All Forum Posts by: Dan LaFontaine

Wholeheartedly agree with @Will Barnard.  Very market and price point specific.  In fact I just an appraiser visit one of my flip projects today who mentioned factoring my smart home tech into the valuation.

That being said, there are cases where it can make sense outside of those parameters.. if your target buyer/tenant is a younger millennial you could invest to make your property stand out and be more marketable, and also reap the operational benefits (and perhaps even cost savings) to boot.  You can go light here with just a few key pieces that well known, easy to operate, and easy to expand upon for the new buyer down the road.

@Gus Billard You can definitely manage multiple houses remotely.  I do it.  Nest makes it very simple to do in app.  So does MyQ garage, Flo by Moen water shutoff valve, Somfy shade, etc.  Lighting is very doable as well.  But not cheap to implement on property, and even more expensive if you want to run in one all.  Lutron for example will only allow one hub per app install on their cheaper Caseta system, whereas the app for the higher end lines allow multiple homes.  One way to get around this is to use smart bulbs instead of smart dimmers/switches, like Philips Hue which allows control of multiple hubs.  For Lutron and for other platforms, it often possible to setup multiple homes by using different emails/accounts for each - you need to logout/in to switch, but you can also setup email alerts with emails rules/folders for each home.  You could call up a local AV/automation integrator and pick their brains.

Hi @Kevin Myhre. Anyone ever attend these that invests or does any work in the Hamptons?

@John S Lewis bummer about the liens.  Not sure about local code but I would imagine they needed town and/or utility's permission to do the install and maybe validate any credits/rebates, so I missed...

7) see if local utility or town have a record in their old permits, then call installer.

good luck.

@John S Lewis  a few ideas, some easier than others...

1) search lien records through the county
2) check the system itself (panels and indoor hardware) for labels placed by the installer in case of service needs, pretty common, then call them up
3) see if any neighbors have similar systems and ask them who they used, then call them up
4) call local installers and ask whether they worked on that property
5) looked up previous owners and ask them who installed, but check with installer about status rather than rely on the foreclosed party's representation
6) Don't worry about it?  I don't know NJ foreclosure laws but it's possible like some other states that once the foreclosure is complete, all liens are released.

Good luck

@Michael Doherty it's a question of convenience vs cost. If you numbers can absorb the extra cost of the full term interest and you value the convenience and slightly lower stress, than it's not necessarily a bad strategy. It's not easy to raise private money like that as it's in a second position behind the HML and at a higher LTV, but it's also not uncommon. If you have access to those kinds of private funds (through friends and family?), you could always offer slightly more interest to pay it all out of the proceeds of the sale vs over the term. Plus you're spreading the wealth with people you like. Another way the additional cost is sometimes mitigated is that contractors and suppliers are paid more reliably and therefore the process sometimes goes smoother and there are perhaps less change orders or delays - both of which are costly.

When you compare rates, make sure to also compare the fine print around perils/coverage/replacement cost/values/etc. What appears cheaper on the surface could cost you dearly if a claim should arise.  And if not in money, maybe even in time - slow claims processing can hurt you just as bad as poor coverage or unfair replacement cost calculations.  It helps to work with a broker who can make proper apples to apples comparisons.

All good recos here.  For the SEO piece, sure you could learn it but it's probably not worth much of your time when you can spend a few bucks on UpWork or even less on Fiverr.  Content is king.  So setup with the right tools (your site builder or available plugins should do the basic SEO), and then make good content or at least provide authentic and original info.  

I echo the Facebook mentions... hyper targeted FB (and sponsored Insta posts) are quite cheap and have massive ROI given you're not wasting money reaching people who won't be engaged. Good luck.

@Bob Landers . For anything that's part of the building... whether you're replacing something entirely or just fixing something, if the goal is to restore to previous or original condition, that's maintenance, so Opex. However if a replacement is a meaningful upgrade (and value-add) from the original material or item, CapEx. As for things that aren't part of the building, like appliances, it depends on how your tax basis is setup - if the original appliances were part of the building's cost basis, you might have to treat as Opex, but if they were segregated and tracked as their own assets, you'd have a capital disposal and a new CapEx purchase. Best to speak to your accountant and cover the nuances.

@Michael Doherty great result for a 1st flip. Well done. Did you like your HML?