All Forum Posts by: Stephen Loguidice

@Maritza Soto awesome deal, congrats. I am focusing on Pok area and have a few investments there.  What’s the address of your property, I’d love to check it out. 

@cindy Truong   for your questions: MNR vicinity is good but all of Poughkeepsie is getting a boost right now so there’s opportunity all over (don’t get me wrong though, there are still some really bad areas you should steer clear of).  The Arlington Town center is another hot area to look around, and the city is really pumping it up. 

It's def getting saturated with a ton more interest coming in the city which is driving up prices a bit but there's still a lot of meat out there if you put in the efffort. And some of the big builders are grabbing up big distressed building and lots in crappy areas and revitalizing them. So I'd suggest doing your homework on who's buying/bought what and try to grab some of the smaller stuff near by that they aren't going to be interested in. Then you get a deal on something no one wants and 18 months later it's a hot zone with complete new buildings that drive up your value - I know easy said than done but you get the point. As for SFR vs Multi fam, I only specialize in multi so can't offer too much insight. However the Vassar hospital project is said to be bringing in 2500-3k new jobs when done so I think both are going to be lucrative. Good luck!

@Eric Hrlbock DM the info to your meetup. I’ll try to check out one of the upcoming ones if I can make it up there. 

I need a residential lender who offers conventional 30 yr fixed on NOO properties in Poughkeepsie NY. I need to move quick, please direct message me if you service that area. -S

Looking to connect with any brokers or agents the handle Dutchess and Ulster Counties (NY).  Working a couple of deals there and looking to expand would like build relationships with a few key people there.  

Target areas: Hyde Park, Millbrook, Kingston, Saugerties, Woodstock.   

If you are interested in talking, direct message me so we can set up a call and see if there is opportunity for a relationship.

Thanks @Chad Clanton, this is helpful

Thanks everyone.

@Barry Cohen yes it's just a hot water heater - I pay the gas for the property becuase there is only one meter so there are only two units in the utility room, one for the water and one for the heat.  They used the same hot water heaters for both - I've lost heat twice in the apartments and had different people in there saying it's the wrong thing running the heat.  The combination unit you are referring to is what's being recommended I replace it with.  The inspection has another discrepancy as it says baseboard heating in the house but it's actually a warm air system, so I'm starting to think he didn't look at the HVAC at all.  This is clearly my fault for not checking everything on the inspection report when I got it back but to be honest, the whole system is only a couple of years old because it was put in after Superstorm sandy so I didn't think I had a reason to look at that part so closely.

As for your offer, I'd love to talk.  I'm at my day job right now with a pretty packed schedule but will hit you up later.

@Joe Splitrock I'm always hesitant of if I'm being sold.  On of my best friends owns a construction company and is a GC upstate.  I sent him pics and the model number and he said it's def no good.  Pretty much the heating system needs a min of 140 degrees to work, and the hot water heater maxes at 140 so he said that's how they hacked it, but the big problem is  by the time it's getting over to the apartments it's probably 120 or less, especially for the upstairs apartment where's it's most likely lower.  And this in turn will make the system run non-stop all the time which is going to crush my gas bills.  

All of the due diligence I've done so far it shows that I definitely need to change out the system. Now whether it's just replacing the HWH with a boiler unit or replacing the whole thing with a combination system is still up for debate - I'm being told to do the combination because it will be more efficient since I'm paying the gas, but then again this could be someone trying to upsell me.

Hi,

Looking to see if anyone has had experience with this.

I recently purchased a 2 family home back in Sept in Long Island NY.  Now that the cold weather has hit I've come to find out the heating system was done as a hack job that needs to completely get redone - and ASAP.  I've had 3 different plumbers look at it and all are saying this should have never passed inspection in the first place.

To try to brief, the house had a brand new HVAC system with the tankless wall units - this was actually one of the major reason I wanted the house as I currently look for my turnkey properties.  We'll whoever installed it used a hot water heater instead of a boiler for the heat, most likely to save money on the unit.

Quotes I'm getting are between $7,500 - $10k to replace the whole system with a combi unit and done correctly - which is a massive nut for something I thought I had a solid 10-15 years before having to replace.  So my question is can I go after the home inspection company for at least a portion of the cost since this should have been caught during their work? -  And also since I would have 100% either asked for a price reduction or a credit on the purchase if had been caught.

I never signed any contract with the company and I've looked over the report and there is no language around limitation of liability.  Looking for some advice on if a) I have a shot at getting some money from this company and b) is it even worth my time pursuing or is this something that I'm just going to have to suck up.

Any help or advice would be appreciated.

-S

That's awesome on your property, 30%+ in a year is what dreams are made of.  Brooklyn is so nuts right now, I know someone who grabbed something  out there 2.5 years ago for $500k, it's worth $3MM now.

 I don't have the knowledge or connections In that market or I'd be hunting there myself.  I keep hearing the South Bronx is gonna be the next one as more and more people get pushed out of Manhattan.  Just FYI

Thanks, I've checked with my broker and he claims I have a business policy so it covers loss of rent regardless of where the damage come from but I will definitely cal my claims department off of your advice 

@Bill Schrimpf  that's sound advice, I got caught up on the cash flow I forgot to think about exit strategies if I need my capital.   I appreciate the insight.

Hi @Bill S. yeah it will still cashflow if I were to pay a property manager - even if I factor in up to 10% for PM it's still netting me 4.4%.  As for your question on another disaster I have a renters clause in my HOI where if my tenants are displaced my insurance pays the lost rent - I have to look at the policy on my other house on how long it goes for but I think it's for up to 6 months.   So with that being said if this house comes back valued at 5% below purchase would you say it's a bad deal?