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All Forum Posts by: Scott Justason

Scott Justason has started 7 posts and replied 28 times.

Post: Air in Boiler - Permanent Fix

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6
 @Adam K.:

I think you mean bigger pockets don't you?

Post: Need recommendations for RE tax CPA and lawyer in Iowa

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

Any one in Cedar Rapids, Iowa City, Waterloo areas have good players?

Thanks

Post: Air in Boiler - Permanent Fix

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

Most codes require an auto bleeder to allow air to escape from the system. This should be a device installed at a high point in the hot water loop. These bleeders are known to fail periodically and may need to be replaced. I would also be questioning why you need to bleed air so often. This is an indication of a possible leak. It is a closed loop system, so once the air is purged from the system, there should be no problems. If there is a leak air will continue to be introduced into the system via the fresh make up water valve, or from the leak itself once the water has drained enough. If your taking in water, your also leaking water somewhere. Another problem you could end up with is, by introducing alot of fresh water the system could become contaminated if your boiler water is treated. Mixing treated water with fresh can create too much bacteria growth and cause system falure. A quick way to make an initial guess is to take a small sample (a small coffee cup) and smell it. If it has a bad odor, it is probably contaminated.

Joe makes a good point on the expansion tank as well. If you give it a couple taps on the side it should sound empty, or have a ring to it. If it sounds full, it's saturated and needs to be replaced.

Let's hope it's as simple as changing the bleeder or expansion tank. That should be fairly inexpensive. I would not recommend using the plumber you spoke with because if he would have simply bled the system and left it, he would not be providing complete service.

Hope this is helpful.

Post: Looking at a 8 unit in a tiny town

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6
@Account Closed:

No, It's not in Ryan. That's even more scary than Olin.

I remember you were asking about PM's a few days ago. I just found this guy and am waiting to hear back from him. I'll post here how he seems if your still looking.

Post: Looking at a 8 unit in a tiny town

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

So I've run the numbers and it looks pretty good if the numbers given are real. 14% cap rate, 35k NOI and rents are below avg.20 yrs old. Looks good in pics. I asked the realtor for rent history and if it's under management. He replied he will get the rent info but is not too sure about management. My problem? Town population = 700. commute to Iowa City or Cedar Rapids is roughly 30-40 minutes, would make getting reasonably priced manager a little difficult. I want to go with it but the small town aspect is kind of scaring me away. Any input on this dilemma?

Thanks

Post: Property Management Companies in Cedar Rapids

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

I've been researching a few multi families in CR and Waterloo. They are a little bigger and most have management in place. One in W'loo says manager will not stay after the sale. That's a 24 unit. When I contact realtors I have been asking for references for property managers. When I get any references for CR, I'll pass them on. I'm also warned to be sure of their reputations...

You can also check Google.

Good luck!

Post: Average rentals

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

I've found a couple websites that claim to give accurate market rentals. As I try to figure if properties I'm looking at are high or low on what they charge tenants for rent.

I see:

http://www.myapartmentmap.com/rental_data/

https://www.rentometer.com/

http://average-rent.findthebest.com/

Are these accurate or would any one else have a better way?

Post: Realtor wants a P&S before sending financials on a rental

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

Yeah, I told her I can't do anything without performing my own analysis. I wondering if anyone that's heard it all has heard this.

Post: Realtor wants a P&S before sending financials on a rental

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

I need a quick answer if anybodys looking. I found a 24 unit property in Waterloo Iowa and sent a message to the realtor requesting financial packet. Just got a reply today and she tells me ;

"Hello Scott,
Seller require a purchase agreement "subject to" buyer approval of rent roll information or letter of pre-qualification be submitted, at a minimum. How would you like to proceed? ?"

I may be new, but I don't recall anyone wanting a P&S just to get some information. What would you do? Walk? run? It just doesn't seem smart to me from a realtor standpoint. Also hard to believe a good realtor would respond this way. Maybe I shouldn't work with this realtor either?

Post: Furnace only works when filter is removed

Scott JustasonPosted
  • Assett Retrieval Specialist
  • Rowley, IA
  • Posts 31
  • Votes 6

Arlen is probably the closest to correct. You have air flow issues. I am an HVAC tech. You need pull the blower out and clean the assembly. The key is putting it back correctly. If that doesn't do it you may have gas pressure issues. If you don't know what your doing there, you better call a tech. $100 well spent and safe. If the fan is not coming up to full speed it could just be a $20 capacitor.