All Forum Posts by: Mike Fitzpatrick

Hi Everyone, thanks for all the feedback here. So far I have had a friendly conversation w/ each of the tenants and I think they are all being reasonable with the heat. I have also helped one of the tenants who was using the most oil to sure up their storm windows. One window was stuck slightly open and they could not close it own their own. Blows my mind how the previous owner didnt care to fix this despite his requests.

I am testing the rental market as @Bill S has advised and do not plan on changing any of the leases until after the vacant unit is rented.

@Matthew Paul the system is forced hot air, NSTAR is coming in the spring to see if I am close enough to the gas main to have it piped to my house w.o cost to me. Then when the older furnaces start to break down I will convert to a gas system.. Well see!

Hi guys,

I have recently partnered with my Dad on 4-family that I am responsible for managing. I am setting up my systems now and am looking for some input on a monthly report for tracking expenses, rents, vacancies and more. I am working on something that I can create to plan for capital expenditures and longer term improvements/expenses.

What am I missing? What systems do you use?

Thanks!

Mike

Thanks for the input!

I am considering an service contract on the oil/furnace for a 4-family I just picked up. 4 furnaces = $800 bucks includes 24h service, most parts and labor.... Are these plans worth it?

Hey all -

I am currently working on creating a house plan. I recently bought a 4-family and want to make a plan for the next several years, with capital expenditures expense tracking rent roll etc etc.. interested if anyone out there wants to share their spreadsheets or tips for property mgt.

thanks all for the advice.

So the current rents w/ heat included are below market average, by making the tenants pay their own heat some of them will still need to be raised

Current break down is below

Unit 1 1/1 - Lease thru Mar-13 w/ heat @ $730 long term tenant 4+yrs

Unit 2 1/1 - Lease thru Jun-13 w/ heat @ $940 tenant for last 2 yrs

Unit 3 1/1 - TAW w/ heat @ $925 long term tenant 4+ years

Unit 4 2/1 - Vacant

Based on my review of the market the 1/1 units should rent for $900-1000 unheated and the 2/1 for $1200-1300 unheated.

I would like to keep the existing tenants if possible because I have received feedback that they pay on time and keep the place in decent shape. I am considering keeping the tenants at 940 and 925 however requiring them to pay their own heat. The tenant at $730 will be bumped to $950 unheated and may not stay.

When I did the home inspection the heat in one of the units was set obnoxiously high, 80+ and I called the oil company who told me in the last year they provided over 3,000 gallons to the house. I will certainly have a friendly conversation with each tenant when I take over the house in Dec and ask to be smart with temperature. However I am limited by their current leases which do not mention any discretion.

Any other thoughts you guys have is greatly appreciated!

Thanks,

Mike

Hi all, I am thinking about using https://www.mysmartmove.com

Does anyone have any feedback about this company? Or recommendations for other vendors to consider?

I am in the process of closing on a 4family that needs some work to the rent roll to be a really profitable. 3 of the 4 units are rented with two on lease thru June and one TAW. The issue is the heat is included in the rent despite all the utilities being split up correctly. For the TAW I plan on giving 30 days notice before making them responsible for their heat, but for the tenants on lease I can't make any changes until the lease is up.

I am thinking about getting a thermostat that won't go over 68 degrees so the tenants don't abuse the free heat during the winter. Does anyone have exp. dealing with this? Is this legal to do?