All Forum Posts by: Mike R.

Hi,

anyone implement a remote water submetering program?  if so:

1) what meters do you use

2) how does the remote monitoring work?  what equipment

3) what billing service do you use?

4) can you share costs to install equipment and billing

5) what is your expected payback period?

thank you for your help

I always replace the hot and cold water clothes washer hoses from the rubber ones to the stainless steel. Make sure the tenants understand that the hoses stay with the prop when they move out

If I pay the water I always put a few drops of food color in the toilet tanks to check for leaks

Make sure the bath fan and drier are properly vented. Hopefully  the inspector checked this 

here is how I think about it

The rent payments made by the tenants are used to pay the entire mortgage payment. But remember that the total mortgage payment includes both the interest portion as well as the principal reduction portion.  So the tenant's payment is paying down the mortgage each month by the amount of the principal portion. That principal portion paid by the tenants is essentially an increase in your equity in the property therefore you add it back. 

  Hope this numeric example helps.  Assume you bought the prop for $100 and  borrowed $80 from the bank to buy it. Your total equity is $20 (100-80) in the first month.  The next month you have to make a payment of $6 which is split between interest of $5 and principal reduction of $1.  So at the end of that month your equity increased  from $20 to $21.  

That said I personally wouldn't buy a property that has financials which say I only make money due to the principal reduction. Too much uncertainty with expenses and it wouldn't take much in the way of surprises to have me lose money.  

@Alexander Zeisberg

love how excited you are!!  

We own a MF near DT off 11th and it is taking some time and $ to set it straight but it's getting there.   We bought there because we buy into the idea that Bremerton will benefit from the growth i n puget sound and commuters to Seattle. In fact we had a tenant that worked in DT Seattle and did the boat everyday.  The boat is WAY better than driving and the commute drive times are only increasing.  Also where else can you pick up a home with good bones, spend a reasonable amount of $ to rehab and end up with a really nice home with reasonable and enjoyable commute to seattle for well under $200k.  

Personally I'm not too worried about the navy going away.    Not easy to just shift navy boat around like you can shift folks and equipment from JBLM.   Love the navy renters we have.   Everyone of them are nice people, keep the place neat and clean, respect the neighbors and pay on time.  Hate the turn over when the transfer to a new base but I would take navy folks all day every day

thank you for the replies!  

anyone ever end up with a weak investment property (e.g. inspection missed significant issue with building, inherited tenants are a disaster, etc) but was able to turn it into a positive cash flow?  what was your process?

thank you!

Curious on investor's view on owning MF in Bremerton WA.  we own there but curious what others think of the area.  thank you for your time

Hi all,

i would appreciate any recommendations of good contractors, handymen, painters in Kitsap county.  thank you!!

there is about 6 months left on the lease.