All Forum Posts by: Matthew Brill

Hey @Jill Haselman. It's a triplex I recently bought. I'm looking to manage 2 of the units that are each 2 bed/1 bath (I live in one of the units). 

Does anyone have a recommendation for a property manager in Delray Beach, FL?

Thanks!

Hey Kevin. I'm newer in the real estate game (bought my first property a year ago, a duplex in Oklahoma when I was living there). I was in I similar place you are now. I moved to west palm last month for work and am house hacking a triplex in east delray. I'm grew up so have a good familiarity with the area. I'd be happy to chat sometime; even tho you're a Gator, go 'canes 🙌🙌. I know a good local lender that is investor friendly. Best of luck. 

Matt

I just bought a triplex in South Florida as a house hack. One of the units that will be occupied by a tenant has an exterior sliding glass door that opens to the backyard that doesn't close or lock appropriately. Am I better off repairing the sliding door or installing a different type of door (maybe French doors?) that might cost more but require less maintenance?

What are your thoughts? Are there any specific doors that you would recommend?

The units also need new front doors. With all the different front doors out there is there any specifications I should look for? Recommendations on locks?

Thanks!

I just bought a triplex in South Florida as a house hack. One of the units that will be occupied by a tenant needs a new bath tub. It currently has a bath tub with tile. The tile is in good shape but the tub needs replacement. I'm not sure which is the best tenant proof and efficient way to replace the tub. I'm not very familiar with rehab and construction. The contractor I'm working with said I could just replace the tub and lowest row of tile or remove the tub and tile and install a tub that comes with a fiberglass encasing. He stated that the tub with encasing would cost a little more but last longer with less maintenance. 

What have you found with regards to this? Are there any specific tubs that you would recommend?

Thanks!

Thank you all for the input! Great stuff. 

@Mike Wood @Colleen F.

The units are 1200 sq ft per side. The neighborhood is of the historic variety with a mix of B+ and A- type blocks. All the homes are from the 1920s and 1930s. Of the rental units, they appear to be 50/50 in terms of having AC units hanging out the windows. But I think I'll pull the trigger now rather than later and put in the central units while I'm doing all the other rehab work. I'll aim to go for an extra $50 rent per unit while hopefully getting a better tenant, getting it rented quicker, cutting down on maintenence issues, and increasing my retail value. 

Hey BP community!

I just closed on my first property, a duplex, and am just starting the rehab process. There property currently has in window cooling units and no heating source. I am already having to upgrade the utility box to increase the amperage. I am weighing the possibility of fixing up the current AC units and installing wall heaters in each room versus installing central heat and air. I plan on having the property as a long term hold. I spoke with my property manager and GC today, both who I feel are reliable and very knowledgable of my local market. It looks like it will cost me an extra $14,500 total to install the duct work and electrical and put separate running units in each unit. On the rents side, my PM anticipated that I may be able to rent each unit for $800 vs $775 if I were to have central heat and air. This would increase my rents by $600 a year which is a CoC ROI of 4.12%.

Is this worth the extra capital investment? Should there be something else I am factoring in?

Thanks everyone!

That's what I wanted to know. Thanks!

Thank you for the clarification @Chris Soignier  

Would an official appraisal need to be done to create the higher basis after the rehab? Could I use the depreciation if I am then paying rent to my real estate entity?

I will be moving out of state in the next 6 months and plan on buying a SFR I can live in for the year and rent out once I move a year later. I know I cannot take tax deductions on a personal residence, but I am under the impression I can take deductions for the cost of a rehab on a rental property. If my LLC owns the property and I "pay rent" to the LLC, could the rehab costs then be tax deductible even though I live in it?

I appreciate the input!

Matt