All Forum Posts by: Bob Romano

@Theresa Harris The tenant pays for the water. I'm just afraid that the extra weights of the commercial stuff shes putting in there will break the machine down eventually. And even if I tell her not to use it for comm items, she will just yes me to death and still use it. There's really no way to tell if she is not, i just caught her by surprise when i was there .

How would you handle this situation: 

My Tenants own a commercial cleaning company. They have been in since Oct 2019, always pay on time, no issues there. However,  I was at the house yesterday to inspect an issue they had with the furnace and I noticed that in her new washing machine ( that I supplied) she had a bunch of towels, mop heads and cleaning cloths she uses in her commercial business. Now i don't feel that she should be using the house washer for her business because it wasn't designed for that and it's only a matter of time the machine is going to break and i know she is going to be calling me to fix it. 

What would you do to mitigate a foreseeable problem ahead?

I always just rekey the locks as soon as a tenant moves out. I did change the locks out once after old tenant left, spent $300 on new locks and as soon as the new tenant moved in, she changed all the locks out herself to feel " safer" she said. So I wasted all that money on new locks.

@Nathan Maier it does not factor in the HELOC payment. I was going to refinace a few of my other properties and pull some equity out to pay down the heloc. I am getting a great rate at 2.99% on the heloc for the first 12 months, so that will give me great leverage.

I am thinking of taking out a 200k HELOC on my personal property to buy 4 or 5 SF homes to add to my portfolio . The 200k will cover the 20% down on probably 4 homes, each one will cash flow $200- 500 per month, and I would be financing the 80% balance. I am not sure I will be able to get 4 new mortgages within a year though. Do you think this is a good plan or should i use the 200k to purchase 1 sfh outright.

Hi Eric, I converted a few of my SFH to gas last year. They averaged around $2,500 to convert. Mind you that there was gas already in the house so the hookup was all done on the inside.I actually charged a bit more for rent after the conversion and the tenants all said one of the deciding factors was that it had gas instead of oil. Peoples here up in the Northeast (as you must know) cringe when you say its oil heat!

@Account Closed Good point Elliott. The market rents for this property are between 18-$1950 month.Her unit is in market condition as well. She has a very stable job and she even said she loves the house so much that she would like first dibs on buying it if i ever sell. I literally have not heard a word from her since she moved in 3 years ago. I did go by to let the water meter guy in a few months ago and the place was spotless.

@Darius Kellar Thanks Darius

@Michael Noto Thanks Mike, I said that to my wife yesterday, "watch, she will start calling me for every little thing now to make up for the increase" 

@Tim Harwick Thanks Tim! thats what im thinking too.