All Forum Posts by: Barbara G.

New Kitchens, new Bathrooms.  Any necessary repairs.   If you want to raise the rents or improve the value of your property you should improve it.

There are some renovations that are not possible with tenants in place

Certainly if you are converting 4 bedrooms into 2 bedrooms you can not do that with a tennt in the apartment.  So they either have to move out at your request (if the community that owns it allows that)   or you wait for them to move out before you can renovate

I can only speak for this country.  We can do many kinds of renovations with the tenants in place.  What kinds of renovations are you planning?  You can replace appliances and redo kitchens and baths with the tenant living in the apartment making certain accomodations if necessary.  What are you planning on renovating?

The other option is for you to find out what the cost of this repair is from a contractor that you chose and have the owner reduce the amount of the property by that figure. There also is a time factor here.

What will your structural expert  charge for his inspection of the work done and who is paying for that inspection?

Since this is a 100 year old building what updates are in place for the electrical and plumbing and heating system??

If it were my deal and I wanted it I would figure that he should contribute what the regular finders fee would be plus if he is going to manage the property he would get an additional managment fee of 10%.  He can want 50% or 70% but that does not mean anyone will give it to him.  The only one that can lose here is you

What can he do with this deal if you do not underwrite it? That's why he is wholesaleing it because he as no money.  Is this man in your town and is the property in your area?

In addition you should be running all the numbers by BP or thru the BP calculator    Just because you think this is your cash flow does not mean it is correct.  It could be less.

Where did you get this renovation figure from?  Who did the inspection on this property and where did the renovation numbers come from?  Has everything come from your friend?    I hope the renovation numbers were not from your friend because it could be far more and it usually is far more.  Are the tenants in place and currently paying the rent you have listed and how do you know that?

I don't really know what you mean when you say you want to apply it to "Units" instead of the whole apartment?  What does this mean.  Do you mean you want to do one apartment at a time??

You can renovate while you have tenants in place and still collect the existing rent from them.  What kind of renovations are you talking about? 

What about the west Bronx and the lower Bronx area with access to the Ind D Line or the Jerome Ave Line.  I used to line in the Fordham Area and The D line and that was further up in the Bronx and still it  was a quick trip to midtown 

Alright everyone is asking you/

What rent are you paying now? Are you in a 1 bedroom or 2 bedroom or 3 bedoom apartment now.  Is this duplex you are considering a 2 bedroom apartment?  Is it larger then your current apartment in square feet?  What is the age of the duplex you are considering?  Can you raise the rents on this new duplex?  What is the cost of renovating this new duplex?   Everyone has given you an opinion now you should give us the above details.  Also how does the neighborhood of this duplex compare to your present neighborhood??

Well the owner/principal is the one that would have to think it was a good idea giving you 15% forever.   If i was the owner of this property I think I would want to hire a project manager to supervise the renovation and rehabbing of this building?  Once it was rehabbed my expense for him would be finished and I would have a PM handling the building for 8%

Sounds like bath fitters is too expensive and Do It Yourself too Messy.  Is there a Plastic surround to the tub or Tiled walls aepid that rub?

I knew someone that when he had a tile surround and had a tub problem he would have 2 rows of tile removed and then have the tub removed and replaced with a new tub and then replace the 3 rows of tile. The tub itself is inexpensive