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The INVESTMENT / RENTAL PROPERTY thread!!!!!!

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Does anyone know about the market in Texas for investment property. DFW has been growing very fast.

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I am curious about several ideas you listed - where is your airbnb located, contractor to fix that for 80/sq ft, and the foreclosure of a 4-plex. 
Can you elaborate on each of these? 

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minhzxcv said:   Does anyone know about the market in Texas for investment property. DFW has been growing very fast.
  
austin faster?

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Landlord Tip of the day. Look for vinyl flooring leftovers/scraps at your home improvement store. I can usually find a 4'x12' piece for $12-20. Look for the thick stuff, not paper thin. Use them as liners underneath sinks and in drawers that are heavy use. Helps prevent wood damage and makes it easier to clean. A dry wall T will make them easy to cut.

I do this now every time a house becomes unoccupied.  My wife liked it so much, I had to do my own home.  

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I recently discovered a thin layer of plastic attached to back and bottom panels under all sinks of my house. It's like a big piece of clear tape with the sticky side attached to the wood. I don't know what it is, but that seems like an easier and probably cheaper solution than laminate. Even vinyl is probably easier and cheaper.

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scripta said:   I recently discovered a thin layer of plastic attached to back and bottom panels under all sinks of my house. It's like a big piece of clear tape with the sticky side attached to the wood. I don't know what it is, but that seems like an easier and probably cheaper solution than laminate. Even vinyl is probably easier and cheaper.
  
Is it just an adhesive backed cabinet liner / shelf liner ?

I think most of the shelf liner now is non adhesive but I think they used to be glue backed. 

 

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Ah, yes, that's probably what it is. Thanks! Looks like they're still in production (by Duck and others).

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Hi everyone.  I'm wondering whether to take over my deceased sisters house and turn it into a rental.  She passed in February, was widowed and no kids, she was only 49) That leaves the  $75K mortgaged 2bedroom really quote and nicely showable home going to me and my 2 sisters if we choose to sell it for $110K (realtor price)  My wife mentioned taking it over and renting out and siblings don't care about their share.

My question and dilemma; should I pay it off and take it over to rent it?  It's a cute home; 1/2 acre, wrap around porch but built in 1870.  Electrical fuse box could an upgrade. windows are <10 years old, roof is <10 years old.  Estimated rent was suggested at $1,200/month  and property taxes are $3K year.
 
Friends say we should go for it and that being a landlord isn't bad, especially with 1 home.  I just worry we couldn't rent it out, or getting a good person in there that turns out to be bad.  Pros are, it's an attractive house; only 2 bedroom (less people to worry about) great land.  We'd be find having snowbirds rent it from April-November; we live in Central NY.

I figured profit on renting it out 11 months out of the years would be $5k (after mortgage,iinsurance,lawncare)  But I never factored in the tax advantages that go with it. (or against)

 

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ProfessorKev said:   Hi everyone.  I'm wondering whether to take over my deceased sisters house and turn it into a rental.  She passed in February, was widowed and no kids, she was only 49) That leaves the  $75K mortgaged 2bedroom really quote and nicely showable home going to me and my 2 sisters if we choose to sell it for $110K (realtor price)  My wife mentioned taking it over and renting out and siblings don't care about their share.

My question and dilemma; should I pay it off and take it over to rent it?  It's a cute home; 1/2 acre, wrap around porch but built in 1870.  Electrical fuse box could an upgrade. windows are <10 years old, roof is <10 years old.  Estimated rent was suggested at $1,200/month  and property taxes are $3K year.
 
Friends say we should go for it and that being a landlord isn't bad, especially with 1 home.  I just worry we couldn't rent it out, or getting a good person in there that turns out to be bad.  Pros are, it's an attractive house; only 2 bedroom (less people to worry about) great land.  We'd be find having snowbirds rent it from April-November; we live in Central NY.

I figured profit on renting it out 11 months out of the years would be $5k (after mortgage,iinsurance,lawncare)  But I never factored in the tax advantages that go with it. (or against)

 

Unless your home is free n clear/mortgage free, likely best to sell.  You really have to assess the immediate area and how this home fits into the marketplace, and the general rental scene. Frankly 110K value vs $1200 rent is just passing the sniff test. How does that compare in every way, shape, and form to other rentals and potential investment properties. Saying siblings dont care is foolish, as they dont care until they do; besides they have their cut coming to them. Hand it to them, and if they hand it back to you, then they dont care!
 

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ProfessorKev said:   Hi everyone.  I'm wondering whether to take over my deceased sisters house and turn it into a rental.  She passed in February, was widowed and no kids, she was only 49) That leaves the  $75K mortgaged 2bedroom really quote and nicely showable home going to me and my 2 sisters if we choose to sell it for $110K (realtor price)  My wife mentioned taking it over and renting out and siblings don't care about their share.

My question and dilemma; should I pay it off and take it over to rent it?  It's a cute home; 1/2 acre, wrap around porch but built in 1870.  Electrical fuse box could an upgrade. windows are <10 years old, roof is <10 years old.  Estimated rent was suggested at $1,200/month  and property taxes are $3K year.
 
Friends say we should go for it and that being a landlord isn't bad, especially with 1 home.  I just worry we couldn't rent it out, or getting a good person in there that turns out to be bad.  Pros are, it's an attractive house; only 2 bedroom (less people to worry about) great land.  We'd be find having snowbirds rent it from April-November; we live in Central NY.

I figured profit on renting it out 11 months out of the years would be $5k (after mortgage,iinsurance,lawncare)  But I never factored in the tax advantages that go with it. (or against)

 

  
I don't recommend mixing business with family...especially the estate of a deceased member.   If you cannot afford to buy out your family members, I would not recommend it.. 

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ProfessorKev said:   My wife mentioned taking it over and renting out and siblings don't care about their share.
 

not clear whether it's you or your wife that thinks the siblings don't care, but i assure you that is a poor assumption.

sell it now while everyone agrees. if you want to take your cut and put it down on another rental, fine. but not this one.

 

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Hi.  Well they don't much care and agree it would all be in writing and approved by everyone.  (Never assume is correct).  I would probably just buy it outright for $80K  (even if sold for 110K after other expenses and that there wouldn' be much left for inheriting).

It's looking like we'll not follow through on that. We had realtor list it and had 7 showings and 2 offers above list price. both are FHA loans.  It was a good though, and emotional one as well.  If I could post pics you would see what a nice property it is. if an offer falls through I'll consider the buyout/rental route.  
 

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Thinking of possibly selling one of my rentals this year.....probably worth about $150k.

It'll need a little sprucing up, but not a lot, mainly some exterior work/painting.

One thing I can't decide upon is the HVAC. It's old, both furnace and A/C well past their expected life. But both still functioning. I could likely get a new system installed for $4-5k.

Good investment prior to selling?

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rascott said:   
One thing I can't decide upon is the HVAC. It's old, both furnace and A/C well past their expected life. But both still functioning. I could likely get a new system installed for $4-5k.

Good investment prior to selling?

  if they both work for the buyer's inpsection, then i'd wait for them to bring it up in negotiations. OH and if you put it in an addendum that the buyer sends to their bank, it will make closing more annoying.

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rascott said:   Thinking of possibly selling one of my rentals this year.....probably worth about $150k.

It'll need a little sprucing up, but not a lot, mainly some exterior work/painting.

One thing I can't decide upon is the HVAC. It's old, both furnace and A/C well past their expected life. But both still functioning. I could likely get a new system installed for $4-5k.

Good investment prior to selling?

For me it would depend on what the house is worth.
If it's a $500,000 property then I'd spend that little money on it no question.

The rental property I purchased 4 years ago had HVAC and hot water heater that were only a couple of years old. It was a huge deciding factor for me when comparing it to other very similar properties.

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taylor0987 said:   rascott said:   Thinking of possibly selling one of my rentals this year.....probably worth about $150k.

It'll need a little sprucing up, but not a lot, mainly some exterior work/painting.

One thing I can't decide upon is the HVAC. It's old, both furnace and A/C well past their expected life. But both still functioning. I could likely get a new system installed for $4-5k.

Good investment prior to selling?

For me it would depend on what the house is worth.
If it's a $500,000 property then I'd spend that little money on it no question.

The rental property I purchased 4 years ago had HVAC and hot water heater that were only a couple of years old. It was a huge deciding factor for me when comparing it to other very similar properties.


$150k house.

It will be a retail sale to a owner occupant, will very likely not be to an investor.

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This is about to get fun....

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lazy72 said:   FWF discusses such small dollar deals. What's a good site to discuss multimillion dollar properties and not whether to spend 5k on a furnace upgrade? The annual amount professor kev is mulling over I make in two weeks.
  What happens when you get a fat wallet? You need a bigger pocket

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rufflesinc said:   lazy72 said:   FWF discusses such small dollar deals. What's a good site to discuss multimillion dollar properties and not whether to spend 5k on a furnace upgrade? The annual amount professor kev is mulling over I make in two weeks.
  What happens when you get a fat wallet? You need a bigger pocket


You'd think such a big time player would be able to figure that out on his own

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rascott said:   
taylor0987 said:   
rascott said:   Thinking of possibly selling one of my rentals this year.....probably worth about $150k.

It'll need a little sprucing up, but not a lot, mainly some exterior work/painting.

One thing I can't decide upon is the HVAC. It's old, both furnace and A/C well past their expected life. But both still functioning. I could likely get a new system installed for $4-5k.

Good investment prior to selling?

For me it would depend on what the house is worth.
If it's a $500,000 property then I'd spend that little money on it no question.

The rental property I purchased 4 years ago had HVAC and hot water heater that were only a couple of years old. It was a huge deciding factor for me when comparing it to other very similar properties.


$150k house.

It will be a retail sale to a owner occupant, will very likely not be to an investor.

I purchased that house at retail. It wasn't targeted to investors.
A good realtor will have some idea what buyers in that price range are expecting in a house. Chances are they wouldn't have a lot of extra cash around to upgrade systems if needed.

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I hate fluorescent tube bulbs. The bulbs are expensive and damn it's hard to find a 2 foot T12 light fixture. Both Lowes and Home Depot have discontinued them. You can find the bulbs, but if you need/wanted to replace an t12 with a t12, good luck finding one. They have t8, and LED but not T12 fixtures...at least not at my locations. So, if you see any on clearance, and you have them in your properties, you might want to buy a spare or two.

I'm speaking specifically of a 2 foot T12 light fixture.  You can find 4 foot everywhere.

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