Thread: Ready to plunge

I am getting the itch to buy a rental again and checked out a property tonight.

Here are the specs.

FMV 120
will offer 80 tops
bank owned

Rehab issues-

1. carpets- need shampooed, other than that, already up to rental standards

2. water is puddled under the water heater. The water is shut off to the prop, so this could be broken pipes, ruined water heater, or just from winterizing and draining it out. Not very concerned, I enjoy doing a little plumbing

3. heavy cigarette smoke odor throughout even though vacant for almost 6 months- any tips on removing this?

Action plan(if wife is ok with it)- offer this week so bank is more likely to accept lower offer, end of the month and all.

Fix plumbing and smoke flavor next month.

Rent out in Oct. for around 800/month. With these numbers, should cashflow around 100-150/month easy. The better upside, 80k in, appraise for 120k, LOC of 96k, just increased my buying potential by 16k

Any ideas on the smoke awhile, I would be interested in reading.

Smoke is tough, you will probably have to paint...and if its bad replace the carpet.

I'd try cleaning them first.

thanks both of you, but how about an answer that does not involve me painting? I have never been in a repo with paint this nice and carpet this nice. I would never paint it this nicely.

I don't paint either, hate it. We have a paint crew that does that, they can knock out most houses in a day or two.

Try cleaning it. It would be a shame to put new paint over good paint because of a smokey smell...just to have the tenants trash it again...and you know they will.

Either way if thats your biggest problem your cruising! How old is the hot water heater?

Builders beige cannot be underrated!

Throw on some off white trim, and off white ceilings. No one loves it, but its hard to hate.

Kurt,
Congrats on the move. I hope you are successful. The smoke is probably in the carpet also. Carpet and the padding hold smells like nothing else. Also if there are ceiling tiles. You know the nice yellow stained lookng ones from the smoke.All depends on how much work and money you want to put into it.I read a post on here- forget which one, but they are getting away from carpet all-together! Great idea. I checked around and I am buying the laminate wood flooring from ollies.It's .91c a sq. foot looks great and you don't have to clean it!
You don't like to paint but do like plumbing? Now there's a twist. I can't stand plumbing. If I died and went to hell ; they would have me working on the plumbing system down there. God forbid!
If you would like the number to a cheap painter I have one. He was a tenant of mine and I pay him $10.00 an hour. He will do everything and is fast and easy to deal with. He does it on the side, let me know.
M&T...

thanks m&t, I may take you up on the painter.

for plumbing is a challenge, can I make it not leak.

painting- booooorrrinng.

update- a house 3 doors down just went up for sale for 30 grand less than the one I am looking at, so I decided to take the time to look at that one first before offering.

Originally Posted by Yankees338

Any chance you buy them both?

I was considering this, but by the time I could coordinate going through the second one, it was under contract. Back to focusing on the main one.

Went through this Sat. while Hanna was raining down on us. Discovered two things.

1. This was my third time through. First time, smoky, second time not very smoky, third time, smokiest, and very strong coming from basement. Turns out the neighbors (this is a half house) smoke in there basement and the smoke comes up through. Not sure of a solution except for renting out to smokers which I do not typically do.

2. second discovery- the roof has a small leak. Need to get a quote on this.

I am about 90% to pull the trigger on this. I will keep you posted.