Home Selling in 38125>Question Details

Tom Cullen, Other/Just Looking in Honolulu County, HI

Need advise! Bought property in 38125 from "Turnkey" outfit 2 yrs ago. Needs new roof already! General ctr can't be found. Should?

Asked by Tom Cullen, Honolulu County, HI Wed Aug 3, 2011

I keep or sell? PM they recommended rented to an eviction queen. They've been evicted, but I've had no rent revenue since February! Now, I've got a new roof to put on before it can be rented again. Will cost at least 5k. to replace. Stuck between a rock and a hard spot. Have 106k mortgage.

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I didn't see your comment about the roof. Roofs are typically the one item visually that will scare the stuffing out of a buyer. They expect the roof to have life in it...the FHA appraiser might even make it an item of interest in any appraisal. New roofs don't sell houses...but bad roofs can sure keep them from selling. Do it and take your deduction, even if you have to depreciate it. Also...Memphis can be a tricky market...so it's tough to do that from Hawaii.
0 votes Thank Flag Link Thu Aug 11, 2011
That's a good zip to rent. I have several in 38115 and 38125. Roof does not have to be 5k....I'll take a look at it if you want.

Steven Ford
The Carter Group, Realtors
srfsells@aol.com
0 votes Thank Flag Link Thu Aug 11, 2011
Tom, Something is rotten in Memphis. If this home is only two years old and needs a new roof you have been conned. You need a real estate attorney in Memphis. Not advice from real state agents.

Why in the world did you choose Memphis for rental property? DAVE
0 votes Thank Flag Link Fri Aug 5, 2011
Bill,

Thanks for your answer. I don't want to be involved with rentals IN MEMPHIS. I've found the tenants to be pretty bad there. I'm now being told by PMs, after the fact, that 90% of the renters in Memphis have bad credit or judgements against them. 90%! My criterea has been to rent to people with decent credit, and NO COURT JUDGEMENTS for non payment of rent or debt. A person who has had to be dragged into court for non payment, is not anyone I want to rent to. Life is too shrot!

It turned out my criterea was pretty naive for the Memphis market. One of the PMs I used said that if that was my criterea, your property will be vacant a long time.

Note, the subject property is in a nice neighborhood of SE memphis (38125). Rent was 1200 a month. So we are not talking low income here.

Yes, have several estimates to replace the roof. But why replace a roof unless it will raise the potential sales price by a comensurate amount?
0 votes Thank Flag Link Thu Aug 4, 2011
Tom,

It sounds like you have had it with your rental experience. Consider treating this as two different problems..First, do you want to continue with rentals. Secondly, you need a new roof....

Regardless of whether or not you decide to remain with your rental initiative or move on, the fact remains, that the roof needs to be replaced. It's likely that a home inspection for any perspective buyer will reveal that a new roof is in order.

It may be time to be in touch with several roofing contractors for evaluations and estimates and keep in mind that because you have had one bad rental experience doesn't mean all the rest will be the same.

Good luck,

Bill
0 votes Thank Flag Link Thu Aug 4, 2011
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