All Forum Posts by: Kenneth Hynes

@Anthony Gayden  sounds great.  I am thinking of taking a couple of my SF rentals and 1031 to multi family, but going through some analysis paralysis .  Did you have your new properties picked out when you started the 1031 or ID them after your sale in Tucson ?

What is the utility breakdown for the tenants ?  Looks like the guys getting rooms are paying about $700-800 per room.  Is that a;l inclusive or do they someone share utilities ?  

@Alex Pelin Didn't really find any more recent post on this , but doing a live in BRRR of a two family right now, and going to add smart water meter, NEST thermostat, and cameras . thinking about smart lightning as well

Currently 4/5 after 5/5 in April - ALL are SFH in B areas around military last one my PM in Colorado usually sends after the 15th , so not to worried right now , just building my reserves in case future vacancy

@Anthony Gayden   Great job  and inspiration to others .  Don't mind me asking what prompted the sale ?  Tucson seems like a great market .  You  tired of long distance or think they are better opportunities  elsewhere ?  In this case  MO ?  

Ken

I would check the local housing guidelines,and what the current lease says, but in some  cases if you inherit a tenant with a valid lease,  then you can't  rent increase until it comes time to renew the lease next year (unless there is a clause in  existing lease reference change of ownership 

Have 5 SFR and all paid this month . One took until 15th to pay but worked with them. Will monitor them and be a little more proactive in communication next month .

@Jorge Abreu   Thank you for the summary .  Think testing will be key , because what happens in say Florida, where thy relax the restrictions in phase I and as they start to ramp up in phase II, they get a spike in cases ?     Do they go back in lock-down ?

Question foe the real estate market in general , is what will the lending environment look like?  Unlike 2009 , where the banks were in the middle of the crisis and no one could get a loan , what happens on Phase I/II/III as people start to go back to work.   Will they be pro-active , especially with rates so low, to help spur the economy ,   or are they going to wait until their balance sheets  clean up for the deferments and forbearance that are going on now ?  

Apologize for not posting an an update as I have progressed. Have met with delays due to contractors, permitting procedures and my own own procrastination . Currently renovation is still ongoing. Had to several permits to update electrical , plumbing and install new fire suppression between the upstairs and man unit . Process is still ongoing , as I had pout off some minor cosmetic work ( outside brick and painting ) to focus on new apartment , but city will not issue a clean complete COA until all the deficiencies on main inspection re taken care . So now in holding patter n as I wait for stay at home to end so can get some subcontractors out here.

Some expenses so far

- Update electrical and split new service into 3rd floor $ 4400

- plumbing fix leaking toilet on 3rd floor, turned out the while main stack had to be replaced.. $1600

- Roof patching $8000

- Update bathroom, flooring vanity toilet and painting. 1500

- Fireproofing between floors $1000

other misc handymen task (fix doors, drywall repair) $1000

next steps

Fix fire escape

garage doors

fix masonry on outside

painting deck

finish roof and fascia repair

It has been a struggle. Also started going back to school so it was not a main priority for past 6 months , but hoping to get everything fixed up in the next 4 weeks, or whenever this lock down eases.

Pictures coming

With the stay at home work orders , plus the rise of co-working spaces in recent years, thought I would ask what people thought about offering co-working spaces in large Multi unit buildings as an additional amenity. Traditional amenities include the clubhouse, fitness centers, business centers, and possible kitchen/BBQ areas as well as pools.

Think a co-working space can benefit as well or I lieu of clubhouse space. Some services you can provide include:

- H/S internet connection

- Working desk

- Conference rooms

- Closet areas or small phone booths to take calls

- Separate office space (either dedicated or on demand)

- Lockable storage

- Printer scanner copier services

Service can be either included in rent for high end amenity, or additional change for some tenants to use. You could control access through key card access.

Any thoughts on this or is any one doing this right now ?