All Forum Posts by: Barbara G.

Thank you for your support But we are having problems renting out our second apartment.

This house is on a street with heavy traffic.   We made a mistake not considering this as a substantial problem.  We will not do this again.

Now we have to figure out how we can solve this problem and get our renovated apartment rented.  

Our first 2 Sister Duplexes in Danbury Ct need one new Roof NOW and that is at least $6,000 and we must do it within the next 20 days.  We must get this Waterbury purchase rented and financed.

See if your sister qualifies for this low income ownership program

http://portal.hud.gov/hudportal/HUD?src=/program_o...

It almost always is the toilet running.  It sometimes is completley unnoticable

Have a water company representative meet you at the house, he will identify it immediatly.

$259,000 cost plus $100,000 renovqtion =359,000  plus closingg costs

Rents =

1,200

1,200

1,000

Total rents =  $3,400

So that would meet the 1% rule (based on $359,000 cost )

You would have to add closing costs to the price of the house.

You would have to add the  renovation holding costs also.  How many months of expenses will you incur while renovating the triplex??

If the actual renovation costs  goes up From the projected  $100,000 you are no longer in the 1% range.  

If your own allotted rent of $1,200 (for your on apartment) is more then you are paying now you should  reduce your rent projected figure to meet you present  rent.  If you are paying only $1,000 rent currenty then you should  reduce your  rent income $200.00.  If you are paying more rent now or $1,300 you can add $100 to your income.

This is based on your figures: 

("I would live in one of the 2 bedrooms units the other would rent from 1200-1400 and the 1 bed would rent from 900-1100....although i'm not 100% confident in my market rent analysis skills.")

How much are comprable apartments in your area renting for?

This looks very tight to me???  

Have some one help you run all your numbers with different rent scenarios??

Sounds like a very expensive job to me

we just did a duplex town house style with no roof work.  

Lots of interior plumbing that we did ourselves (frozen burst pipes).  2 Kitchens, 2 baths, some electrical, Rugs  Garage partions,  work and it cost approx $40,000.  

You need the dishwasher

Put it to the right or left of the sink which ever works

Reconfigure your cabinets as many have suggested and buy a full size Dishwasher and do not pend more then $300 or $400 on it.   

18" inch dishwashers are more expensive and no one likes them

 You will be happy you made the full size dishwasher  choice

I also remeber my first rental after i got married.  There was no Dishwasher.  When my husband came home from work the first day i told him we had to buy a dishwasher.  He said "we have no room for one" and I said "If we can't find room for one I will throw out the stove" We got one without throwing out the stove.  

When we bought  our first house money was very tight and there was no dishwasher.  We bought a dishwasher and  added  it  by moving the cabinets over and because we could not afford a new counter top I went to a counter supply store and got a matching 24 inch piece of counter top with a T aluminum piece that extended the counter.

When we bought our 2nd house I bought 2 dishwashers, one for the right side of the sink and one for the left side of the sink.  One held clean dishes and the other held the dirty dishes.  We never  had to unload a dishwasher   It was a perfect move.

Would you believe I vote for having a dish washer?

 I totally agree with Jassem

No dishwasher is a deal breaker anyway.  

They cost less then a cabinet

Who in their right mind wands to hand wash dishes

A dishwasher gives you more counter space as you do NOT need a dish drainer and do not need a tray beneath the dish drainer.  

A dishwasher is really also a cabinet because it holds an entire set of dishes.  

I never even unload my dishwasher I just wash the unused dishes over again

Who is this partner that wants to wash dishes by hand and wants to use a dish drainer and drainer holder?  Is h the person that does the dishes???

Are you doing any of the maintanence work now or is the managment company hiring the maintaence and Handi Man people?    

5 properties are self managable especialy if you can do some of the maintanence yourself.  They are more  self managable if they are close to your primary residence and not more then an hour away?  When you self manage you also can be more proactive.  $5,000 or $6,000 a year is a good amount of money.

Are these 5 single family investments or are they multi family and how far are they away from your home?  

Positive answers will make self managment more of a positive option.