I've been a landlord now for about 2.5 years. During that time, I've never had a tenant call me at "midnight" (or any other time, for that matter) regarding an emergency situation. Sure, I've had calls asking questions and what-not, but never the call where a pipe busted or the roof was leaking or similar REAL emergency type of things. I knew it was only a matter of time, though, before I'd get the call.
About 7pm, my wife noticed my cell phone was ringing, so I answered it and it was the tenant. She said she got home and her neighbor pointed out to her that a drain on the side of the house was leaking hot water. It had literally soaked a large portion of the yard between the two houses. I told her I'd be right over. She mentioned that they were not using hot water, which immediately told me it was probably the water heater.
I arrive and sure enough there is a steady stream of hot water coming out of a small PVC pipe on the side of the house. I run over to the water heater thinking I'd find water in the overflow pan on the bottom of the water heater, but it was bone dry. I looked all around the water heater, but there was no sign of water anywhere. I'm not very literate about water heaters, so I decide to turn the thermostat down to almost the lowest setting and turned the main water valve off, while I called a few plumbers. I also called my wife to see if she could call some plumbers as well.
After calling one plumbing company and having the lady page the plumber on call, I got a call back from him. At about the same time, the tenant said she knew of a plumber by way of some friends at work, so she was talking to him at the same time I was talking to the other plumber. The plumber I was talking to said it sounded like the temperature pressure valve(?) was bad or going bad. He said water heaters are designed so that if things get to a dangerous point (i.e., pressure build-up), the water in the tank is diverted to the drain leading outside, so the thing doesn't explode. Unfortunately, he said he couldn't make it out due to other calls, but that she could leave it turned off and someone would be out in the morning. Hmmmmm.
The plumber the tenant was talking to was more helpful. He actually walked her through steps in order to see if it truly was the valve. While I was in the yard talking to the other plumber, I heard a loud noise like pressured gas being released. After getting off the phone with the plumber, the tenant was doing the last step her plumber was asking her to do. Sure enough, the problem was fixed. The water was no longer leaking from the drain and the water heater was operational (yes, the water was turned on, too). She got off the phone with him, and basically told me the same thing the plumber I was talking to said. She went on to say that it appears when the gas people came to turn on her gas and light the pilot light for the water heater (and furnace), they forgot to release any pressure from the tank as they are supposed to do, so over the course of the last two months, the pressure built to dangerous levels.
The plumber told her to check again in the morning to make sure all was well. I told her to call me first thing in the morning, too, whether it's fixed or still broken. I still haven't received a call from her, so I'm assuming everything is still working.
Whew! I was thinking while I was driving home last night from the house that this was the first time I've had such a call in the ~21 months the place has been occupied by a tenant. In those ~21 months, I have saved myself about $2,400 in PM fees, so even if I had to replace the water heater, I would have still made money by not having a PM company manage my property.
Now, we didn't talk about it, but I'm wondering when the tenant gets her water AND gas bill, if she will call me wanting me to pay for some/all of it. I figure based on the plumber's statement about the gas company, it was probably their fault this happened. Regardless, I seriously doubt it is my problem as I was first notified of the issue last night and took corrective action. We'll see.
Tuesday, October 30, 2007
Thursday, October 25, 2007
Finally, Some News
Well, it turns out we finally got some news today. My wife called the Broker this morning and actually was able to talk to him. Based on what she told me, he is absolutely clueless WRT what's going on with the property. So, we were back at square-one. Finally, this afternoon, I get two emails from the assistant, and one from the agent herself. It turns out the agent's husband is not doing as well as everyone had hoped, so she is still out-of-pocket for the most part. The assistant said she had an illness that left her unable to do anything the last week as well. And to top things off - (you believe in strange coincidences?) - the contractor that was supposed to give as assessment of the property was out due to his son being involved in an accident. Freakish. Anyway, the assistant said she was human once again and would be following-up with the contractor to see about the property. She said she had the report all ready for the Seller to pick up, too. Hopefully, by Monday, something will be resolved.
Wednesday, October 24, 2007
More Crickets
I still have not heard one iota from the agent or her assistant regarding the 4-plex. Yesterday, my wife decided to call the office number and spoke to two different people: one was an agent and the other was the broker's secretary. She first talked to the agent, who told her they are all subcontracted by the broker and don't mingle in one another's deals, so she couldn't be of much help. She then talked to the broker's secretary. The lady pulled our file and told my wife that since our contract doesn't have an inspection contingency, we are on the hook to buy the property. WTF??? There is a clause in the contract that specifically says:
Buyer shall have all inspections performed within 10 working days of Seller's acceptance, or at such time as may be mutually agreed to by Buyer and Seller, of this Contract. Buyer shall provide Seller copies of all inspection reports obtained. If Seller does not agree in writing to correct any unacceptable conditions within three (3) days from receipt of such notice, Buyer may elect to terminate this Contract and all deposits shall be refunded.
Maybe it's just me, but I think this clearly states that I must send the Seller a copy of the inspection report and he has three days to say 'yea' or 'nay' about fixing the items, or I get my deposit back. Anyone see this differently? Keep in mind a later clause we both agreed on had to do with time not being of the essence, so the 10 day inspection period was flexible. My wife didn't have a copy of the contract when she spoke with the lady, so she didn't know exactly what it said. I told her later the lady didn't know what she was talking about, or had assumed we wanted our deposit back based solely on our review of the inspection report (and not the Seller's written response saying he would or would not fix the items).
Either way, the secretary said she'd have the broker call my wife that day (Tuesday). It is now Wednesday afternoon and neither f us have heard from him (or anyone else). I called his office at lunch today, and talked to the same agent, who basically told me the same thing she told my wife (they're independent, etc.). She, too, said she'd have the broker call me back. Still nothing.
What irks me is that my agent's assistant was returning emails consistantly up until about last Wed. I emailed her the inspection report on Fri, and followed-up with several emails and a phone call. Still nothing.
My wife's blood boils more than mine about these things, so she said she will call the broker back this afternoon if we don;t hear anything. She'll demand that the secretary give her the broker's cell phone number to either talk to him or leave a "nice" message. This whole thing just reeks of unprofessionalism, IMHO.
Tenant
I finally got hold of the tenant this am. She said she was out of town the past 5-6 days and got in late last night. I told her about my trip to the city offices, regarding the utility account that she still hadn't set up. She claims the day after I gave her the paperwork, her mother supposedly went there to set up the account. I told her it didn't sound like it based on my conversation with the city employee. She swears her mother set it up, and told me that her mother was currently out running errands, which included paying several different utilities, and that she would call me back to verify her mother did set it up. I didn't tell her then, but this Saturday when I see her to have the chimney sweep clean the chimney, I'm going to tell her that I'll be closing my account with the city, which means she will HAVE to set up an account or not have any water or sewer service.
Buyer shall have all inspections performed within 10 working days of Seller's acceptance, or at such time as may be mutually agreed to by Buyer and Seller, of this Contract. Buyer shall provide Seller copies of all inspection reports obtained. If Seller does not agree in writing to correct any unacceptable conditions within three (3) days from receipt of such notice, Buyer may elect to terminate this Contract and all deposits shall be refunded.
Maybe it's just me, but I think this clearly states that I must send the Seller a copy of the inspection report and he has three days to say 'yea' or 'nay' about fixing the items, or I get my deposit back. Anyone see this differently? Keep in mind a later clause we both agreed on had to do with time not being of the essence, so the 10 day inspection period was flexible. My wife didn't have a copy of the contract when she spoke with the lady, so she didn't know exactly what it said. I told her later the lady didn't know what she was talking about, or had assumed we wanted our deposit back based solely on our review of the inspection report (and not the Seller's written response saying he would or would not fix the items).
Either way, the secretary said she'd have the broker call my wife that day (Tuesday). It is now Wednesday afternoon and neither f us have heard from him (or anyone else). I called his office at lunch today, and talked to the same agent, who basically told me the same thing she told my wife (they're independent, etc.). She, too, said she'd have the broker call me back. Still nothing.
What irks me is that my agent's assistant was returning emails consistantly up until about last Wed. I emailed her the inspection report on Fri, and followed-up with several emails and a phone call. Still nothing.
My wife's blood boils more than mine about these things, so she said she will call the broker back this afternoon if we don;t hear anything. She'll demand that the secretary give her the broker's cell phone number to either talk to him or leave a "nice" message. This whole thing just reeks of unprofessionalism, IMHO.
Tenant
I finally got hold of the tenant this am. She said she was out of town the past 5-6 days and got in late last night. I told her about my trip to the city offices, regarding the utility account that she still hadn't set up. She claims the day after I gave her the paperwork, her mother supposedly went there to set up the account. I told her it didn't sound like it based on my conversation with the city employee. She swears her mother set it up, and told me that her mother was currently out running errands, which included paying several different utilities, and that she would call me back to verify her mother did set it up. I didn't tell her then, but this Saturday when I see her to have the chimney sweep clean the chimney, I'm going to tell her that I'll be closing my account with the city, which means she will HAVE to set up an account or not have any water or sewer service.
Monday, October 22, 2007
Too Quiet
I received the inspection report early last week, but didn't send the agent a copy of it until Friday morning. I hate our fax machine as it sometimes misfeeds papers if there is a large stack to copy/fax/scan, so instead of faxing the agent the report (about 30 pages total), I decided to scan it all into 5 separate bundles and email each of those to her. The last email I got from the agent was from her assistant saying the agent was still out of town due to a family emergency. So, after sending the 5 emails (and a 6th to follow-up), I half-expected the assistant to reply that she got them and would forward them to the Seller (and contractor). After not hearing from her, I decided to also call the number at her office. All I got was a VM system, so I left her a VM, too. It is now Monday afternoon, and I still haven't heard from her. Next phone call will be to the agent's broker, I suppose.
Monday, October 15, 2007
Our HOA
I think of HOA's as necessary evils. Without them people would probably start letting their properties go, however, they can sometimes be overly restrictive. Unfortunately, in Texas at least, they have a lot of power over homeowners.
When we first moved into our house several years ago, we found out how blood-thirsty this HOA was. My FIL set about installing ceramic tile flooring in our house, and put out a sign in the front lawn advertising his services. We immediately got a call from the HOA company telling us the sign was in violation of the covenants and restrictions. Interestingly enough, my wife and I have seen many of these signs in others' yards since that day.
More at issue is that the subdivision we live in is small (only 50 homes), and the vast majority of the homeowners are elderly - including one of our neighbors. That's usually not bad, but over time, this couple have become neighbors from hell - do mainly to the fact that they used to have a dog that barked at all hours and we reported them to the HOA many times. That was several years ago. To make matters worse, all the elderly people are good friends with one another and several sit on the board of directors. Needless to say, we are the "enemy" now.
Last year, we noticed one of our evergreen bushes were dieing (the upper half was brown while the lower half was still green). We immediately got a letter from the HOA to cut the dead portion off or remove the whole bush. I cut the dead part off. Earlier this year, the same thing happened to another bush: dead on the top, got a letter, and I cut the dead part off. Earlier this summer we get another letter saying the red tip bushes around a 4'x4' electrical box in our front yard were diseased and we needed to remove them. I went out there one afternoon and cut them all down.
That brings us to today ...
My wife told me today that we received yet another letter from the HOA saying that we need to plant NEW bushes around the electrical box (I only removed the diseased ones). I think this is the last straw. I know fighting this will probably be an uphill battle and prove fruitless, but this is pure BS.
First of all, we have done everything they asked us to do regarding this and past incidences with the landscaping in our front yard. To me, they are using their position to strong-arm us into doing more and more useless crap than we need to. My wife told me several weeks ago she noticed the next door neighbor talking with another elderly woman and pointing at our electrical box. The neighbor sits on the BOD's, so we knew they were probably conspiring to send us another letter about our yard. Secondly, our front yard is maintained by the association itself (or, at least, is supposed to be). While we own it, we pay a monthly fee each month to have it maintained. Of course, their argument will be that the maintenance is only for mowing, trimming, and watering. Perhaps most interesting is that other homeowners in our subdivision have utility "appendages" in their yards which are not screened by bushes. Ours is probably the biggest that isn't screened, but the covenant and restrictions don't go into detail. Matter of fact, I don't even think they talk about this particular thing at all - only as part of the overall "appearance".
When we first moved into our house several years ago, we found out how blood-thirsty this HOA was. My FIL set about installing ceramic tile flooring in our house, and put out a sign in the front lawn advertising his services. We immediately got a call from the HOA company telling us the sign was in violation of the covenants and restrictions. Interestingly enough, my wife and I have seen many of these signs in others' yards since that day.
More at issue is that the subdivision we live in is small (only 50 homes), and the vast majority of the homeowners are elderly - including one of our neighbors. That's usually not bad, but over time, this couple have become neighbors from hell - do mainly to the fact that they used to have a dog that barked at all hours and we reported them to the HOA many times. That was several years ago. To make matters worse, all the elderly people are good friends with one another and several sit on the board of directors. Needless to say, we are the "enemy" now.
Last year, we noticed one of our evergreen bushes were dieing (the upper half was brown while the lower half was still green). We immediately got a letter from the HOA to cut the dead portion off or remove the whole bush. I cut the dead part off. Earlier this year, the same thing happened to another bush: dead on the top, got a letter, and I cut the dead part off. Earlier this summer we get another letter saying the red tip bushes around a 4'x4' electrical box in our front yard were diseased and we needed to remove them. I went out there one afternoon and cut them all down.
That brings us to today ...
My wife told me today that we received yet another letter from the HOA saying that we need to plant NEW bushes around the electrical box (I only removed the diseased ones). I think this is the last straw. I know fighting this will probably be an uphill battle and prove fruitless, but this is pure BS.
First of all, we have done everything they asked us to do regarding this and past incidences with the landscaping in our front yard. To me, they are using their position to strong-arm us into doing more and more useless crap than we need to. My wife told me several weeks ago she noticed the next door neighbor talking with another elderly woman and pointing at our electrical box. The neighbor sits on the BOD's, so we knew they were probably conspiring to send us another letter about our yard. Secondly, our front yard is maintained by the association itself (or, at least, is supposed to be). While we own it, we pay a monthly fee each month to have it maintained. Of course, their argument will be that the maintenance is only for mowing, trimming, and watering. Perhaps most interesting is that other homeowners in our subdivision have utility "appendages" in their yards which are not screened by bushes. Ours is probably the biggest that isn't screened, but the covenant and restrictions don't go into detail. Matter of fact, I don't even think they talk about this particular thing at all - only as part of the overall "appearance".
Friday, October 12, 2007
Update on 4-plex
I sent the agent's assistant an email this morning asking her if she thought the Seller was interested in fixing the repairs I mentioned and/or reducing his list price significantly. She responded by saying:
From what I understand, there is a possibility we can get the repairs done. I have been trying to get a hold of our contractor(who is a certified electrician as well) to get him to look at the property this weekend and give us an estimate. Would it be possible to get a copy of the inspection report when you receive it? I didn't discuss any price reduction with Seller. [The agent] was going to try and call him from the road sometime today.
Now, based on earlier conversations with the agent and the Seller, I was led to believe the Seller had "run out of money" and had no intention of making any more repairs (at least, any that required him to spend money). So, this comes to me as a surprise. What I hate about all of this is that sooner or later I am going to have to fork over a copy of the inspection report to the Seller for his review (per the contract). I paid a decent amount of money for that inspection, and I'd hate to just give it to the Seller for HIS own benefit. IOW, he gets it knowing full well he won't make any more repairs, and uses it for his own benefit.
What I found interesting in the assistant's response is that they are having a contractor go out there to make an estimate on the repair work needed. But how? I never gave the Seller a copy of the report yet. All I did was send the agent a general overview of the major problems. I told my wife that it will be interesting to see what comes out of the contractor's inspection.
What also has me scratching my head is the assistant's claim that she "didn't discuss any price reduction with Seller." Not that the Seller would be interested in dropping the price knowing the place is about ready to fall apart, but still, she couldn't at least mention it to him?
From what I understand, there is a possibility we can get the repairs done. I have been trying to get a hold of our contractor(who is a certified electrician as well) to get him to look at the property this weekend and give us an estimate. Would it be possible to get a copy of the inspection report when you receive it? I didn't discuss any price reduction with Seller. [The agent] was going to try and call him from the road sometime today.
Now, based on earlier conversations with the agent and the Seller, I was led to believe the Seller had "run out of money" and had no intention of making any more repairs (at least, any that required him to spend money). So, this comes to me as a surprise. What I hate about all of this is that sooner or later I am going to have to fork over a copy of the inspection report to the Seller for his review (per the contract). I paid a decent amount of money for that inspection, and I'd hate to just give it to the Seller for HIS own benefit. IOW, he gets it knowing full well he won't make any more repairs, and uses it for his own benefit.
What I found interesting in the assistant's response is that they are having a contractor go out there to make an estimate on the repair work needed. But how? I never gave the Seller a copy of the report yet. All I did was send the agent a general overview of the major problems. I told my wife that it will be interesting to see what comes out of the contractor's inspection.
What also has me scratching my head is the assistant's claim that she "didn't discuss any price reduction with Seller." Not that the Seller would be interested in dropping the price knowing the place is about ready to fall apart, but still, she couldn't at least mention it to him?
Thursday, October 11, 2007
No Response?
I got an email from the agent the day of the inspection saying she would be out due to a family emergency, but she would be answering her cell phone and her assistant would be available. The night of the inspection, I both called her and left a VM as well as sent her an email, regarding our decision based on the inspection. We still haven't heard back from her or her assistant.
My wife is worried that since the inspection technically occurred after the 10-day cut-off per the contract that we will not get our deposit back. However, I'm not too worried on four accounts:
1. I received the signed contract via fax on October 1st, which means I had until the 10th (or 11th) to do the inspection. The inspection was on the 9th.
2. The signed contract I received was signed by the Seller on September 26th, however, it was the wrong contract. I told the agent that I had forgotten to add my wife as a Buyer and sent the revised contract to her on the 26th of September. I also told her that the contract I sent her two days before that should NOT be used due to it not having my wife's name, which she said she would do.
3. In the contract, I specifically mentioned the owner has 10 days to give me a copy of ALL of the current lease agreements for my review. I still haven't gotten them.
4. There is a clause in the contract that says something to the affect that Buyer and Seller agree that time is not of the essence and will not be strictly enforced unless agreed to in writing.
I sent the agent a follow-up email this morning asking her if the Seller wanted a copy of the inspection report, and, if he did, it would probably be a few days since the inspection company mailed it to me and I still haven't received it.
Update: Not more than 20 mins after making this post, I got an email from the agent's assistant saying the Seller wants a copy of the report, and that she left a message with the inspection company to get a copy.
My wife is worried that since the inspection technically occurred after the 10-day cut-off per the contract that we will not get our deposit back. However, I'm not too worried on four accounts:
1. I received the signed contract via fax on October 1st, which means I had until the 10th (or 11th) to do the inspection. The inspection was on the 9th.
2. The signed contract I received was signed by the Seller on September 26th, however, it was the wrong contract. I told the agent that I had forgotten to add my wife as a Buyer and sent the revised contract to her on the 26th of September. I also told her that the contract I sent her two days before that should NOT be used due to it not having my wife's name, which she said she would do.
3. In the contract, I specifically mentioned the owner has 10 days to give me a copy of ALL of the current lease agreements for my review. I still haven't gotten them.
4. There is a clause in the contract that says something to the affect that Buyer and Seller agree that time is not of the essence and will not be strictly enforced unless agreed to in writing.
I sent the agent a follow-up email this morning asking her if the Seller wanted a copy of the inspection report, and, if he did, it would probably be a few days since the inspection company mailed it to me and I still haven't received it.
Update: Not more than 20 mins after making this post, I got an email from the agent's assistant saying the Seller wants a copy of the report, and that she left a message with the inspection company to get a copy.
Wednesday, October 10, 2007
4-plex: Inspection Results and Our Decision
While driving home from work last night, I received a call from the guy who did the inspection for the 4-plex. We talked for a good 20 mins as he went over all the items that he inspected. It turns out the property is worse shape than I had thought. The major items the inspector found included the structure, the electrical, and the heating.
Electrical - The entire electrical system is in bad shape and should be inspected and fixed by a licensed electrician. The inspector talked to the owner while there and the owner told him he had made some fixes to the electrical system. The inspector noted that one of the things the owner fixed was not only a potential fire hazard, but probably illegal (he said he was essentially "stealing" electric). He went on to say that some of the electrical is not even up to code.
Structural - The structure itself is in bad shape, and will require extensive work in order to support the roof. He is very worried the roof will not support a heavy snow and could collapse due to the inadequate support beams in crawl space. He recommended that it be repaired immediately. He also said many pier posts needed "capped", and that that the flooring is unstable in areas.
Old/Outdated Heating - The heating elements in three of the units are old and need replaced. He said the owner's unit does not currently have a heating element.
There were a lot of other "minor" issues, like damaged screen doors, a non-working and hazardous gutter system, old water heaters, a bad sink trap, a bad toilet, excessive moisture due to property being on slope and poor ventilation, no smoke or CO2 detectors, and on and on.
The inspector said that in his best estimation, it would take a minimum of $10,000 (and probably more like $15,000-$20,000) to fix the items in order to bring the property to code and make it livable.
After hanging up, I then shared the disappointing news to my wife, and we both agreed that we would not be purchasing the property. I told her based on my conversation with the agent in the past, I don't think SHE even realizes in what piss-poor shape the property is in. I even doubt the owner himself knows the seriousness of what he currently has. If there were a fire or the roof were to collapse or any number of things right now, he would up to his eyeballs in litigation.
So, I wrote a lengthy email to the agent explaining what the inspector told me about the place. I concluded the email by saying that from past conversations with her and the one I had with the owner, he is reluctant to make any more repairs. Additionally, the owner did not want to come down on his price. I told her that given the results of the inspection, the owner would either need to repair ALL of the major problems (i.e., electrical, structural, and the heating) -OR- we could renegotiate the sale at a significantly much lower price. If the owner was unwilling to do either, to let me know at once what steps I need to take in order to be refunded my deposit. I also left her a brief VM telling her I sent an email re: the inspection, and to contact me immediately if she had any questions. That was last night, and I have not heard anything yet.
We'll see what happens.
Electrical - The entire electrical system is in bad shape and should be inspected and fixed by a licensed electrician. The inspector talked to the owner while there and the owner told him he had made some fixes to the electrical system. The inspector noted that one of the things the owner fixed was not only a potential fire hazard, but probably illegal (he said he was essentially "stealing" electric). He went on to say that some of the electrical is not even up to code.
Structural - The structure itself is in bad shape, and will require extensive work in order to support the roof. He is very worried the roof will not support a heavy snow and could collapse due to the inadequate support beams in crawl space. He recommended that it be repaired immediately. He also said many pier posts needed "capped", and that that the flooring is unstable in areas.
Old/Outdated Heating - The heating elements in three of the units are old and need replaced. He said the owner's unit does not currently have a heating element.
There were a lot of other "minor" issues, like damaged screen doors, a non-working and hazardous gutter system, old water heaters, a bad sink trap, a bad toilet, excessive moisture due to property being on slope and poor ventilation, no smoke or CO2 detectors, and on and on.
The inspector said that in his best estimation, it would take a minimum of $10,000 (and probably more like $15,000-$20,000) to fix the items in order to bring the property to code and make it livable.
After hanging up, I then shared the disappointing news to my wife, and we both agreed that we would not be purchasing the property. I told her based on my conversation with the agent in the past, I don't think SHE even realizes in what piss-poor shape the property is in. I even doubt the owner himself knows the seriousness of what he currently has. If there were a fire or the roof were to collapse or any number of things right now, he would up to his eyeballs in litigation.
So, I wrote a lengthy email to the agent explaining what the inspector told me about the place. I concluded the email by saying that from past conversations with her and the one I had with the owner, he is reluctant to make any more repairs. Additionally, the owner did not want to come down on his price. I told her that given the results of the inspection, the owner would either need to repair ALL of the major problems (i.e., electrical, structural, and the heating) -OR- we could renegotiate the sale at a significantly much lower price. If the owner was unwilling to do either, to let me know at once what steps I need to take in order to be refunded my deposit. I also left her a brief VM telling her I sent an email re: the inspection, and to contact me immediately if she had any questions. That was last night, and I have not heard anything yet.
We'll see what happens.
Monday, October 08, 2007
4-plex: Status
Last Thursday, I realized that the check I sent to the inspection company had insufficient postage. My wife usually handles sending out our bills, so I haven't sent anything via USPS in months. I just grabbed a 39¢ stamp, slapped it on, and dropped it in the mailbox. When I send out our personal mail, I always check before dropping it in the mailbox to see that there is a stamp on it. When I did this Thursday, I noticed she had TWO stamps on each bill - a 39¢ one and a 2¢ one. GULP! So, I expected to receive the check back any day with a rubber stamp that said "insufficient postage". However, Saturday morning, I received a call from the inspection company saying they received my check and the inspection is all good to go. WHEW! I would have hated to have to call everyone and tell them my goof-up and to have it rescheduled. Needless to say, I will definitely know next time.
I still haven't received a copy of the "final" contract - the one with the Seller's signatures - yet. I sent the agent an email a few minutes ago, and hopefully she can send me a copy ASAP. The last I heard, she said the Seller signed it and she took it to their attorney for review. In WV, they use attornies to close instead of title companies.
I still haven't received a copy of the "final" contract - the one with the Seller's signatures - yet. I sent the agent an email a few minutes ago, and hopefully she can send me a copy ASAP. The last I heard, she said the Seller signed it and she took it to their attorney for review. In WV, they use attornies to close instead of title companies.
Friday, October 05, 2007
Two Good Web Sites
I saw a posting by Diane Kennedy on another web site, where she talks about two great web sites she uses for real estate information. This was her post:
Two websites I watch all the time that have great free info for real estate investors:
www.RealtyTimes.com - Do the search from the pull down menu at the top to view market conditions across the country. This website is primarily used by real estate agents, but anyone can access.
www.ofheo.gov - This is the one federal agency that actually creates something of value! And most of us never hear about it. Every quarter they come out with an amazing market report regarding real estate across the country. They analyze a number of leading indicators to make their prediction of what's going to crash, what's going to boom. I've been following for years and find they tend to be right most of the time.
Two websites I watch all the time that have great free info for real estate investors:
www.RealtyTimes.com - Do the search from the pull down menu at the top to view market conditions across the country. This website is primarily used by real estate agents, but anyone can access.
www.ofheo.gov - This is the one federal agency that actually creates something of value! And most of us never hear about it. Every quarter they come out with an amazing market report regarding real estate across the country. They analyze a number of leading indicators to make their prediction of what's going to crash, what's going to boom. I've been following for years and find they tend to be right most of the time.
Wednesday, October 03, 2007
House #1: Tenant issues already
Even when you check someone out thoroughly, you just never know what type of tenant they'll be until the 2nd rent check comes due. For this particular tenant, we have TWO issues to contend with. First, as I mentioned in a previous entry, we received a sewer bill for House #1 for the period of September. This tells me the tenant never set up sewer service as she was supposed to. The second issue is not receiving the rent check yet. To head off a disaster, I decided to call the tenant last night to touch base with her on these two issues.
I first reminded her that rent was due on the FIRST, but was not late until the 3rd, so she had one more day to give me the rent for October before I would start assessing late fees. She said something like her and her mother "were just talking about the rent." Hmmmm. She said she could drop it off at my house, or we could meet, or I could come by and pick it up. I'm not too comfortable having tenants come by my personal residence, so I told her I could swing by her place to pick it up.
I then asked her about the sewer bill to which her response was something like 'I called everyone on the list you gave me, and I remember trying to call these people, but I could never get hold of them.' This is probably true as I am having a helluva time trying to get a live person on the phone there. Regardless, it sounds like she just "tried", but never actually set it up. She said to bring the bill when I pick up the check and she'd pay it. Hmmmm. I went ahead and printed out a new resident application form from the city's web site and pre-filled for her. I'll bring it along with the bill with me when I pick up the check. I'll also tell her to give me the amount for the bill, so *I* can pay it (i.e., I'm not going to trust her to pay it), and tell her to send the application with the deposit ASAP to the city to start sewer service in her name.
Of course, all of this sounds "pleasant" over the phone - we'll see what happens when I actually go to her house to collect.
Update: Met the tenant at House #1 as planned. She had the Property Condition report made out and gave it to me. We chatted a little regarding community issues, like the proposed upgrades to the "lake", a new grocery store coming nearby, etc. I then handed her the pre-filled application for sewer service and told her where to submit it. I also showed her the bill we received that she needs to reimburse us for. She gave me the rent AND the money for the sewer bill without any qualms. HEr mother was also there and I talked to her for a little bit as well. All-in-all it was a good conversation and I hope she understands now about rent and utilities needing to be paid on time. She did mention the fireplace again, and I told her I would get a chimney sweep over to clean it as I didn't think it'd been cleaned since the house was built 5-6 years ago.
I first reminded her that rent was due on the FIRST, but was not late until the 3rd, so she had one more day to give me the rent for October before I would start assessing late fees. She said something like her and her mother "were just talking about the rent." Hmmmm. She said she could drop it off at my house, or we could meet, or I could come by and pick it up. I'm not too comfortable having tenants come by my personal residence, so I told her I could swing by her place to pick it up.
I then asked her about the sewer bill to which her response was something like 'I called everyone on the list you gave me, and I remember trying to call these people, but I could never get hold of them.' This is probably true as I am having a helluva time trying to get a live person on the phone there. Regardless, it sounds like she just "tried", but never actually set it up. She said to bring the bill when I pick up the check and she'd pay it. Hmmmm. I went ahead and printed out a new resident application form from the city's web site and pre-filled for her. I'll bring it along with the bill with me when I pick up the check. I'll also tell her to give me the amount for the bill, so *I* can pay it (i.e., I'm not going to trust her to pay it), and tell her to send the application with the deposit ASAP to the city to start sewer service in her name.
Of course, all of this sounds "pleasant" over the phone - we'll see what happens when I actually go to her house to collect.
Update: Met the tenant at House #1 as planned. She had the Property Condition report made out and gave it to me. We chatted a little regarding community issues, like the proposed upgrades to the "lake", a new grocery store coming nearby, etc. I then handed her the pre-filled application for sewer service and told her where to submit it. I also showed her the bill we received that she needs to reimburse us for. She gave me the rent AND the money for the sewer bill without any qualms. HEr mother was also there and I talked to her for a little bit as well. All-in-all it was a good conversation and I hope she understands now about rent and utilities needing to be paid on time. She did mention the fireplace again, and I told her I would get a chimney sweep over to clean it as I didn't think it'd been cleaned since the house was built 5-6 years ago.
Tuesday, October 02, 2007
News on House #2 and House #1 Tenant
House #2
I sold this house back in May of this year after losing a little bit of money on the deal. Over the summer, I was second-guessing myself as rental demand had increased significantly (although, I would have probably still not cash flowed). My MIL lives in the same subdivision and she came to visit us yesterday. She told us that many of the homeowners there are livid with the home builder as their houses are now showing signs of poor workmanship. She said several homeowners have complained about cracked slab foundations that are now causing cracks in the walls and outside of their houses. If that wasn't a big enough issue, she said the home builder is refusing to make any repairs. It has now gotten to the point that several homeowners have begun picketing the subdivision itself. The home builder has pretty much built-out that subdivision, but began construction on another subdivision located just across the street. Of course, all this negative PR would have been terrible for me had I kept the property (especially, if I hadn't sold it yet). Thank goodness I did.
House #1 Tenant
My wife called me yesterday to say we had not received the renter's check yet. It's technically due on the 1st, but I give them until 7pm on the 3rd to get it to me. But worse was the fact we received a sewer bill for the month of September from the city. This is something the tenant should have taken care of, so I'll need to make some phone calls. I called the city the first business day in September to ask them specifically about this, and since they coordinate their efforts with the water company, I was led to believe it was all taken care of since I submitted the paperwork to the water company with the tenant's information. Just another one of those headaches landlords must deal with. I hate talking to the people at the city offices, too, so this won't be fun.
I sold this house back in May of this year after losing a little bit of money on the deal. Over the summer, I was second-guessing myself as rental demand had increased significantly (although, I would have probably still not cash flowed). My MIL lives in the same subdivision and she came to visit us yesterday. She told us that many of the homeowners there are livid with the home builder as their houses are now showing signs of poor workmanship. She said several homeowners have complained about cracked slab foundations that are now causing cracks in the walls and outside of their houses. If that wasn't a big enough issue, she said the home builder is refusing to make any repairs. It has now gotten to the point that several homeowners have begun picketing the subdivision itself. The home builder has pretty much built-out that subdivision, but began construction on another subdivision located just across the street. Of course, all this negative PR would have been terrible for me had I kept the property (especially, if I hadn't sold it yet). Thank goodness I did.
House #1 Tenant
My wife called me yesterday to say we had not received the renter's check yet. It's technically due on the 1st, but I give them until 7pm on the 3rd to get it to me. But worse was the fact we received a sewer bill for the month of September from the city. This is something the tenant should have taken care of, so I'll need to make some phone calls. I called the city the first business day in September to ask them specifically about this, and since they coordinate their efforts with the water company, I was led to believe it was all taken care of since I submitted the paperwork to the water company with the tenant's information. Just another one of those headaches landlords must deal with. I hate talking to the people at the city offices, too, so this won't be fun.
House #1: City-planned Community Upgrade
We received our monthly sewer bill for House #1, and in it was proposed projects the city was planning for next year. One of the items listed was to upgrade the "lake" (it's actually a big pond) that sits in the community. The upgrade would include jogging paths, fishing docks, wildflower scenery, and on and on. Here's an aerial view of the lake and part of the subdivision, including House #1 (courtesy Zillow.com):
Monday, October 01, 2007
4-Plex: Lender and Inspection (update)
I spoke with the inspection rep on the way home from work last Friday and she gave me the scoop on what all to expect with the inspection. It sounded good to me until she mentioned that they don't take CC's and need a check for services before they'll inspect the property. She also said they used to charge it as part of the closing costs, but a lot of people would bail without paying it. I told her I'd talk it over with my wife and give her a call back on Monday.
On Saturday, I called another inspection company the agent recommended, but immediately got transferred to VM. I left a message and asked if they would please call me back with some information. I never did get a call back (even on Monday), so my wife and I agreed to go with the other company.
I called the lady from the other company back and we set up a tentative inspection for early next week, since it may take that long to get the check there (I'm not about to pay $20+ to send the check overnight, either). The lady said she will get with my agent to get all the logistics handled for the inspection. She even mentioned the agent is hard to get hold of. Ha!
I also filled out all the forms the lender sent Friday and emailed him asking if there was any way to fax them back. He said "No". I guess it doesn't hurt to ask. I'm afraid I'll probably have to eat another $20 for this, though, as I need to get the financing ball rolling ASAP. I can't afford to wait another week on this.
On Saturday, I called another inspection company the agent recommended, but immediately got transferred to VM. I left a message and asked if they would please call me back with some information. I never did get a call back (even on Monday), so my wife and I agreed to go with the other company.
I called the lady from the other company back and we set up a tentative inspection for early next week, since it may take that long to get the check there (I'm not about to pay $20+ to send the check overnight, either). The lady said she will get with my agent to get all the logistics handled for the inspection. She even mentioned the agent is hard to get hold of. Ha!
I also filled out all the forms the lender sent Friday and emailed him asking if there was any way to fax them back. He said "No". I guess it doesn't hurt to ask. I'm afraid I'll probably have to eat another $20 for this, though, as I need to get the financing ball rolling ASAP. I can't afford to wait another week on this.
Subscribe to:
Posts (Atom)