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All Forum Posts by: Lori Marra

Lori Marra has started 3 posts and replied 9 times.

Post: How can I find the cap rate for an area?

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

I'm thinking about selling one of my properties on my own and I'm not a real estate agent. How can I find the cap rate for my area? Is there a way for me to get comps and figure it out for myself? I'm finding it impossible to find the area cap rate without being a real estate agent. I know my NOI and have set a price with a cap rate, but I'd really like to know what the cap rate for my zip code/area is on this rental. Thanks in advance for any help.

Lori

Post: Student Rental. Summer Vacancy?

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

Hi Dylan,

We've rented to students in Rochester NY for about eight years, and we've always had a 12 month lease. We've never had a student dispute that. Also, we have a very strict lease to minimize exposure on problems, and thank goodness, we've never had one. We get parents to co-sign whenever we can and we run a background check on everyone. We want to make sure that when people are sharing a common space, even if they know each other, the we know who they are too--well worth the money. We've just now started putting desks and some furniture in the duplex to minimize damage from kids moving furniture in and out. Hope this helps. 

Post: Renting To Students

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

Thanks to everyone who has helped with this. We will be taking up some of your suggestions and we won't be renting by the room. We're in one of those down cycles right now. Any suggestions on how to market to college kids other than Craigslist and posting signs on campus (we've done both but neither are helping in the off cycle.)

Again, many many thanks.

Post: Utilities

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

I recommend separating the utilities, if you can afford it. It saves a lot of hassle. We have one 6-unit place that is not split out and would be cost prohibitive right now, and we really have to work our numbers carefully to ensure that we don't lose our shirts on the heating.

Post: Landlord, Appliances, Material in Massachusetts

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

Chan, Eric's tip is gold. If you have a local ReStore, which is affiliated with Habitat for Humanity, check it out. I have gotten GREAT deals; A lot of the materials are donated by the big box stores. I got six refrigerators that came out of a nursing home for$700--for all six in great shape! Bonus is you are helping Habitat for Humanity. Also, ask about their landlord program.

Post: Renting To Students

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

Thanks Colleen and Theresa. I will do all of these. I've also starting putting beds and desks in each room. It's great for the students and it save a lot of wall damage from moving in and out. Again, thank you both!

Post: 12 showings but no renter yet

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

I agree with John H. We don't ask what they like about our place; We ask what influenced them to take another place. That usually gets us to the root cause of why they didn't rent ours. Sometimes what we assume is way off the mark. We were renting one set of apartments in a university area, and we lost a couple of renters. We asked what enticed them about the ones they chose. Unexpected but easy answer: With their rent, everything was included in one price. No need to set up gas or electric. Their parents wanted the convenience of writing one check a month. So, we worked our numbers and readvertised with an "all included" rent. Problem solved.

Post: Renting To Students

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

We're starting to rent to students and want to learn more how to best write and manage the lease among the tenants.

We have a duplex with two, three-bedroom units. We have furnished each room with a bed, dresser, and desk, and can now make more renting to three students. Our dilemma is how to handle the following:

1. How to write up the lease. Is it one lease they all sign or does one person of the three sign and take responsibility?

2. What happens when one wants to leave and the others don't? We typically sublet but fear doing this because now someone might come in that that other two don't know.

3. How do you handle the security deposit and return?

Any help would be appreciated. Thanks.

Post: Preset Thermostats and Heating Issues

Lori MarraPosted
  • Landlord
  • Rochester, NY
  • Posts 9
  • Votes 3

As a landlord, I need to know what I can/should do about complaints from some tenants about the heat in their apartments.

Three months ago I acquired a 6-unit apartment building in Western NY. The building was structurally very sound but tired. After a month of owning the apartment, a pipe burst in one apartment (vacant, thank goodness), and was repaired. At that time, I had the hot water boiler system checked. It's very old and needs replacing, but is fully functioning. All the lines were bled and it is working fine. Right after this, one tenant complained that the apartment was very cold. I checked all the lines and found one needed to be bled. I did that and it was working fine.

Next I installed preset thermostats because several of the tenants were turning their old thermostats to 85-degrees. I am paying heat (the boiler is not broken into separate billable zones yet).

Since I replaced the thermostats, the two tenants who set their heat up at 85 have complained about their apartments being too cold. I had a boiler specialist come in and check the system and that apartment. He did some adjustments to help. It is an old, drafty building, and I've suggested that tenants cover windows with plastic.

I am still receiving calls and emails from these two tenants about their apartments being cold, but I know their thermostats are working and they are set at and registering 71, which is the maximum setting.

Do I need to do more? If so, what? If not, how can I respond to these two tenants?

Also, I have an RFQ out to have this very old boiler system replaced in the late Spring. This will be a minimum interruption because the tenants are mostly students.