All Forum Posts by: Brittany Edwards chu

@Vincent Paventa wondering how this is going for you? I'm looking at a rooming house in my town currently, Montclair. Would love to chat if you have been operating, to learn more about this category, thx!

@Shawn Mcenteer thanks for the advice! I'm going to start by switching out the values/balancing to see if that helps. I am not sure if I am going to keep this house long term, so hoping to hold off any major renovation till I figure that out. But yes, if I keep it I will want to split everything out for sure. My rents are actually under market now, and we are still seeing strong rental demand here. I don't think it would be a deterrent at this time, but it's something to keep in mind, for sure. Thanks! 

@Kevin Sobilo thanks for the advice! I have a hvac professional coming this week to check the radiators and switch out the values. I know for sure they are old, and might not be the correct gauge for the location, so hopefully that will help some. 

Hello! My duplex in north jersey is 100yrs old, and it has steam heat/radiators. The gas line isn’t split out, and unfortunately only the first floor tenant has access to the thermostat. The top floors don’t heat unless the thermostat is way up. I’ve been meeting with hvacs to determine best solution. One option is averaging temperature smart thermostat, and wondering if anyone has experience with this? I’ve read it doesn’t necessarily work, but figured I would try before splitting out the line. The alternative is to give each apartment its own line, with new smaller furnaces, getting rid of the existing furnace that’s too many btus for just one line. House also occupied and don’t want a major disruption. Any suggestions on how to approach this would Be greatly appreciated! 

Hi Leslie, just wondering if you went through with the course? I’m considering but looking for other feedback. 

Hello BP family

Looking for recommendations for land surveyors in the Hudson Valley/Ulster County area. I've gotten one quote back, $9000, which seems high to me but I really don't have any frame of reference. If anyone has any useful info or connections would highly appreciate it. Thanks!

Hi There!

Can't comment on when you should get the financing in terms of the auction, but hard money lenders or even private money lenders can close on funds in as little as two weeks. So as long as the deal is actually a deal, you shouldn't have trouble getting financing for it. I usually run through the deal with the loan officer prior to going out on properties so I know I have the funds/approval to close when needed.

Also in terms of HELOC, I've heard its hard to get on one investment properties. I actually live in a high appreciation market and capitalized on getting a HELOC on my primary while home prices were sky high(still are in my market), with the purpose of using the line for investments. Hope this helps!

Quote from @Calvin Matthews:

Aloha @Richard F. and thanks for your message. Unrelated but glad to meet another HI person here (I live in Kapolei but our rental is out of state).

This is extremely useful information. Yeah that band aid term sure scared me to consider the more expensive option as you saw in my original post. I checked Lowe's and they range from between $350.00 and $1450.00 (I don't know what the size of the water heater is) so the price is a wide range but still seems really expensive now that I'm thinking about it. I asked the property manager to get a second quote so hopefully we have enough time to take care of this. If you can think of anything else that's useful to know/for me to ask then I'm definitely curious to learn. Mahalo!

I second Richard F, that seems extremely overpriced and should for sure ask for additional estimates. Also, not sure how attached you are to the property management but that’s a red flag to me tat they are using scare tactics to upsell you. If I were you I would start searching for another. Best of luck!

Quote from @Richard F.:

Aloha,

You are apparently in an area where termites are an issue, so yes, your preventative maintenance should be ongoing. This would include thorough physical inspection as well as bait stations or ground treatment, depending on type of termites. In my experience, you are better off going with a reputable local company rather than the national/regional franchises.

Thank you for the feedback @Richard F. I actually have a choice to go with the franchise or my local exterminator, who I like, and I think uses a better treatment method, so again appreciate the advice!

Hello! I am about to acquire some land from my family and its a good amount (24 acres). I've spoken to a few agents up there trying to get an idea for best uses. One parcel is already divided into three, the other is one huge plot that I will divide. I am thinking 2 family modules but I haven't spoken to any builders yet. I've also seen mobile home parks, apple orchards/farms and of course single family builds. Anyone already investing have any advice? Would appreciate connecting offline to just discuss area and opportunities, etc.