All Forum Posts by: Christopher DeAraujo

thank you all for the insight.  Not my first property, but always learning something new!

Starting to work on a 4 unit property, set up as two duplexes; two units to the left, 1st and second floor and the same to the right.  Each unit has its own entrance/exit in addition to the common egress. This has potential to become condos should that become a common practice in our area.  

My question is: should i do separate water meters now as something for the future or keep the water under one house meter? Negatives are that there is an additional cost for me and if the tenant doesn't pay the water bill, i would end up with a potentially large bill at some point.  Positive is that i could potentially remove that month cost from the bottom line.  I could do 4 meters, keep the bill, and have a better understanding of who is using the most utilities and charge accordingly?

thoughts?

The area and crime statistics can be offset by your tolerance to problems.  I would be more concerned with the quality of tenant in place and payment history.  If its truly "turn-key", go for it. The entry cost for this is relatively low

The property is on oil, so i would take that on and bill it to myself.  Locking at 70 in the winter and 50 in the summer would be my thoughts if going this route.  

Tenants will always have a concern to address

@Alecia Loveless i did not include our one heater to be oil.  Anything i do will likely result in a large upfront cost.  I'll explore the mini split, and the space heater options once the time comes.  I can likely convert one of the four 1 bedrooms to a 3 which will stay on the main heat source for the interim.  

roughly a $40k investment i was hoping to kick down the road. I was concerned with heat pumping and windows open, too.  You're probably right 

Hello BP!

I'm in the process of closing on a 4-unit with one heating system for all four, controlled by two thermostats. My first thought was ditching the unit and adding 4 mini splits with heat/cool. Anyone have thoughts on moving the two thermostats to the hallway, putting them on my phone for monitoring via wifi with a lock of of xx degrees, and including it in the rent? If so, any recommendations on which thermostat to go with? I have exposure to Honeywell and Nest

thank you all for the guidance and suggestions. I'll plan for two increases over the next 12 months, offsetting the notices to see who will be staying and who will be leaving to help limit vacancies.  

Apartments are in good condition, but could benefit from facelifts.  I would only renovate if tenants left.  The exterior and common areas are in great condition and present well 

Thank you all for the insights 

I’m going to borrow Jill’s words on David’s price point with Rick’s strategy on rate increases with the increases 2-3 times over the next 12 months. Hopefully everyone decides to stay.