All Forum Posts by: J Torres

@Ramon Mendoza Contact your insurance agent and tell them exactly what you're trying to do. On my end My policy basically added the seller as an additional insured but I was the buyer and not the seller. They should be contacting their insurance agent to get this figured out. No idea what the seller did in terms of escrowed insurance but I'd assumed it stayed on as I paid the same monthly payment until I refinanced the property about 7 months later. Hope that helps

@Account Closed Luckily all of the units I purchase have in unit washer and dryer. I also put in desert landscape so no irrigation needed at all. Side note on the electric and water the city gives a separate login ID that you can use to verify that the tenants are paying on time at least in North Las vegas which comes in handy though I've never had an issue thus far (knock on wood). Awesome save on splitting those meters!

@Nate Bell Yessir my thoughts exactly on all points. Instead of a $50 rent increase for the next lease term my plans are to shift the water to the tenant after this water meter work. Easier to stomach then a rent increase from my experience. 

@Account Closed Penny pinching possibly but amounts to a 10-20% COC return on investment for getting it done so win win in my eyes. I'm also not going to be lowering rents as an increase is done every year but what I will do is negate one years increase and instead pass this cost to the tenants instead.

@Nate Bell Thanks!. @Nic S. That $110/mo (and possibly higher if water leak, toilet running, hose left running, etc...) adds up to roughly $1200- $1,400 a year. I'm all about efficiency where possible so the way I'd look at it is by off setting that cost you now have say the HOA fees or monthly landscaping paid for now etc.. Just a thought.

@Josue Vargas No worries, Hey that's great I'm actually a working civil engineer as well! Small world

@Josue Vargas You're correct, the sewer line is not connected to the water line as that would kill people with the "grey water" being in the house lines lol. The sewer plumbing in homes in many part of the country circa 1960ish and before are cast iron an not pvc which this duplex falls under. I've had properties in the past needing the sewer line dug out due to cracking etc.. so floated the idea of knocking all of this work out at the same time but at the moment only interested in doing the water lines. Plan is Pex A then installing backflow at meter.

@Account Closed Thanks for the input. I'm all about automation or making things easier on my end so my thoughts on splitting the lines beyond saving monthly were not having to deal with monthly invoicing on my end to the tenants. There's also no real way to know how much each water each tenant is using and the last thing I want to happen is one tenant calling me complaining that the other is watering the grass etc... I do however like the idea of just adding an amount to the total rent for the water expense but if I'm already covering the cost I'm technically already doing that in the tenants eyes.

I can confirm what @Bill B. is saying. Just ran across this one a recent property I acquired in Vegas. Advice from the eviction company we use said we can send any tenant that has a lease that's month to month (ie lease expired) a letter stating that we're not renewing their lease. Should they stay in the unit past that time a 5 day notice can be sent. Every state is going to differ.

Hey BP!

Just wanted to see if anyone had any first hand experience with what's going on with the eviction moratoriums and owner occupancy requirements for homes purchased with tenants still in the properties. Has anyone heard or seen any stipulations or guidance from fannie/freddie ?? Just curious if anyone has run into this issue yet. 

@Bill B. That's what I'm thinking, going through the city codes and website right now. I can't imagine it being too much but looking for a ball park figure. My plumber did mention switching out the sewer lines would be a bigger job then he can do on his end and I'm not sure that cost would be worth it at the moment but then again....I hate cast iron.

Hey Everybody,

So I have a couple duplex's in Las Vegas that I've rehabbing that cash flow pretty well but are a little older. To combat the aging plumbing I'm having my plumber re pipe both duplex's with Pex A but am thinking since he's doing that anyway I might as well have another water meter connected at each property so that I can begin offsetting the water cost to the tenants. When I did my calculations (depending on city connection fee and permits) I would have 100% return on that in 5-6 years then the water costs being off set would be 100% ROI.

Does anyone have experience with doing this in the Las Vegas area by chance? Or if you have any thoughts shoot them my way. I'm looking at $6,200 for each property (duplex's are 3bd and 2bd unit at each property all with 1ba in each unit) to re pipe and new line from meter. Price does not include meter or any of the city fees and or permits.

care to chime in @Bill B.