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All Forum Posts by: Chad Duval

Chad Duval has started 9 posts and replied 94 times.

Post: What do you say to people about how many units you own?

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21

I agree with some others on here. Don't tell people you're a REI if you're uncomfortable with the follow up questions.

Post: RUBS - New Hampshire

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21
Originally posted by @Stephen Chittenden:

We use Guardian for a three-unit property in Maryland. They've been great.

Really?! I called them and they wouldn't work with me because my building is only 9 units and I didn't want to install submeters for everything. I want to use them for RUBS only. Did they retrofit your building?

Post: RUBS - New Hampshire

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21
Originally posted by @Account Closed:

@Chad Duval Hey Chad ... notice you mentioned that the multifamily utility offered the option of doing collections on your behalf.  Would it be better (if possible) to just have the tenants pay you directly (RUBS + rent) so that you have full visibility on who's paying what?  This way, you could know first hand if a tenant is going to miss payment on RUBS portion that could trigger their utility getting shut off.  I've been researching RUBS myself, since quite a few of the deals I've looked at lately don't have the water sub-metered...so interested in the feedback. 

Sansen, totally understand your position. Two things: 1. I'll still be paying the utility companies directly. The RUBS company will handle the billing and collecting from tenants on my behalf. 2. I could have the tenants pay me directly, but I'm trying to outsource as much as possible and cut down on admin costs. The billing and collection is actually paid for by the tenants with their monthly service fee, so I think it's worth it. I've heard other landlords having trouble collecting the utility portion of their bill...

Post: Mortgage Broker!

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21
Originally posted by @Gino Barbaro:

@Kyle Stoltz

Hi Kyle,

Yo don't want to get involved with a guy like this.  Can you imagine the week of closing and he;'s nowhere to be found and you need a certain document.

Good Luck.  There are so many great professionals on this site.  Put out a request in your market for a broker and you will find one.

Gino

Hey Gino! I listened to your podcast last week and wow. You guys are killing it and are a huge inspiration. With that being said, I'm sure you've dealt with many mortgage brokers over the last three years. I'm not in the same market as you, but would you be able to recommend a good mortgage broker?

Post: RUBS - New Hampshire

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21

@Rich N. for sure! Yeah, I believe it is illegal in MA. Being a landlord in MA is much harder than NH, where this property is located. 

Post: How to start with little money

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21

@Chris Brademeyer buy using a 3.5% down FHA loan. Live in it for 12 months (per loan clause) and then convert it over to a rental.

Post: RUBS - New Hampshire

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21

As far as water getting shut off, I would still pay the actual utility bill and in essence get reimbursed with that check a month later...

Post: RUBS - New Hampshire

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21
Originally posted by @Account Closed:
Originally posted by @Eric Hathway:
Originally posted by @Account Closed:

The amount billed to the resident is not the same each month using RUBS, instead the resident's bill fluctuates based on total building consumption.

What is one tenant doesn't pay? The utility can't be shut off to one single unit, no?

I spoke with Multifamily Utility yesterday (only company I could find through google) and they actually do collections too. They have an option to bill tenants, collect, and  then send a check to me a month later. I was actually surprised they do small multis too. Still waiting for a formal quote, but will let you know a out the fee structure when I get it. I think they bill the tenants a service fee and nothing is out of pocket for me...

Post: Anyone use RUBS?

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21

Does anyone use a third party company to manage RUBSfor your properties in NH? If so, I'd love to hear who you use and if it's been successfully implemented...

Post: RUBS - New Hampshire

Chad DuvalPosted
  • Rental Property Investor
  • Boston
  • Posts 103
  • Votes 21
Originally posted by @Eric Hathway:

I see, I see. That clears it up. Thank you.

Yeah, I'm trying eliminate this property's water, sewer, and natural gas bills over the next 18 months. My rents are already at market price so I'm looking for alternative ways to increase NOI so that I can do a nice cash out refi.