All Forum Posts by: Joe Jor

Jack, I am also landlording in New Rochelle.

Joe

@Joyce Ong, Keybank gave me one on my primary residence up to 90% equity.

Joe

@Justin Kane  Thanks for your insight!  Using the sqft method, do you think that a unit without a washing machine (same sqft) would take issue that they were being charged the same amount for water as a unit with a washer?

Joe

Howdy all!

I am looking for suggestions on a "fair," maybe defensible is a better word, formula for splitting the water bill.  Currently the usage is out of control.

The backstory is that the house is 4 families and is about 100 years old.  Due to the age, the patchwork of plumbing, and likely daisy chaining of multiple unit's water supplies, separate metering is not feasible.

With that said, each unit has a different mixture of fixtures which makes doing a ratio by headcount debatable.

Each unit has a kitchen sink and full bath; those details are not included below:

• Unit 1: 1 adult, Washer
• Unit 2: 2 adults, 2 kids, Washer, Dishwasher
• Unit 3: 5 adults 1 kid, Washer
• Unit 4: 2 adults 1 kid

With respect, I know some may suggest including it in the rent and that is an option that I am weighing, however, my focus is more on the formulaic solution to encourage reasonable usage.

Many Thanks!

Joe

In NY, glass replacement runs about $90.  Much cheaper than replacing the whole window.  

As others have said, there is no ROI on new windows. My property has all leaky windows, it would take at least 5 years to pay for the window replacement using the window company's optimistic energy savings estimates. It is a 100 year old house, so I doubt the windows are the only heat-loss issue.

Joe

Mike,

It sounds like the locations are fungible, then it comes down solely to ROI. Run your numbers and figure which is the better deal.

When you say "better area," both STM and YNK have great areas and dicey areas.  Check the crime stats, but property prices will also generally reflect that.

In either location, given the Westchester R.E. market, it is always challenging to find a property where the numbers work.

Joe

Kevin,

If you plan on self-managing or are handy (as in repairs), something across the street has un-measurable benefits. If you are just starting out or sticking your toe in the water, you will save many dollars on contractors, gas, car wear and tear, whatever.  I have 2 multi-families next to each other; it is a god-send.

If you are aiming to "go big," I agree with the "guru's," in that you should outsource much of the day to day; it is hard to go big in Westchester due to the high cost of living/property. If this interests you, think long-distance.

As for the BRRRR, if you are unsure, you could buy it rent it out as is or with reasonable rehab (do your due financial diligence). I realize this would be non-BRRRR; you can always add a second story in 1 or 5 years if you still think it is the right decision and BRRRR then.

Joe

@Kevin Z.  You are correct, after a few uses, Rent-O-Meter asks for money.  This reset each month (?).  It is also based on your network address.  Let's assume you used all of your free queries on your computer, iff you use your smartphone on the cell network, you'll get additional queries for free.  Same is true for VPN, MiFi devices and other network trickery.

Joe

Any recommended property managers who operate in the Mt. Clare section of Baltimore MD?

Specifically looking for rent collection, registration completion (lead, rental, inspection ...) and first line of communication for tenant issues.

Many Thanks,

Joe

I do pretty well with a 2008 Honda fit.  It has great interior space with near-fold-flat seats.  The largest repair I've had to do was fully replace a 6x8 closet; no full apartment overhauls yet.  In that instance, I was able to fit 8 ft lengths inside (2x4, PVC ...) and strap plywood/sheetrock to the roof.  

Home depot is only 2 miles away on local roads, so that is the counter point.

Joe