All Forum Posts by: Khouri Rice

I currently own (2) duplexes on one lot in Oshkosh, WI and after owning the  property for about a year now, I am thinking about selling (I'm an out  of state investor (Boston area), and have decided to focus more on things closer to me, as well as a different investing strategy) so I am beginning to test the waters to see who might be interested. I don’t need to sell the place,  but since I am refocusing my efforts more close to home, I figured I  would gauge interest.

As for rough numbers, when fully occupied, the gross rents are around  $1820/mo.

I have done a lot of maintenance/remodeling since buying the property,  rebuilt furnace, painting, miscellaneous repairs both exterior/interior, and all of the main (big ticket) items are in good shape (roof, siding, mechanicals). The only thing that may need to be done at some point is to replace the roofing on one garage, and if I were to keep it long term, maybe think about doing the windows at  some point.

The best number to call me is on my cell phone 978-257-5467, and you can call anytime. Thanks for your interest.

Best,

Khouri Rice  [email protected]  /*  */

 I currently own (2) duplexes on one lot in Oshkosh, WI and after owning the  property for about a year now, I am thinking about selling (I'm an out  of state investor (Boston area), and have decided to focus more on things closer to me, as well as a different investing strategy) so I am beginning to test the waters to see who might be interested. I don’t need to sell the place,  but since I am refocusing my efforts more close to home, I figured I  would gauge interest.

As for rough numbers, when fully occupied, the gross rents are around  $1820/mo. The property is (2) duplexes on one lot, both uppers and lowers, in duplex #1 the upper and lower are both rented out for $395 (upper) & $500 (lower) with leases for each. Duplex # 2 was rented out as one unit for $925 w/lease but the tenants left at the beginning of this month because of health related issues. My property  manager is currently showing the place and expects to have it rented by  the end of the month. In duplex #1 the utilities are split 50% for the lower and 30% for the upper, with me paying the  common areas (20%) in duplex #2 the utilities were paid by the tenant.  Water/Sewer is around $100/mo (will check on that as I don’t have the  bills in front of me). Right now my property manager charges me 10% to manage everything.

I have done a lot of maintenance/remodeling since buying the property,  rebuilt furnace, painting, miscellaneous repairs both exterior/interior, and all of the main (big ticket) items are in good shape (roof, siding, mechanicals). The only thing that may need to be done at some point is to replace the roofing on one garage, and if I were to keep it long term, maybe think about doing the windows at  some point.

The best number to call me is on my cell phone 978-257-5467, and you can call anytime. Thanks for your interest.

Best,

Khouri Rice [email protected]

@Patrick Henderson I have been reading/looking into the RUBS (ratio utility billing system) and think that might be a good idea. Do you have a formula that you use for your properties? Or do you just use a third party? I would rather do it all in house (than pay someone to do it) but I would need a good formula that seems fair, I would of course pay my portion (common areas)

Thank you @Wayne Brooks @Martin Zawarski @David Krulac the units (upper & lower) have forced hot air (gas furnace), and are both heated off of the single furnace (I currently pay for all of the utilities, because it was that way when I bought the place) but when the leases are up for renewal I would like to have the utilities (except for water/sewer) paid by the tenants, so I'm trying to figure out the best way for that to happen.

It sounds like the best way might just be to purchase/install a second furnace for the upper units and then individualize everything after. Does that sound right?

I have a couple of duplexes (upper and lower in each building) and each duplex has one furnace for both upper and lower units, I am paying the utilities right now, but would really like to have the tenants pay for heat. I have been trying to research cost-effective ways of doing this, instead of installing a new furnace in each unit and then separate everything out ($$). Right now the lower unit has the lone thermostat which does both units. Ideally, if possible I would like to somehow install some sort of submeter for gas usesd by each unit and then put in a thermosta in the upper unit so they have direct control over their each, and then have the tenants pay for their own utilities. Does anyone have any advice/experience with a legal way to pass on the heating costs to my tenants without installing a whole new heating system for the upper unit. Thanks!!

Shannon, what area of Boston are you going to be looking in?

@Zechariah Evans Thanks!! Do you have a website or company name? What sort of work do you do?

@Kris Haskins Hey Kris, I decided to start investing in Oshkosh because the numbers really worked out for the property I just bought. Where I am from in MA properties are sky high and don't cash flow very well, as most investing is based on appreciation. I have found that my investing dollars go much further in other markets away from my home area.

I just purchased (2) duplexes in Oshkosh Wisconsin, and am looking to put together some excellent (vouched for, dependable, and trustworthy) local contacts. Specifically, looking for contractors (plumbers, electricians, carpenters, handymen, etc) that and are in the area and would be looking for an extra client who could keep them busy from time to time. Any referrals are greatly appreciated!! Thanks BP community!!

Tom,

I have used Mike Atwell of JMHI Inspections a few times, his website is www.jmhi.com, give him a call, an overall great guy.

I just bought my first rental property a bank owned property (4 units) that is fully rented with two of the occupants having leases through April of 14. I close on the 20th of this month, the bank has owned this property for about 6 months, my question is.....have the tenants been paying their monthly rent checks to the bank this whole time or will the previous rents have been put towards what the previous owner owed on his mortgage? I more curious than anything and haven't been able to find any answers.