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There are two ways to "manage" property, especially if it's an "investment". Like a car, one approach is to do ongoing improvements, upgrades and small repairs immediately, and the opposite end is to do nothing for year and years.
In a hot market you can get away with running a place into the ground; the value is in the land, not the building. Of course your place for your renters is going to be a real craphole by the time you sell, but you don't give a Trumps' rear end as you're on your way to billionaire status and your tenant can go away.
IMO especially since my parents were landlords it's a cultural, emotional, and attitude thing that decides what approach "fits" your personality. My parents would NEVER do what Trumps son-in-law and his lawyers do to renters. Different attitude towards life.
Seriously. WHO does "upgrades and improvements" to cars?
Just a way to hijack a thread with politics.
Completely off topic, having NOTHING to do with the original post no matter how much you try and conflate it.
According to the documents obtained by Judicial Watch from the Illinois Secretary of State, Valerie Jarrett served as a board member for several organizations that provided funding and support for Chicago housing projects operated by real estate developers and Obama financial backers Rezko and Allison Davis. (Davis is also Obama’s former boss.) Jarrett was a member of the Board of Directors for the Woodlawn Preservation and Investment Corporation along with several Davis and Rezko associates, as well as the Fund for Community Redevelopment and Revitalization, an organization that worked with Rezko and Davis.
(According to press reports, housing projects operated by Davis and Rezko have been substandard and beset with code violations. The Chicago Sun Times reported that one Rezko-managed housing project was "riddled with problems — including squalid living conditions…lack of heat, squatters and drug dealers.")
As Chief Executive Officer of the Habitat Company Jarrett also managed a controversial housing project located in Obama’s former state senate district called Grove Parc Plaza. According to the Boston Globe the housing complex was considered "uninhabitable by unfixed problems, such as collapsed roofs and fire damage…In 2006, federal inspectors graded the condition of the complex an 11 on a 100-point scale — a score so bad the buildings now face demolition." Ms. Jarrett refused to comment to the Globe on the conditions of the complex.
I'm 59. If all goes according to plan, my house will be one of those when I kick the bucket 30 years from now. When I'm in my 80's, why would I care if the cedar shingles need to be replaced or the roof is looking kind of iffy? Interior paint? Nope. Where I live, most of the neglected houses have older owners. When they die, the next owner does all the work. The house is priced accordingly.
I notice the opposite where I live, older people generally take better care of their homes. I see people in their 70’s out there edging the walkway, repainting the shutters, etc... younger people often won’t do any of that.
According to the documents obtained by Judicial Watch from the Illinois Secretary of State, Valerie Jarrett served as a board member for several organizations that provided funding and support for Chicago housing projects operated by real estate developers and Obama financial backers Rezko and Allison Davis. (Davis is also Obama’s former boss.) Jarrett was a member of the Board of Directors for the Woodlawn Preservation and Investment Corporation along with several Davis and Rezko associates, as well as the Fund for Community Redevelopment and Revitalization, an organization that worked with Rezko and Davis.
(According to press reports, housing projects operated by Davis and Rezko have been substandard and beset with code violations. The Chicago Sun Times reported that one Rezko-managed housing project was "riddled with problems — including squalid living conditions…lack of heat, squatters and drug dealers.")
As Chief Executive Officer of the Habitat Company Jarrett also managed a controversial housing project located in Obama’s former state senate district called Grove Parc Plaza. According to the Boston Globe the housing complex was considered "uninhabitable by unfixed problems, such as collapsed roofs and fire damage…In 2006, federal inspectors graded the condition of the complex an 11 on a 100-point scale — a score so bad the buildings now face demolition." Ms. Jarrett refused to comment to the Globe on the conditions of the complex.
Good job. You showed him! Why not throw in some Jimmy Carter and Harry Truman while you're at it?
If everything works, and is clean and maintained, but is not the latest trend - is that considered needing "repairs"?
If a room's paint color or carpet isn't to your liking, or if the kitchen appliances aren't stainless steel - is that considered needing "repairs"?
Just curious where the bar is set.
Thanks to HGTV and the like, you see an endless conga line of buyers who consider the wrong color paint in one of the closets to be "a complete gut job" and they skip to the next listing. Or, lets tear out every interior wall and ceiling so it will be good for entertaining our friends!
As the agent quietly googles Zanex prescription on her phone.
you know some folks have a hard time doing repairs because the price of stuff to repair it with is just way too over priced and they have to save the money to fix things . Jesus I wish I had been born with a silver spoon in my mouth too but nope I was not and I'm one of those people who have to save money to fix things and it is difficult in todays world to do so . Prices keep going up and paychecks don't . And I don't want to put myself in a financial hole just to fix something when it can wait and I will fix it when I have the money to fix it .
We see fixers still going for over asking, especially if in a top school district. Even tear downs are getting multiple offers. I agree that regular maintenance and repairs maximize profits, but for someone that bought at $50,000 in 1980 getting close to a million now for a beat up place is still making a good profit.
This one made the news, and was two years ago, but prices went up 17.5% just in 2017.
If everything works, and is clean and maintained, but is not the latest trend - is that considered needing "repairs"?
If a room's paint color or carpet isn't to your liking, or if the kitchen appliances aren't stainless steel - is that considered needing "repairs"?
Just curious where the bar is set.
I'm with you.
For example, I have a property with twin water heaters plumbed in series so the output of the 1st goes to the input of the 2nd.
And these gas water heaters are 20 years old.
Now, it turns out water heaters are pretty simple machines, and if you maintain them, they will last almost indefinitely. Maintenance consists primarily of draining about 5 gallons of water every couple of months to flush out sediment, and replacing the sacrificial anode rod as required - typically about every 5 years or so based on the local water chemistry.
In fact, the only difference between a water heater with a 6 year warranty and one with a 12 year warranty is the latter has two sacrificial anode rods instead of one.
SOooo... if you replace that anode rod as required, you save the steel of the tank. A new sacrificial anode rod costs about $30-$35 for the part plus maybe a half hour of my labor.
So, the inspection report comes back with boilerplate that the water heaters are past their useful life expectancy. I disagree, of course, because I actually maintain my tanks rather than letting them go to the point where they fail.
It depends. Where I am is very desirable, and it is nothing for people to pay premium, gut the place, totally redo everything and move in.
It just depends on the market where you are. In a seller's market for a hot location, it doesn't matter. There is no point in a last minute overhaul because the market wants to choose its own finishes, appliances floorplan etc. Buyers just wants the land, the bones, and the hot location.
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