All Forum Posts by: Adam Lippa

I've not had great luck with a mortgage broker I have used 2 times before (fool me once, right). I like the idea in theory, and use a local insurance broker, but I have since been trying to use a local bank consistently. My biggest gripes with the broker (who was local) was the first time the rate went up (not a ton, 1/4-1/2% maybe) after discussing the rates and attempting to lock it in because of a mistake made (I believe checking a veteran box perhaps). A year couple years later I tried the same broker again and prior to closing there were major issues with satisfying the broker's insurance requirements since they want to sell off the loan right away. I was trying to add the property onto my existing business policy and therefore was unable to show proof of the full next year of insurance. The whole thing was pretty frustrating and all happened in the 48 hours before closing and left a bad taste in our mouth. Clearly other people have had better experiences. Both loans through the broker have been sold numerous times which isn't a huge deal, just extra time and paperwork tracking expenses. 

Our local bank has competitive rates and will continue to service the loan for the entire term. They have been great to work with when small issues come up. 

Good luck!

Thanks for the replies everyone. At least for now I'll probably continue with the tanks. 

Scott, thanks for the link. I did a search but used tank instead of system. I assumed their must have been something newer!

  Is anyone using on demand systems to heat just hot water instead of the traditional tank? I saw a post from 7 years ago where people weren't hot on the on demand system reliability, but I'm sure they have gotten at least a little better. I'm inclined to swap natural gas HW tanks for electric when they die to make it easier/quicker on replacement, but curious if anyone has been using tankless as they claim to have a longer life. 

I'm assuming the benefits are mostly eaten away by the initial higher cost, especially if the tenants are paying for hot water and therefore no savings there. 

Specifically looking relating to a triplex and a quad with NG atmospheric tanks in place (A few electric tanks are in the mix as well). 

Might be outside the scope for now, I'm stubborn but also frugal ;)

I may try this guy out as both a deadbolt and knob...If it doesn't work here I'll probably just leave this as is and use it somewhere else. https://www.amazon.com/dp/B071... 

Likely wouldn't work as a front door, but as a side door, maybe. I'll post an update if I ever actually get it installed.

Hi,

I've been trying to swap out apartment deadbolts for electronic locks (Mainly Schlage BE365 type). I have been leaving a lock box on site with the back up keys which are not issued to tenants. Also a side note, for all the locks I have swapped I have put in non-locking handles to try and further reduce the likelihood of a lockout. In all the leases I am clear the batteries are the tenant's responsibility and make sure to tell them if it blinks red it's time to replace the battery. 

Getting to the point...One unit has the current deadbolt in an odd location and I can't put the same electronic lock due to the window (see picture below). I've considered switching the handle and deadbolt and trying to cut down some of the window casing but that seems like it may not be a great option. I'm fairly handy, but all things being equal I would just assume to not cut more into doors than I need to. A second alternative I also don't love would be to try and plug the upper hole and just do a deadbolt in the lower opening. The width of the plug may cause issues, and it would be less than ideal. This door is the 2nd way into the unit, but is used with some frequency. I would like to not be issuing out any keys or changing any locks, only combos as needed and at turnover. 

Does anyone have any recommendations on a smaller electronic deadbolt that may work well in this case? Or any other thoughts? 

Thanks!

Glad it worked out. I was reading this whole thing after the fact like a novel :)

Why not do a few cosmetic fixes to make it look like one of the nicer properties in the not so nice neighborhood and sell it before you invest too much into it if you have determined it's not worth your time/aggravation. Home prices are pretty high right now (around here)...who knows if that will last.

Good luck!

Welcome Gianluca!

I am not familiar with the area but as a general rule I am always cautious about assuming I will be renting out properties for more than the average rate (or my expenses will be less than average). I always try to be conservative and think about the realistic worst case. It sounds like you have thought about a few options depending on which way the housing market goes, just spend some time making sure you double check the math and the reasoning if you think you'll be doing better than the guy next to you.  

Good luck!

How many electric meters are outside the house? Is the LL paying for the gas/oil to heat? LL could have a separate meter going to the utilities in the basement, or could have a deal with whoever's unit the furnaces are wired into.