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All Forum Posts by: Barbara G.

Barbara G. has started 10 posts and replied 827 times.

Post: Beginner Investor - South Bronx - Multifamily Buy/Hold

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

The South Bronx???  Where in the south Bronx are you talking about.  Much of the south Bronx is a problem area.  Do you know the Bronx and know what streets you are targeting?

The utility department in our town would not give us a credit for a flowing toilet.  Somtime the toilet running  is not noticable.  You really don't hear it or see it.  Toilets should be monitored when you inspect the apartment for smoke alarms etc.   You should  always open the tank and check the overflow valve and anythng ese you can see in the tank.  You should also be monitoring the bills from the water company to see if there are any spikes in usage. 

This as everybody has said is a price situation.  The only reason anyone would consider it would be if it offered PM services at a Lessor price then a PM would charge.  

How would you provide repair services at a distance? and in a market that you do not know?

Maybe if you just provide back end services like Book keeping and rent collection and the property owner does the maintanence calls???

Post: DIARY OF OUR FIRST BRRRR IN OUR REAL ESTATE LIFE

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

I think we have our first tenant.  Not our ideal tenant but we are going with it.  It's 1,000 a month.  Two young woman sharing the apartment and the rent.  They plan on moving in Monday which will be Sept 7, 2015.  So we are pro rating the rent.  We are asking one month security.  The apartment needs some few details and they are ok with us doing it around them.  The 2nd apartment is still not detailed and we still  have not rented it.  I assume it will be rented by October and then we will attempt to get it refinancd.

Post: rehab not flipping - buy and hold worth the cost of fixing??

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

That's correct your sale price plus all your rehab costs  = the price of the buy. 

So this house is going to cost you $100,000 if there aren't additional rehab costs.  You probably will end up needing the new windows.   It sounds like the bathroom might need more then you are figuring and we don't know what to figure for the garage foundation.  I imagine the landscaping will add some cost.  So if the house ends up costing $110,000 it's still probably OK for cash flow.

It seems though you have pulled this $60,000 number out of a hat?  It's 1/2 of what they are asking.

Notify the tenant with the dog about the 7:00 AM barking and ask her what she plans to do about it.  Is the dpg barking at because she wants to go out or if the tenant is leaving?  Tell the tenant you have received the complaint and ask her what adjustments she can make.  It coukd be a Baby crying at 7:00 AM that the neighbor woull aso complain about.  I remember when I lived in an apartment buiding with my young baby and a neighbor screamed "Shut that child up"

The dog owner can train the dog with a treat or handle that in some other way.  It is a puppy and they do bark.  Give the dog owner the opportunity to correct the 7:00 AM barkig

Post: Caught a "stray" cat......

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

It was just mean the way this animal issue was handled.  As someone pointed out an animal is not a chair thst can be given away, its a living thing that someone  loves

"she lied"  Unforgivable lieing!!!!  Grow up.

Our first buy there was a tenant that had a dog.  It looked like a Pit Bull and it barked like a Pit Bull.  The tenant said it was not a Pit Bull

My partner wanted to get rid of the tenant and the dog but we realized it would be difficult and a slippery slope.   We now own that duplex for  over 1 1/2 years.  That dog is very friendly and plays well with visiting dogs and children  I have no issues with them.

Post: Need ideas on how to cut expenses

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

You say  "It's been incredibly frustrating and especially since I am in no position to self manage right now with the nature of my job. I self managed once before for about 8 months and I went crawling to a PM."

You should at a minimun give this PM  notice that you are teminating them.  

Hire another company. Another one can not be this bad. 

Go to a local Real Estate Club and get referrals for a new PM cmpany

 When you  Hire another PM company tell them what kind of accountability you need.     Use some of the suggestions that you have been given  on this blog with your new PM

Accountability like:

"Going forward every work order that the PM requests needs to be accompanied by a request"

Decide what your next step is and do it.  If you take No action that is your  decision to continue with the status quo,   No action is saying you want to continue as is.

Your job must be to at a minimun to monitor the PM company

Social Service might be involved here.  How old is the youngest son? There probably will be social security income for  the family. 

Probably under these circumstances section 8 will still be involved with the family and your apartment and you will have a minimun of input. 

Sounds like you will have to roll with the punches and see what the next action is.You certainly can ask section 8 if they will continue to be involved with the family and the payment of the rent. 

Consider tht the sister and the brother both know that there will be socil security income here and that might be coloring some of the disagreements between the 2 older siblings.

Post: Need ideas on how to cut expenses

Barbara G.Posted
  • Hartsdale, NY
  • Posts 874
  • Votes 218

Everybody is on this request for input except Lisa S who is the peron asking for help.

I think Lisa has to weigh in on what she wants and what she thinks about the suggestions that have been offerred.