All Forum Posts by: Barbara G.

Take a look at your "chunk" of deductions and what he is is saying is owed to him

Negotiate and give him what is reasonable.  If he takes you to court they will ask you to settle with him anyway.

If he did not have your home address he would have proceeded to court  so you are better off this way.  Now at least you have the opportunity to settle without the court problems.  The secuity deposit is not your money to unilaterally with hold witout documentation.  You can not deduct for normal wear and tear.

I would tell him that he has to get a cleaning service in there.  He doesn't know how to clean so there is no point in asking him to do it.  

Give him the name of a cleaning service and the charge that cleaning service demands.   You want the floors cleanned  and the kitchen and the  bath and tub, toilet and sinks.    Tell him when that is done you will ask him to sign a lease with a deposit.  Otherwise you are asking him to move within 60 days 

you should post the cost of the triplex with its expenses itimized

You should post the cost of the rents that are being collected.     

How much are you are currently paying for rent in your present housing.

Once we have all the numbers we can offer a more meaningful soloution

I don't think it  is a good idea for many of the above  reasons mentioned here.

As someone said keep the 2 things seperate.  I would use  this handy man  when I thought he could do the job expertley/ paying him a competive amount of money per job

When the  job seems too complex for his level of experience I would go elsewhere for that help.  I would always consider using him first.  He would also be very convient because he would be living  at the property.  It would speed up tenant repairs and he would be close enough when you thought he should improve the repair.    I would also want to keep him as a permanent tenant.   I would use him when it was good for me to use him at a rate  negotiated with him.

Your rent for this apartment is $500.  Do you have $500 worth of labor for repairs a month?  That seems rather high for only the labor. What is your total rent roll? 

This could be a win win situation for both of you.  You would steer most of your work and repairs  to him and that should make him happy and you would have a handy man on site and that would make you happy and give fast attention to your tenants  You would also have a permanent tenant that would not move because he had a job by remaining as a tenant.  Be good to him and hopefully he will work out well for you

Start somewhere.

How about just calling in contractors and getting a few estimates to compare to each to other.

What has to be replaced?  What has to be repaired?

What is OK to stay?

How  old is the unit?  and what would have had to be replaced just because it is old.

Well

if you can get the Taxes lowered

If you renovate and raise the rents

if you have figured the renovation costs accuratly

If you manage more efficiently

If you lower the management fees

If you can get all these things accomplished it sounds like a good deal

Don't forget to use the more expensive backer board behind the tile.  Even i f you have plastic walls I would still use the better board behind it.  Not the cheaper green board but the concrete board.  It's not that much more expensive but you should have it as it is so much more water proof.

Installing a tub does not seem all that difficult.  When you say the handi man is charging you $3,000 for everything what is everything?  Is it the tile work also?  What exactly is the plumber doing?  Who is paying for the materials?

Why don't you look at installing a tub on Utube and decide if you need some sort of extra plumbing skills for this.  If the wood looks like it should be replaced just replace it. 

As has been suggested talk to your handi man about this

It sounds like they have a leak in their toilets

I think Danbury is great but it is too expensive.  Waterbury and Bridgeport  are inexpensive but C towns and you have to be very careful in those 2 towns.  I think you can get something in Bristol for around $200,000 with a $2,200 rent.

I don't know about other Ct towns.

Don't forget about the closing costs and renovation costs.  If you get a duplex and live in half you can still rent out part of your apartment for income.

For a first investment i would concentrate on something where you  have very Little renovation.

It would be a good idea for you to join a Real Estate Club and or a Real Estate Meet Up group in the towns you are interested in.