All Forum Posts by: Jason A.

I purchased a house from Zach at NextGen Invest several years ago. The property itself has done fine, however, as I was living overseas at the time, Zach made sure to take advantage of that. I FAR over paid for "renovations" which included new electrical, a paint job and a ghetto bathtub refinishing job which lasted about 6 months. It is all my own fault. I do NOT recommend working with Zach or any contractor/ "turnkey" provider long distance if you don't have an opportunity to inspect the home before, during and after. Years later, when I was finally about to go to the property, I was shocked at some of the work. Zach cut corners at every turn. The work cost around $42K, I would put fair value to something closer $15K to $18K. He's lucky I didn't inspect the home during his sloppy job. Don't work with Zach/ NextGen Invest. 

@Craig Bellot ... house was $500K. I don't know definitively it was a cash purchase - is this was seller told me agent. Frankly, it was a good price and he could have rec'd a higher bid. Point is, if seller had cashed my check immediately, it would have been too difficult for him to back out (he did sign the contract). 

@Craig Bellot - thanks Craig, I agree ... it was an overall great property. The electrical heating was an insignificant issue in the grand scheme. However, unfortunately the seller pulled out and went with a cash buyer. 

I had an accepted offer and had handed over my earnest money deposit, but the check was never cashed. I learned a lesson ... (1): my earnest money was only $5K (I simply went with what my agent told me to). Tho the seller (also an agent) was bitching about it being only $5K. I could have offered 10 or more had I known it would contribute to my losing the opportunity. (2): I made an offer on the house the day it came on the market, it was accepted and I viewed it and handed over the check the next day. Because it came together so quickly, I had to transfer money from my outside bank acct to my checking acct, which takes a day or two. When I handed over the check to the seller/ agent, I said "you can cash it tomorrow" and he said "why not today?" I explained that I had to xfer money .... he bitched "it doesn't take a day" ... OK dude, I actually work at a bank. 

The next day, my agent called and told me he went with a cash buyer. If the seller had cashed my check, not sure he could have pulled out so easily ... very frustrating .... anyway, onto the next. 

hi all, i am looking at a multi in Connecticut .... property is in good shape and the asking price is fair. rents are under market - reason being: electrical heat. nat gas is available, however, it is not piped in ... so tenants are paying steep electric bills for hot water and heat. 

i was lucky enough to get a moment alone with one of the tenants when i was viewing the property ... i asked "give me one thing you don't love about living here" and he stated nailed it: "the electric bill will bite you in the winter". 

based on past experience ... i am guessing it could cost $25K to $30K or more to bring in nat, install new furnaces and water heaters, etc. While it could be a decent long-term investment on the basis of increasing rents notable, it is not a project I want to get into again (have done it before). 

if anyone has this situation in this part of the county ... where winters can be pretty difficult... appreciate any thoughts or ideas. 

thanks 

@Skye Anderson Hi Skye, I have properties long-distance AND locally. Locally, I self manage. I have dealt with several property managers in two or three states. Unless you have a FANTASTIC opportunity, my opinion is only buy locally. 

Even if you are local, you may need a PM (if you have a full-time job, etc). 

What I have learned is property managers need to be managed. Most of them get a better deal than the landlords. 

When you're long distance and you need a toilet replaced, you're either constrained to working via your PM who will overcharge you, or you need to coordinate with an outside contract which is extremely difficult (imagine telling your tenant when to be home as some random guy is showing up to replace the toilet). Endless risk with this scenario. 

Again, in the absence of a FANTASTIC long-distance opportunity, stay local and self manage or hire PMs you can keep a close eye on.

Hi all, 

This was published today ... Bespoke Research puts out some great content. 

Some of these figures may be as you'd expect ... other's may be a bit of a surprise. 

Some of the more interesting charts below but worth reviewing the article when you have a moment. 

Link below. 

US City-By-City Home Price Levels — Gains from Crisis Lows, Distance from Bubble Highs

https://www.bespokepremium.com/think-big-blog/us-c...

Hi all,

Recently purchased a multi and one of the first projects I’m planning is converting the property from oil to nat gas heating (there is nat gas going to the house already for water heaters).

At current, I cover the oil for two units that share one tank. The third unit has its own oil tank and tenant is responsible there.

I have a lease renewal on April 1 for one of the two units where I cover the oil cost … on the basis I do the conversion in the spring, I’d subsequently be tasking tenant to cover their own nat gas bills going forward (starting this coming winter).

Any thoughts on how I may set expectations or work this into the lease before execution in coming few weeks?

I don’t want to incur the cost of this conversion and then still get stuck paying heating bills … but tenants are accustomed to not paying for heart. Moreover, I’ll need to add appropriate language to this effect in the new lease to soon be signed.

Appreciate any thoughts / advice. 

Hi all,

Recently purchased a multi and one of the first projects I’m planning is converting the property from oil to nat gas heating (there is nat gas going to the house already for water heaters).

At current, I cover the oil for two units that share one tank. The third unit has its own oil tank and tenant is responsible there.

I have a lease renewal on April 1 for one of the two units where I cover the oil cost … on the basis I do the conversion in the spring, I’d subsequently be tasking tenant to cover their own nat gas bills going forward (starting this coming winter).

Any thoughts on how I may set expectations or work this into the lease before execution in coming few weeks?

I don’t want to incur the cost of this conversion and then still get stuck paying heating bills … but tenants are accustomed to not paying for heart. Moreover, I’ll need to add appropriate language to this effect in the new lease to soon be signed.

Appreciate any thoughts / advice. 

@Michael Noto is the expert here but I'd echo the fact that $1900 gross rent roll on a $100K duplex could suggest: (1) significant rehab is required and or (2) it is a very tough neighborhood. 

I'm sure you'll make this determination when you do a walk. 

oh joy! 

thanks for the post