All Forum Posts by: Jack Srimani

Steve I think it is a forced air heating. Whom should I contact in order to get an estimate of separation of heating unit. Jeffrey thanks for the rate you quoted you get when refinishing and old hardwood. Now I have a question for you. This property together is also about 2500 sq ft. So completing the hardwood will be about five plus thousand dollars. Does restoring hardwood bring a little more rent. Also if not so will installing new carpet cost lesser here. Finally if windows need to be replaced in each of the two duplex unit how much I am looking. I appreciate your feedback.
Thanks.

Thanks Victor for the help.
Regards

Thanks Jon for this last bit of advise. So if separation of the heating unit is cost prohibitive then there is no choice but to pay for the heating bill of the tenants. In such situation if I factor the heating cost in the rent does that make sense. Or will it be a losing property.

I have another question if you can help me. How do I know the real price of the property after say rehab is done. Do I compare with other properties in the locality of similar kind. Thanks
Pl. let me know.

Thanks Marc, Matt and Jon for the helpful advise with regard to my previous questions. I need to figure out the heating cost and probably add to the rent. This may be the safe way.
Regards

Thanks Marc for the help. In the area I am looking the houses are moderately expensive. Hence the 9 % return is what currently I am getting. Of course if I look around I will probably get better deal.

Thanks Jon for the detailed explanation of the expense categories. That helps a lot to include all possible scenarios which one as first time investor have no clue.
Regards

Do you have any idea how much cost that one can estimate to separate heating unit in old house. Thanks

Thanks Richard for the generous help. After reading carefully your answers to my question I am having that feeling that with no experience it may not be a safe deal. However it is a very nice area and the vacancy factor may be pretty low.
Regards.

Hi,
I have looked into a duplex in a good neighbourhood. The duplex is hundred years old and has two bedrooms in both the lower and upper unit. If the condition of the duplex is good this neighborhood can fetch 600 dollars each. This means the rent income will be 1200. The asking price is 74000. However the seller is motivated to sell and is willing to negotiate the price.

From the initial look of the property the following need to be redone:

1) Hard wood floor

2) Kitchen floor

3) Kitchen appliance

4) Some plastering and full painting

5) Replacement of original windows

Each unit is about 1100 sq ft.

If I can get this unit for around 50000 dollars then I am thinking to do a rehab of the duplex.

Specifically I would like to know the cost of hardwood floor refinishing.

Also the heating unit is one. I would like to have a separate heating unit for the lower unit. So that needs to be worked on. So I would like to get an estamate value to do so.

I have no idea of rehab of a house. So I would appreciate some guidance. I am trying to figure it out whether doing rehab of this is a good investment should I get the house at 55k. Once again I appreciate any help.
Thanks
Regards.

Thanks Jon so much for the detailed analysis help. I appreciate it very much. I would like to know all the categories in the expense vacancy category. Is there any place here in the forum I can get that.
Best regards

Hi
I have seen a two unit house in a decent neighbourhood. The first floor has three bedroom and two bath while the upper unit has one bed room and one bath. The owners are selling this property and were in this one for last two years.
According to my research the rents are 900 in the lower unit and 500 in the upper unit. Lots of updates have been done and it looks nearly like a brand new house with fence backyad and nice porch for the lower unit.
They are asking for 110000. This figure in no way close to the 2 % rule. However from the look of the home it does not look too much of maintenence expense will be there.
Tax is 2200 dollars.
My first question is if this is a viable option to buy for rental investment.

The second question is how to make sure that there will be guaranteed renter after investing in such property. Is there any prior research I can do to know if I will get renter after buying such property.

I appreciate any help. Thanks.