Category: Home Owning
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Is radon gas harmful, or not?
Reader Question: Our home is currently “for sale” and a prospect has visited the house several times. They asked us if we ever tested the house for radon gas, and we have not. They want us to have the house tested, but we have heard conflicting stories about radon. What can you tell us about…
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Get the facts before deeding your house to the bank
Reader Question: I am 83. We bought a property in Maryland in 2006 for $225,000. My husband died in 2012. The agent felt it would take $99,900 for a short sale to sell it. Got a full-price offer the first day but the bank denied the short sale and appeal. I had a break-in and…
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The benefits of owning small apartment buildings
Reader Question: Monty, my wife and I are 32 years old and have just finished restoring a big Victorian 2 family home in NJ. We took on a bit of debt, but I just paid all of the credit cards down and completely paid off a pretty big loan. We currently owe around 280k on…
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Utility bill increase squeezes tenants
Reader Question: I am a long time resident at an apartment complex that used to have utilities included with the rent. In 2010, they switched to charging shared utilities. The average monthly increase was about $20 -$30. Since April of 2013, the complex is now using a 3rd party billing company. The utilities added to…
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How to raise rents
Reader Question: Hello, Monty! We are “babe in the woods” investors. We have a duplex in Portland, Oregon. We are not sure whether to raise rents at this time. Expenses have gone up about 5% since January 2013, in line with inflation in the state. Everyone’s heard the bad job data, and we’re afraid…
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To move or not to move… the house?
Reader Question: We own a one-acre lot on a street with mostly half-acre lots. We are considering splitting the lot into two half-acre lots. The only problem is the house is in the middle. It would cost about 75k to move the house to one side. Would it make sense to divide the lot? Elizabeth…
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Developer track record important in housing projects
Reader Question: A year ago I bought a town home in a condo project. I asked about parking and told that each homeowner would have one additional space outside to park as well as in their garage. The garage is built into the home. Since I moved in, the municipality painted one side of the…
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Converting the garage to living space
Reader Question: Hello, my house has the garage in the lower level basement. We would like to transform that space in a family room with bathroom and a bedroom but some people tell us if we do, the house loses value if we sell in the future. Is it true, or not? Michael S. Monty’s…
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Water management issues can be dicey with neighbors
Reader Question: The neighbors recently have installed 5 drainage hoses aimed at our house. One is from the neighbor on the other side of them. We tried calling the city and the calls have not been returned. Can we do anything to stop them? Mary P. Monty’s Answer: Hello Mary, and thanks for the question. Water runoff is an…
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Who should own rental property?
Reader Question: A real estate agent did not screen a tenant for rental and collected 6% of one years rent payments. The tenant only paid one month and a partial security deposit. Is the real estate agent entitled to keep the 6% that was pre-paid to her for the whole year? This agent said she…
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How to deal with a dirt basement floor
Reader Question: I am considering buying a home built in 1908. The basement has a dirt floor. Is there any financial advantage in have the floor finished with concrete? Monty’s Answer: Hello Michael, and thanks for your question. Homes with dirt floors in the basement are more common than we realize. Let us assume there is…
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Why some commercial real estate ends up like this?
Reader Question: I currently own a commercial building. The mortgage was paid off when I inherited it. I am looking for a profitable long-term investment. I would like to leverage my building to buy another one. How do I find a great deal? How do I calculate return? What formulas are important to find an appropriate cost? Simon…
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Get foreclosure facts before going ahead.
Reader Question: Hi Monty, I have two homes and two mortgages. Home “A” is underwater, and I am unable to sell it for the remaining amount owing on its mortgage. Home “B” is fine, gaining in value and is my residence. Both “A” and “B” are within the same city. I fear home “A” will go…