All Forum Posts by: Barbara G.

We bought 2 duplexes, side by side and they had 4 existing tenants who were used to the landlord coming by to pick up the rent in cash.  Our 4 tenants are immigrants and English is not their first language.

We did not want to continue to pick up the rent for many reasons.

We opened an account at a Bankm with a branch  very near them and asked them to bring their rent to the bank on the  1st of every month.  It took a little while, a few  months perhaps but now the 4 of them have gotten used to doing that and we are very happy with the arrangement.

Well the whole thing sounds too good to be  believable

How about my buying one there and you managing it for me??

Are your tenants, or future tenants,  able to afford $450.00 a month in this neighborhood?  Will they treat your house carefully?  With only $450.00 rent,  what happens if you have to replace major things like a heating system or a roof? 

This whole set of circumstances, a house for $5,000, renovation of a house in this condition for $10,000 and Rent for $450.00, is so unusual.

What does the rest of the neighborhood look like?  Can this population that lives here afford to rent your house?

Have you rented it to people  that can pay the rent?  If something has to be repaired for your tenants can you afford to replace a $500.00 stove or a $5,000 roof?

How were you able ro replace major things like the roof and the kitchen and the bathroom and the winows for $10,000?

I think the 3 day course is OK BUT do not buy anything else.  you are better off using your money buying a property and learning from Bigger pockets and your first purchase.  They will hammer on you and try to sell you another very  expensive course. Learn what you can at the 3 day seminar and then move on and away from these "courses"

How about some information.  Where is it?  How much did you pay for doing what?  What does the rest of it look  like?

Here in Conn the landlord almost always pays for the water and sewer bill.  Its an expense but people will chose your place over another place that does not have a w/d.

As everyone says its not the money, its just that the apartment is much more desireable if you have your own washer and dryer.  People can get along without a dishwasher (but not me)  but its such a big ordeal to drag your laundry out of the apartment and into a laundry room.  Its such a waste of time, and a waste of money.    Its expensive and you have to wash you clothes where other people have put their clothes.  

I can not understand any of this?

How much did you pay for the building?  When did you buy it.

How much down payment?

What is your rent roll?  How many units are occupied.  What are your total expenses?

Do you have a positive or a negative cash flow and what is it?

Well this sounds like a Rooming house rather then a one room studio.  I guess it does have a small Kitchen in the studio, so that upgrades it a bit from the rooming house.  Doesn't this take away from the value of the other apartments on the first floor?  Is it fully occupied?  What do they all pay.  I certainly hope there is a shower there and not a tub.  Isn't there anything you can do about putting in an additional 3 very small Bathrooms like someone would have in a trailer or mobile home?  Could you tile the entire room with a sink/toilet  and have the shower head in the middle of the room with a center drain?  Would it pay to remove one apartment and have only 3 studios with the 2 additional bathrooms?

Well everyone has convinced me that W/D availability is the way to go.  Actually I never thought about it before we bought our first 2 duplexes and they all had a W/D in them.

At first we thought of it as a negative because, as I said, the 4 units all had water damage on the floor beneath them because of lack on on going maintanence.

We are just closing on another matching 2 duplexes that also have W/D hook ups and the 4 existing tenants have their own washer/Dryers.  These are much newer buildings and everything is perfect in them with no renovations or repairs necessary.  These 2 cost us $48,000 more but they will cash flow immediatly, where the other original 2 duplexes are costing approx $48,000 in renovations (new roofs etc).  So we are happier with the 2nd buy although the first 2 are in a better and closer town. 

Now it thinking it over we are very happy about the W/D availability.  We are also very happy that we are only providing the hook ups and letting the tenants buy their own w/d and deal with their own repairs and replacements.  So far we have had to replace 3 stoves and one refrigerator, and kitchen cabinets, and some bathrooms so that has not been too happy.    I don't know if we are losing income, by not providing the w/d's but I think we don't care?