All Forum Posts by: Eric Dubrule

Thank you @Rich Baer great advice.   @Mark Holencik  we were able to grade a 3:1 slope into the basement hole to save 10k in fill.  The Building inspector signed off on the demolition permit, so I'm good on that front.  

Long story short-- I owned a 4 unit building that burned down.  I demo'd the building and was left with just the land that has a hole where the basement was. The demolition permit was approved by the City, but the lot isn't exactly a 'normal condition' in the neighborhood. It's a dirt lot, granite foundation blocks and steep slopes.   That said, I just sold the property.  I currently have liability insurance on the property and am hesitate to remove it.   I've just got this feeling that if someone trespasses onto the property and gets hurt-- they might pull me into a lawsuit.  Am I being overly cautious? 

There isn't a difference. If he is qualified to do the work, then I believe the credit is still valid. I'm not sure if his labor can be considered an expense though. You'd have to confirm. 

Once the work is complete, youlll have your final lead inspection.  Once you comply, the lead inspector will provide the lead certificates and documentation showing his estimation of the cost of the deleading, which is what I provided my cpa to claim the credit. 

separate. again 30% for capex,  repairs and vacancy might be high if you have a solid building in a nice area of Fitchburg. for landscape and snow--  40-100 per storm depending if you have a driveway. 200-500 for landscape for the season assuming you've only got a small area. I don't doubt the building could be worth 200k but it would need to be in a good area. 

Joe Rinella Have you accounted for landscape and snow removal? I carry 7-10% for each vacancy capex and repairs depending on what street I'm on and the age of the building. I've purchased four 3-4 units in Fitchburg in the past few years. Be conservative when estimating your expenses. Best of luck with your purchase!

Alex Silva 10% plus 1 month rent for placing a tenant.

The property you PM'd me (mls 71739092) seems pretty solid. I'm a fan of the lead certificates. It's somewhat close to Fitchburg State which I like. No off-street parking will bring a certain type of tenant (usually the ones that don't work), but I own a similar type property without parking and it's not the end of the world. Fitchburg gets a decent amount of snow, which makes parking in the winter difficult due to snow bans.

This property is 5 units-- you'll need a commercial loan for anything over 4 units. I like 3-4 unit properties, which allows for the best financing (conventional 30 year fixed w/ low interest). What was your thoughts on how you'd be financing properties?

Hi @Dan K., I am an active investor in Fitchburg. I currently own 10 units across 3 buildings. I am transitioning from self management to property management so I might be able to help you in that respect. As in any market you'll want to be very careful with the neighborhood you decide to invest. I'd be more than happy to give you my opinion on a property or location if you'd like. (If it's on the MLS, it's no secret to me so don't hesitate if you'd like my opinion-- I wont try to steal it). I assume you know Fitchburg attracts tenant quality far less than that of Cambridge. If you need any contacts in Fitchburg let me know. I do have an investment property savvy real estate agent that knows the market extremely well and has a lot of contacts in Town. Feel free to PM me to chat! Best of luck.

@Christopher R.  the spreadsheet titled "Property Reserves Spreadsheet" uploaded to FilePlace by @Kyle Meyers should help you to identify and estimate capital expenses. If you are looking to purchase any property, at least buy&hold, it's definitely worthwhile completing a spreadsheet like this so you can have a game plan for these future improvements.

@Account Closed  Did you get what you need? I have a few rentals in the fitchburg. I got a recent qoute for roughly 5k to renovate an entire bathroom.