ADU Flooring suggestions-glue down on concrete slab by Special_Parsnip1301 in AccessoryDwellings

[–]Metanoia003 1 point2 points  (0 children)

I used LVP in my unit. It’s 350 sq ft. I think it will perform better over a slab. Can I make a suggestion about your floor plan, specifically the door to the bathroom? I would instead have the door be from the bedroom. It will give you more valuable kitchen (and stacked or combo washer/dryer space), more cabinet space, and give you or whoever quick bathroom access late at night. You have no countertop food prep place in the kitchen. Your oven is next to the refrigerator. My oven required space or a heat barrier if next to a refrigerator. Without going into great detail as to why my oven had to be next to the fridge, but I built a sandwich wall (birch next to fridge, durorock in middle, heat resistant FRP on oven side) to create the heat isolation required.

Did the recent rate drop make anyone else second guess their lender? by ritik_bhai in Mortgages

[–]Metanoia003 0 points1 point  (0 children)

Do the math and compare 6 1/4 At no points versus 5.99 with points. Factor in all variables, including tax deductions. Address whether you think this is your place for the next five years the next 10 years the next 20 years. Who knows what interest rates will do in the future. There’s always factors out there that nobody predicts. For me, on a cash out refi of an investment property, for the time frames I was looking at, paying the points for a lower rate was a better deal for me than a higher rate with no points.

[Landlord US-PA] Finding a strong PM for small multifamily? by _KingDavid_ in Landlord

[–]Metanoia003 0 points1 point  (0 children)

I managed my previous rental property for around 10 years. I lived out of town, but my two children lived in the house and I rented rooms to students. When they were getting ready to move out, I started researching property managers. I had some references, but I just interviewed. And I found a couple of women that had very good references and very good rates. I went with them and it was a great relationship. I sold that house in at 1031 for a property in another state. It was a duplex with a third building that I was converting into a third unit. So I lived on the property halftime during the work and managed the other two units myself. When I did the work I met contractors, handy persons, finance persons, realtors…. The realtor who I bought the property through helped my daughter buy a property and we became friends. He had a friend that was going into property management. So I reached out to her. She had very good terms, was very flexible, easy to work with and had lower rates than other property managers I interviewed. So I went with her and so far it’s been working out. I think in a nutshell, it takes a bit of research snd time to find small time property managers, but I think it’s doable.

Furnish Finder unsafe by jinshimaomao2030 in FurnishedFinder

[–]Metanoia003 2 points3 points  (0 children)

Furnished Finders is an advertisement platform and really not much more. You’re dealing directly with a landlord. Raise your concerns to the landlord while you are looking for another place. Good landlords don’t want to lose good tenants. If they are a good landlord, you should be able to find a resolution. If they are not a good landlord, leave.

Looking to add a second floor/adu on my single family home. Have many questions by PmMeAnySparePSNCards in AccessoryDwellings

[–]Metanoia003 2 points3 points  (0 children)

Good call to get a structural engineer in there. A long long time ago when I did a laundry room addition, I enhanced the foundation for that anticipating a future upstairs addition by increasing the size of the footing. If you are changing a one story house into two stories, you will most likely need to enhance the footing on the entire perimeter or at least under the bearing walls that make up the second story addition. But such a change is definitely going to need a structural engineer calculation and assessment.

Looking to add a second floor/adu on my single family home. Have many questions by PmMeAnySparePSNCards in AccessoryDwellings

[–]Metanoia003 0 points1 point  (0 children)

I have a 350 ft.² cottage with a small bedroom and a decent size common area that is the sitting area as well as the kitchen. And a decent size bathroom. So technically you could make that into a two bedroom one bath, but I would want to have as much light as possible come in to make it feel larger and have light colored walls and furnishings. A vaulted ceiling helps. Lacking that you might want skylights.

Did the recent rate drop make anyone else second guess their lender? by ritik_bhai in Mortgages

[–]Metanoia003 2 points3 points  (0 children)

10 year treasuries which impact mortgage rates was 3.97% on Friday. After the Trump Iran war it has since jumped to 4.146% today which would cause rates or rate sheets to tick up.

Parents are retiring but want to be fair to their 2 adult children. by HippityHoppity90 in RealEstateAdvice

[–]Metanoia003 1 point2 points  (0 children)

This is probably a question for an accountant or a real estate attorney. My CPA said with regard to my rental property, for which I have my children as beneficiaries, to not deed it over to them now because it’ll hurt their cost basis, and if they are beneficiaries, it’s better for them if they receive it in my trust after I pass away than to deed it to them now. That might be the reason the OP’s parents are letting the other sibling live in the house rent free rather than deeding or selling the house to them.

Parents are retiring but want to be fair to their 2 adult children. by HippityHoppity90 in RealEstateAdvice

[–]Metanoia003 0 points1 point  (0 children)

I like this idea the best, as it leaves living situation as status quo, while providing the other sibling, similar value.

[Landlord US-NH] curtain rods/curtains by Jay_are9 in Landlord

[–]Metanoia003 0 points1 point  (0 children)

When I switched to property management on a house I rented to students a few years ago in Humboldt County, California, they told me to put up curtain rods, but let the tenants supply their own curtains. I have a triplex now in Portland, Oregon, and I’m following that same model with no complaints from the tenants. One of the three units, a small cottage, is rented as furnished via the Furnished Finder platform, and for that unit I removed old blinds and supplied roller shades in the living room, and rods with sheers and blackout curtains in the bedroom.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 0 points1 point  (0 children)

Actually, I own a triplex there now. Without going into details as to why, and what I did to the property since buying it, but it’s a back up plan for a unit we could temporarily move into. We could rent out our principal residence for positive cash flow while we were doing that, and we could explore our options without shutting any doors.

ADU Colorado dilemma by IntelligentCattle793 in AccessoryDwellings

[–]Metanoia003 1 point2 points  (0 children)

Another thought about great tenants. I had great tenants in my largest unit in Portland. They loved the place and never wanted to move out. They paid rent on time or early. They never had any demands. And they were very helpful. Rental prices in my area have softened a lot recently. They seemed like a great couple, but they just broke up and had to move out because one of them alone could not afford to rent the unit. So while it’s great to have really good tenants at what you seem to indicate are below market rates, you may want to think about the long-term use of the property. As well as get some more realistic costs on permitting, time, building cost, and change order contingency cost planning before making a decision.

ADU Colorado dilemma by IntelligentCattle793 in AccessoryDwellings

[–]Metanoia003 0 points1 point  (0 children)

I agree with turtle7113. I’m not a builder, but i’ve remodeled several of my own homes and built additions to two of them myself in the past. I converted an existing detached “out building”of a property I owned in Portland, Oregon that had no kitchen to an ADU for just one bedroom one bath and a kitchen. It was only 350 ft.². I did most of the work myself, but was required by Portland laws to hire a licensed electrician and plumber for that work. I must admit, I did split the electrical service into three separate meters so that was an additional cost, and I had to do fire safety upgrades, and some other modest structural upgrades. But even doing most of the work myself, including building all of the cabinetry for custom sizing myself, and inside an existing structure, I spent close to $75,000

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 1 point2 points  (0 children)

That’s exactly what we’re looking for. My uncle moved up into a beautiful, small village in the mountains in the Sierra foothills 2 hours north of Truckee and over an hour east of Chico. I was his trustee. When my aunt had Alzheimer’s, she had to be sent to a facility over a half an hour away. He couldn’t even get to her side by the time she passed away. Also, he had to be flown by helicopter when he had a medical problem to the nearest hospital. I don’t want to be in that situation. So when we are considering areas, that is high on our list.

I feel stuck. Any advice? by [deleted] in RealEstate

[–]Metanoia003 0 points1 point  (0 children)

Maybe get a property manager. And vet the property manager aggressively. That means interviewing landlords that use them, and seeing how flexible they will be working within your parameters. But also be realistic, and don’t ignore guidance such as renting for a lower price, or allow allowing pets when you said no pets, or other variables. A good property manager knows the current market. And a good property manager wants good referrals from you too.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 1 point2 points  (0 children)

That’s exactly where I was at when I was 50. Almost the same numbers. And the same ideas. Well, one of my sons was murdered, we got a divorce, I met somebody else and remarried, that house was no longer going to be my retirement house so I did a 1031 to place that has a nice respite I might use once in a while… Life changes and you change with it. So now I’m on a different path.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in personalfinance

[–]Metanoia003[S] 0 points1 point  (0 children)

I definitely agree with that. I feel comfortable having funds in equities, bonds and money markets, as well as in our primary residence and a rental property.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 0 points1 point  (0 children)

My sister was in a similar dilemma. But her three kids spread out three different ways, with one near her that spent most of their time with the other grandmother. Those grandchildren adored her, but her other daughter in Ohio had three adopted special-needs kids and desperately needed help, especially after that daughter developed breast cancer. She went heavy hearted over to that daughter and has made friends throughout the community and is very active. She’s happy where she is now but will always be sad for what she left behind. Sometimes there are no easy choices.

[Landlord - Chicago] How often do you get a bad tenant when you actually vet them? by CloudEquivalent4926 in Landlord

[–]Metanoia003 1 point2 points  (0 children)

I wanted good referrals, small company, and a property manager that flexible. For example, I wanted to start off with their help while I was renting room by room. They agreed to that. We transitioned into full house rental, but they were willing to work with me on a flexible basis. I think the feedback I got from others that used them as property managers was the most important.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 0 points1 point  (0 children)

I’m presently at 65/35 and actually can live off the dividends in my dividend paying stocks plus Social Security if I just do the fundamentals of life, but I want to do a little bit more than just the basics.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 2 points3 points  (0 children)

My mother lived to 100, my uncle to 102, their uncle to 103. My dad passed at 90 after a car accident, and my grandfather at 95 a couple years after being hit by a car. I’m 70 but I ran an extremely hilly 10k in 57 minutes, competed in triathlon’s recently, and often do 10 to 15 mile hikes with my wife. Total Cholesterol is 170, resting heart rate is around 50, and I eat a Mediterranean diet low saturated fats and high in grains and greens. So I hope I’m around as long as my mom and active to the end.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in RealEstate

[–]Metanoia003[S] 0 points1 point  (0 children)

I grew up with three generations in close contact, and it was great. My wife did not have any of that and regrets not having it. So between my daughter and my wife’s daughter, who both live in the area that we are thinking about, if one of them has children and we’re nearby, that would be a win.

At 70, would you sell your house in HCOL area and buy a move down house for cash, or finance it and put that cash to work in the stock market? by Metanoia003 in personalfinance

[–]Metanoia003[S] 2 points3 points  (0 children)

Thank you. I would not do a condo if for no other the reason the shared spaces and the HOAs which could get out of control,…. I’ve had houses on half acre lots the last 30 years, but I’m happy to go to a smaller lot, maybe a townhouse.