All Forum Posts by: Chris Rosenberg

@Angel Rosado 

I don't have an investment now but I'm looking in the 10461 area which is Morris Park. 

@Les Jean-Pierre

How much is your heat and hot water bill? Oil or gas?

@Flavio Zanetti

Ok thanks for the info. 

@Flavio Zanetti

Yes I agree. I'm seeing some properties with a hefty fuel oil expense and I'm trying to figure out what the solution is to lower the bill. I'm guessing that you can't charge tenants for separate oil heat and hot water if there is only one oil storage tank on site, even if I were to get separate heaters and alter the piping? Any experience doing an oil to gas conversion? It seems like, as long as there is gas supply on the block, you just need to run a gas line from the street to the basement and change the heaters. Costly up front but will save money in the long run. 

@Flavio Zanetti

Yes that helps Flavio. So as far as gas goes, that's cooking gas and also gas for each separate boiler and water heater that the tenant can be charged for? 

Hello all. I am begining my search for my first investment. I'm looking for a 3 family with a rentable basement or a 4 family, owner occupied in The Bronx. My main question is about how the utilities should be set up. I'm sure there should at least be separate meters for the electric but I'm not too sure about the heat, hot water, city water, and cooking gas. I would assume if there aren't already separate meters in place for cooking gas that that should be easy to add. I'm pretty sure that it's very uncommon (or non-existent) for small multifamily houses in the Bronx to have separate water meters for each apartment. Adding separate heat and hot water is a lot more complex. If anyone is very familiar with the Bronx rentals, can I get away with charging tenants for their own heat and hot water? Also, if I come across a property with one boiler/furnace and one water heater, should that be a deciding factor in making a decision to purchase? Also, does anyone have any info or experience on separating heat and hot water to each tenant? Any input on oil vs gas heat and hot water, and the conversion of oil to gas? Thanks in advance. 

I'd like to resurrect this post. I'm also curious about this. 

@Christopher Cruz

It's interesting that you mention Morris Park. I am strongly considering purchasing a small multi family in Morris Park and living there. Everything looks good. I like the neighborhood. Seems like crime is low, neighborhood is quiet, convenient to Manhattan by train, just a solid middle class neighborhood. And the price is right. Am I missing something? Do you know if the neighborhood is starting to change for the worst or something?

@Angel Rosado

I have been looking in the Bronx for a multifamily. I was interested in Morris Park and maybe Pelham Bay and Country Club. Are you familiar with these areas? What do you think of them?

I'm also interested in Morris Park. I hear it's been a good neighborhood for a long time. I'd just like to know if it's starting to change or if it's still staying the same. Throggs Neck in the Bronx is also nice. 

@Andy Perez

If I'm not mistaken, there is an upfront $13,000 fee for FHA, and PMI will cost about $250 monthly. Where in the Bronx is the property located? I'm interested in doing something very similar to you in the Bronx. Those numbers seem pretty solid for nyc.