

Recognize that renting is not the same as selling something on CL or eBay. Your profit is not just based on the amount in the lease but also how likely the tenant is to pay that amt and how much damage they will leave. So when starting out, set high standards for tenants. Mine are no foreclosures, no bankruptcies, no evictions, no pets heavier than 35 lbs. Set firm standards and don't bend to the urge to shoehorn the first applicant in.

I have to phone screen 10 people to find one that passes and I set up a time to show them the house. Then about 1 out of 2 will submit an application. My goal is to get a house rented in a week so I would need to price it such that I get 20 calls in that week to get one qualified application. Yes 20 calls a week sounds like a lot with a day job, but it's easy practice with screening and you quickly get a feel for what things to expect in the conversation.

Even if they are financially qualified, applicants will often make requests such as painting (no to self-painting), delayed move in (no, often an indicator that they don't have funds to pay for two places at once), their own appliances (gas is king here so there's no way I'm letting them hook up their own stove and dryer). The only way I negotiate on rent is if they have good credit (700+), otherwise I just lower the rent $50 a week.

The most annoying applicants are older adults who have owned houses. They think your house will be "theirs" once you sign a lease. Young applicants tend to have only rented so they are used to the idea of renting as-is. Someone who rented out their mcmansion to a family who made good money ended up with a room painted green, their washer and dryer moved to the garage and the washer broken, and a security system installed w/o permission.

  
Newbie landlord here...

rufflesinc, do you have a set list of questions you go through on your phone screenings that you can share?

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dyelun said:   
rufflesinc said:   It's been two years since I started buying rentals and I've been very fortunate in a rising market so I thought I'd share a few tips, starting with the most important part of renting: your tenants, that is how you make money.

Recognize that renting is not the same as selling something on CL or eBay. Your profit is not just based on the amount in the lease but also how likely the tenant is to pay that amt and how much damage they will leave. So when starting out, set high standards for tenants. Mine are no foreclosures, no bankruptcies, no evictions, no pets heavier than 35 lbs. Set firm standards and don't bend to the urge to shoehorn the first applicant in.

I have to phone screen 10 people to find one that passes and I set up a time to show them the house. Then about 1 out of 2 will submit an application. My goal is to get a house rented in a week so I would need to price it such that I get 20 calls in that week to get one qualified application. Yes 20 calls a week sounds like a lot with a day job, but it's easy practice with screening and you quickly get a feel for what things to expect in the conversation.

Even if they are financially qualified, applicants will often make requests such as painting (no to self-painting), delayed move in (no, often an indicator that they don't have funds to pay for two places at once), their own appliances (gas is king here so there's no way I'm letting them hook up their own stove and dryer). The only way I negotiate on rent is if they have good credit (700+), otherwise I just lower the rent $50 a week.

The most annoying applicants are older adults who have owned houses. They think your house will be "theirs" once you sign a lease. Young applicants tend to have only rented so they are used to the idea of renting as-is. Someone who rented out their mcmansion to a family who made good money ended up with a room painted green, their washer and dryer moved to the garage and the washer broken, and a security system installed w/o permission.

  
Newbie landlord here...

rufflesinc, do you have a set list of questions you go through on your phone screenings that you can share?

  http://www.nolo.com/products/every-landlords-guide-to-finding-gr... 

Buy that on Amazon or get it from a library. Use the form "Tenant Information Sheet", it is NOT the same as an application, it is what you ask over the phone before you set up a showing. I also will ask if they have any bankruptcy, foreclosure, or unpaid bills/accts. Another trick is instead of asking if they have pets, to ask them what kind of pets they have. This makes them think you are very pet friendly and they will be upfront rather than maybe lie. I also ask them weight and breed of pet.

rated:
rufflesinc said:   
dyelun said:   
rufflesinc said:   It's been two years since I started buying rentals and I've been very fortunate in a rising market so I thought I'd share a few tips, starting with the most important part of renting: your tenants, that is how you make money.

Recognize that renting is not the same as selling something on CL or eBay. Your profit is not just based on the amount in the lease but also how likely the tenant is to pay that amt and how much damage they will leave. So when starting out, set high standards for tenants. Mine are no foreclosures, no bankruptcies, no evictions, no pets heavier than 35 lbs. Set firm standards and don't bend to the urge to shoehorn the first applicant in.

I have to phone screen 10 people to find one that passes and I set up a time to show them the house. Then about 1 out of 2 will submit an application. My goal is to get a house rented in a week so I would need to price it such that I get 20 calls in that week to get one qualified application. Yes 20 calls a week sounds like a lot with a day job, but it's easy practice with screening and you quickly get a feel for what things to expect in the conversation.

Even if they are financially qualified, applicants will often make requests such as painting (no to self-painting), delayed move in (no, often an indicator that they don't have funds to pay for two places at once), their own appliances (gas is king here so there's no way I'm letting them hook up their own stove and dryer). The only way I negotiate on rent is if they have good credit (700+), otherwise I just lower the rent $50 a week.

The most annoying applicants are older adults who have owned houses. They think your house will be "theirs" once you sign a lease. Young applicants tend to have only rented so they are used to the idea of renting as-is. Someone who rented out their mcmansion to a family who made good money ended up with a room painted green, their washer and dryer moved to the garage and the washer broken, and a security system installed w/o permission.

  
Newbie landlord here...

rufflesinc, do you have a set list of questions you go through on your phone screenings that you can share?

  http://www.nolo.com/products/every-landlords-guide-to-finding-gr... 

Buy that on Amazon or get it from a library. Use the form "Tenant Information Sheet", it is NOT the same as an application, it is what you ask over the phone. I also will ask if they have any bankruptcy, foreclosure, or unpaid bills/accts. Another trick is instead of asking if they have pets, to ask them what kind of pets they have. This makes them think you are very pet friendly and they will be upfront rather than maybe lie. I also ask them weight and breed of pet.

 
Thank you

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I'm in contract to purchase a 2 family in NYC. I will be paying for it on my own (downpayment, mortgage payment, RE tax, utility, etc). So it'll only be my name on the mortgage. I am currently planning to include my wife on the deed. Aside from the obvious (divorce) are there any other reasons (tax, insurance, liability, etc) to include or exclude her on the deed? I will speak to my lawyer but wanted to see what everyone's thoughts are.

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dyelun said:   I'm in contract to purchase a 2 family in NYC. I will be paying for it on my own (downpayment, mortgage payment, RE tax, utility, etc). So it'll only be my name on the mortgage. I am currently planning to include my wife on the deed. Aside from the obvious (divorce) are there any other reasons (tax, insurance, liability, etc) to include or exclude her on the deed? I will speak to my lawyer but wanted to see what everyone's thoughts are.
  For tax purposes, when you sell and assuming you make enough profit/gain, you may be able to double the amount up to $500k you can clear tax free with her on the deed. If by "2-family" you mean 1/2 will be rental, then it may be a bit more complex, but it may still be possible to shelter most of the appreciation (assuming today's tax rules, of course).

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dyelun said:   I'm in contract to purchase a 2 family in NYC. I will be paying for it on my own (downpayment, mortgage payment, RE tax, utility, etc). So it'll only be my name on the mortgage. I am currently planning to include my wife on the deed. Aside from the obvious (divorce) are there any other reasons (tax, insurance, liability, etc) to include or exclude her on the deed? I will speak to my lawyer but wanted to see what everyone's thoughts are.
 if you die, it will be much more complicated for her to keep the house if she isnt on the deed.

if you file income taxes separately, then you might consider taking the rental income on her taxes if she makes considerably less than you (check with a CPA on the particulars). *OR* if she doesnt make shit, then you could set her up as a real estate professional (legally, per IRS rules) and you can deduct >25k of regular income. i imagine that 25k cap is easy to hit in NYC real estate.

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solarUS said:   
dyelun said:   I'm in contract to purchase a 2 family in NYC. I will be paying for it on my own (downpayment, mortgage payment, RE tax, utility, etc). So it'll only be my name on the mortgage. I am currently planning to include my wife on the deed. Aside from the obvious (divorce) are there any other reasons (tax, insurance, liability, etc) to include or exclude her on the deed? I will speak to my lawyer but wanted to see what everyone's thoughts are.
 if you die, it will be much more complicated for her to keep the house if she isnt on the deed.

 

  Isn't that what a will is for?

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solarUS said:   
dyelun said:   I'm in contract to purchase a 2 family in NYC. I will be paying for it on my own (downpayment, mortgage payment, RE tax, utility, etc). So it'll only be my name on the mortgage. I am currently planning to include my wife on the deed. Aside from the obvious (divorce) are there any other reasons (tax, insurance, liability, etc) to include or exclude her on the deed? I will speak to my lawyer but wanted to see what everyone's thoughts are.
 if you die, it will be much more complicated for her to keep the house if she isnt on the deed.

if you file income taxes separately, then you might consider taking the rental income on her taxes if she makes considerably less than you (check with a CPA on the particulars). *OR* if she doesnt make shit, then you could set her up as a real estate professional (legally, per IRS rules) and you can deduct >25k of regular income. i imagine that 25k cap is easy to hit in NYC real estate.

  
intresting idea if spouse is not working. but the problem is, if spouse is not making money, he/she won't qualify for mortage either.

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ma91pmh said:   Folks simple question, what is a good estimate on price per square foot to install a) carpet and b) laminate in a home, assuming I pay someone to install. I am NOT handy. But looking at a couple of good short sale/foreclosures that appear to only need cosmetic work so am willing to invest in this kind of "clean up" work. Homes are in the $100-150k basic single family home and would look for basic builder stuff that looks good and that's it
  
It depends on your location. However, in the Los Angeles area you can get 12mm laminates including material installed for $3.00 - $3.49 by a licensed and bonded installer. Carpet would be around the same price can be cheaper or more expensive than laminate.

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