All Forum Posts by: Jennifer Cheu

Winter is basically here, and I have a rental in the New England area.  What are some MUST DO things to protect my property?  How do I take percussions to protect myself from emergency repairs, tenants getting hurt. 

Thank you all for the awesome advice!  My gas boilers broke last week and I had to focus my attention there.  My plan is to tackle what I can, and hire out the tough parts.  I'll post a finished picture when I get there!!  Thanks again!

@brian It's a first floor and I have access to the basement. Great idea I'll try to look closer from the basement.

@brian The rot at the worst part is down to the lowest level of the original flooring. The vertical floor joists should be in decent shape if there's any rot on it. I don't have much repair experience at all and my main concern is falling through the floor as I'm doing the repair. It's also a good call to expect 1 month no bathroom. I think the best bet is if I can find a friend to talk me through the process and check I on my progress every few days. But overall it sounds like I should find a way to do it for less than 2k.

Hi all, 

Bought my first owner occupy multi family, and decided to live in the most runned-down unit to do some repairs.  I'm a mechanical engineer by trade, but have little to no real estate repair experience.  I enjoy reading up and learning how to do fixes, and want this experience as I dive into real estate. 

Need some feedback and advice here, is this job too big for a newbie?  What are the main safety concerns?  What is the material/tool list? 

I did get a general contractor to quote the job, he said 1 week, $2k to redo floors, $6k if I want a new tub and toilet. 

- Wet rot down to bottom most layer of floor boards

- Cracked tiles

- Rotted beam next to tub

- Re-sheetrock and put shelving back together

- Bath vanity set aside but not damaged

- Tub is metal shell type, not solid

- I can live without a bathroom for a few days to 2 weeks. A friend can help when I need 2 people. 

Any feedback is appreciated!!

@Steve Kontos Thanks for the breakdown, really helps me understand how I should analyze it.  I did get an inspection done, but the real conditions are coming out after having lived here for a month (roof already has a leak, bathrooms have fans but doesn't vent outside the house, 1 gas furnace is not working). Went back to home inspector but got nothing. 

The thing I'm struggling with is drawing the line between immediate repair vs. upgrades.  I've got 1 window with the corner coming apart, still opens/closes, leaky faucets (I've repaired already), bathrooms need ventilation outside but the floor joists are in the way.  1st floor bathroom with serious wet rot down to floor boards.  Roof with 1-3 years left.  I hear from tenants the basement will get wet when there is a lot of snow outside.  A lot of these things didn't come up in the inspection, or maybe I missed it. 

For reference, I bought the house at $435k, seller paid $3k closing costs. I was able to increase rent to $1500, $1200, $1400. PITI is $3,242.

@Anthony Thompson  I like your explanation.  This property I think has potential, but am realizing it might be costly to upgrade.  Like many other old houses I assume, the repairs have not been done very well, every time I touch something, it seems to throw the delicately repaired functions of this house out of balance (i.e. fix a shower valve leak, shutoff in basement starts to leak).  Certain things like smaller closets and vinyl floors are concerning to me if I want to fully upgrade to top of the line rentals that will draw the top tier tenant pool.  It seems like if I spent my efforts marketing properly I would make a large portion of the potential gain.  I.e. line back up to June - June rental cycle, market it at $550 a bed = $1650. 

@raeshelle cooke

Hi! It does sound like you've done a lot of research.  However with $10k it might be hard to do a house hack.  Have your seen any 2 or 3 family properties within your price range?  

I agree with others on gaining real estate knowledge and house hacking.  Why do you plan on getting a property manager from the start?  Do you already have a good handle on material and labor prices for repairs?  Do you have a property manager lined up?  I would be worried you would end up spending a lot more hiring others than if you did the work yourself.  

Hi bigger pockets community, I bought my first property last month, it is a 3 family home that I am owner occupying. Financed 3.5% down with an FHA loan, and looking to buy a second property in the same market (east side of Providence, RI) in the next year or two. The tenant pool is either Brown/RISD students, young grads, or professionals. Each unit is 3 bedrooms, but they are on the medium to small side, and the interiors is just the basics. I am fairly confident I can raise rent by $200-300 per unit if I do some upgrades (I.e better faucets, add a dish washer). The question is, how much should I plan to repair/upgrade based on the age of the property? Is there a guideline for the age of a property where repair costs skyrocket?? (Like with a car beyond 200k miles).

@Richard Elvin My intent was to fix the minor issues - bathroom floor tiles, bathroom wall water damage, door panel of glass broken, section of baseboard heat not functional.  I was thinking all of this would be classified as repairs...

Thank you all for your responses! 

I ended up going with the loan officer my agent recommended.  He locked in a rate of 3.875%. 

@Steve DellaPelle How did it go with Guarenteed Rate?  I would like to consider using them for my next purchase.  Was the whole process smooth?