All Forum Posts by: Andrew S.

Build a wooden fence around the garbage area - like most fast food or gas stations have. Dumpster sounds like the way to go. That's what I have for my 6 plex.

The laminate countertops at big box stores look good and are easy to DIY install.

Happy Friday, I purchased a property that has gas heat, older version of the newer Rinnai gas heaters. The tenant said he's been using space heaters for the past decade. The gas heater hasn't been run in over a decade and he no longer trusts it. He's been running space heaters with extension cords, which isn't recommended. I'm looking at replacing the gas heater with a newer Rinnai heater for the safety concern of using half a dozen space heaters. He pays for the heat, so I won't benefit from the efficiency. $2k + labor is the approx. cost. I'm working with the Section 8 tenant to apply for the LIEAP (Low Income Energy Assistance Program) with Montana. Curious if there are other similar HUD programs, federal grants, etc that folks have used? I'm hoping to find a grant or program to help pay for the new heater. I have the funds to pay for it, but know there are programs out there to help affordable housing, lower income tenants, etc. Thanks!

I'd say do the repairs yourself. You'll learn how much work/ effort/ time / money it takes. So in the future once you have many more doors - then you'll know what it worth hiring out. When you buy a new property, it's common to figure out the delayed maintenance. Sounds like you rented it out before it was finished and ready to rent. Now you're paying the consequence for that. Which isn't bad per say. Just traded quicker rental income for having to do repairs while the tenant is living there. Could make the tenant annoyed, and annoying for you since you have to do the work in a quick fashion. Such is life.

My neighbors roof should've probably been replaced a decade ago. I think it's minorly leaking but they still don't seem to replace it. Might be able to ride it out another year or two until you're more financially stable.

Just curious who out there has raised their rents lately with COVID somewhat becoming normal. I'm looking at bumping up my rents by $25 for the fall increased property taxes. I'd have to raise them for November based on the proper notice for MTM tenants. Otherwise I could wait until May.

Do you pay water, sewer, garbage? Regardless it'll be a good deal. I have a 6 plex that the sellers agent was very very slow to give me the water bill for. $480 per month, but it still cash flows well.

I bet you can fix the wiring for a reasonable cost.

I think raising rents ~50% on all your tenants within the first 3-6 months will lead to many vacancies and then remodels.  It might even be illegal in your state?  I feel that'll definitely win the title of greedy new landlord and won't be a good starting point. Not sure how much you know about the inherited tenants and their personal ability to afford the rent increase and then stop paying all together, since it's "kinda legal / kinda okay" now. Could be a deal worth doing, but it might take a couple years to increase rents to market rates and minimal vacancies.  

Happy Monday BP,

I'm doing a refi on my house hack duplex from 4.75% to 3.125%. I have it currently setup to get ~$2k cash back at closing. I'm debating just changing the loan amount down $2k so I don't get any cash out and have a slightly smaller loan balance. Curious if most people try to squeeze all the cash out, then deal with a larger long term payment?  I get it if I'm pulling out $30k or something large enough to get another deal from. 

My goal - to purchase additional rental properties.  I currently save ~$2k to $3k per month for future down payments. So the total extra $2k doesn't really make a difference to timing of me purchasing a next property. My market is also inflated prices currently, so it might be a year until I find a good deal and have adequate savings for purchase & rehab. 

Thanks.