All Forum Posts by: Johann Jells

Look harder. I've seen enough crumbling cabinets to avoid particle if I possibly can. There's a line of inexpensive chinese all wood cabs in non-chain stores that are as cheap as the crap at Lowes. When I compare cabinets I always just ask the price of a 30" sink base. There's no variables like drawer glides to mess up comparing across vendors. I recall (it's been since last year the last I bought) that a sinkbase was ~$150, but the receipt eludes me. I have a catalog folder in front of me, but it's so under the radar there's no brand name, just a symbol of a orange winged globe.

The kitchen cabs below cost ~$1350

That may be true in single family neighborhoods, but in urban areas where the majority of homes are in multifamilies, it's not true at all. Around here it's location, is the place in an area where a person with a job, usually NYC, can get to work easily? If so, decent people will be interested if it's not a sh$%hole or a really scary hood.

On a simpler note, attracting good tenants can be as easy as having pretty pictures on your Craigslist ad. Don't forget to turn on your BS meter when showing, and always show it yourself rather than let a realtor, it's the best time to get a sense of your prospect. I've rented 100 unit-years and have NEVER had to evict anyone I chose, nor do we let a place sit on the market, we drop the price after 1 month.

Had a person last spring who was the 1st to see a newly renovated unit. She was shocked I wouldn't negotiate the rent. "But I have to pay the utilities!". "Yes, I know". She kept trying, I wouldn't have rented to her if she paid a premium. I rented it that day, and could have easily gotten $100 more.

If someone's a PITA before you rent to them, what will they be like after? Same with callers. I put photos and tons of info in my Craigslist ads. If someone calls and asks all the questions answered in the ad, I'm done with them.

Shawn, what mortgage are you using to come up with that number? It makes a difference. It does sound like a good deal, but I'm in favor of the owner occupancy plan. You're better off being close and immersing in all the issues of owning & maintaining. On that topic, reno costs are very dependent of how handy you are. Unfortunately, in a multi you are not legally able to do your own major electrical or plumbing.

Laura, you left out the differences in financing between an owner occupied and an investment. The latter will be no less than 25% down and at least 1/2 pt higher rate. If he occupies it for 2 years he gets all the benefits of owner occupancy rates.

I agree to view it from the 2 rental financial state to see if there's negative cashflow, but that does change the mortgage numbers.

A NJ judge would throw that out as an "unconscionable rent increase". It adds to the fun that "unconscionable" is undefined in the law and thus falls under the Potter Stevens rule, as in they know it when they see it. But it's said that over 10% and you may lose if the tenant challenges you.

Paul, here in NJ the anti-eviction statute is such that you can't simply decline to renew a tenancy unless it's an owner-occupied 2-3 unit. As you say the terms of the original lease are in force during the month to month. I have a 3 family where they're all M-M and the most recent tenant moved in 7 years ago.

On a refi I tried to get a reappraisal when they undermeasured the sq ft by 20% and left off a bedroom. The banker told me the appraiser said it would come back the same! I walked away and reported the appraiser to the NJ Consumer Affairs, his licensing agency. I'm waiting to hear back.

2 weeks ago the NY Times had an article on this issue, one quote saying the odds were better hitting the lottery than getting an appraisal revised.

I expect lots of different answers, but we always let tenants go month to month after a 1 year lease. It makes little difference to us knowing a tenant "may" decide to leave on a specific date, rather than just getting a 30 day notice. And we often get 60-90 day warnings. Insisting on renewing leases seems like stress on a tenant with little to gain. But then, we don't have much trouble renting our units.

Dave, in most of my units the cabinets were unusable or non-existent. I've found there's a line of chinese generic cabinets available at non-chain homecenters that are all ply and solid wood, no particleboard, and the same price as the cheap "fall apart" crap from the chains. There's less choice, but I'm OK with that. People kinda expect "basic oak". The same goes for when I install laminate floors (Costco), I always use Oak, rather than more exotic finishes, people see it and think "oak floors", whereas they'd think "cherry floors?"

Below is a kitchen with those cabs and a granite tile counter I built. If you do your own work the tile is much cheaper than slab, much more durable than laminate, and very repairable. I do this color scheme of oak, black and midtone tile "running bond" backsplash in all my units.

If you can salvage the cabs with paint, try the new Moore "Advantage" paints, they are waterborne oils, and give a great finish.

Here's a before and after painting, splash & counter. If I could have found new hinges that fit I would have replaced them, I couldn't, so said screw it and used the same ugly pulls too. If she ever moves out I'll replace them.

As for baths, I despise the "cultured marble" tops. I've been using the "eurostyle" bowfront vanities with porcelain tops, just wish I could get them in plywood rather than particle carcasses.

Lastly the toilets: American Standard Cadet 3, ~$130 at HD. One of the rare cases where the cheapest is also the best. I use them in my own home, one flush, always.