All Forum Posts by: Chan K.

@Toby Mims Hi Toby, thanks for the 1031 exchange note. Yeah, might have to line thing up. 

My goal is that if I want to sell is to rehab -> sell it immediately without renting it. This way it is still considered a primary residence as I never rented it before. 

@Daniel Cullen They did not provide the details. Usually, we don't have direct contact to the plumber or they don't talk to us. Literally, the help desk lady called and told me about it - she has the note in her system. 

Apparently, he was fixing the pipe leak that I called him to do. While opening the wall and working of the leak, he encountered another pipe adjacent to it that he considered is not up to code..... when the help desk lady called me, she pretty much told me that you want us to fix it or you want to call someone else to fix it. 

@Max T. This came up during my brainstorming. My dilemma is that 

1) shutting down the main water line (typically in the basement) will affect other tenants in the building assuming that this is more than 3-4 unit. If the leak occurred at 7-8 PM, then I really screw... because no one can take a shower at night... or in the morning... etc

2) that are many pipes in the building, it is very troublesome to identify which pipe is belonging to what unit or what section of the house. Sometime the same pipe is feeding more than 1-unit... 

Every year, this emergency situation occurs, it is only like 3-5 times each year.

I am assuming something like this might only happen to landlords who own older multifamily houses........

@Mary M. That is along the line of my solution, the trusty person is one of my tenants who is living in town. I just give him a good discount on his rent, and water him with some good gifts periodically. 

@Robert Biggerstaff You are correct. I own a few buildings now, and almost in a break point to consider hiring an actual person instead of hiring plumber all the time. Plumber is very expensive, and if they encounter/expose to any pipe that is not to code, they can make it very expensive. They also report it to the inspector in town which I found it to be very strange... I have another thread on this subject. Why would they report something like that when I was the one that hired him to do the job initially.... (but they just happened to run into not-up-to-code pipe...... while doing the work I hired him to do)

Just in general, how do you guy find a handyman beside craiglist..... is there other similar site that is more focus on handyman or real estate related tasks? 

@Paul Donoghue Hi Paul, FYI: just sent you an email to your gmail. Thanks

Hello Experience Landlords,

Happy New Year ...

I have been struggle with this question for a while now, and I am struggle to find a reasonable solution. 

I am not looking for answer like you need a property manager. 

This conversation is mostly for those landlords that live out of town, and manage their own property. 

When it came down to turn over, electrical issue, heat issue ... etc. It is not on demand, and will give me time to call service company 

When it came down to water pipe leak coming from the top floor affecting other tenants in the lower floor, how do you mitigate issue like that if you are not living near by? This is assuming that all the tenants are not capable or refuse to help strapping the leak. 

My only solution right now is: I am lucky enough to have a handy tenant living in town, where I can call him to swing by, and help strapping the leak until the plumbing company is able to come by the next day to properly fix it. FYI: after strapping the pipe leak, the water is not flowing fast affecting other people in the lower floor.

Thanks

Hello

Happy New Year everyone....

I just want to discuss some findings that came up recently when fixing my pipe leak.

So last week, I have a pipe leak in my basement at one of my properties. I called the local plumber. He came and mitigate the leak, but he found other pipe configuration that is not up to code. He told me that he has to fix it, and that he has to bring the town inspector into the building for the inspection of the work (I am getting a bit nervous - open up a can of worm here ??). 

While discussing with him, I told him that the leak is already fixed, and I found it strange that he asked me (tell me) to fix something else that he exposed to. I told him that the house is old, and I am not surprise that he found something like that behind a wall. He told me that I have to fix it.

I am just curious what other landlords think... should I continue to use this company in the future? what is your take? I envision this is a good discussion.

Thanks

@Kevin Bossart, @Paul Donoghue, @Ann Bellamy, @Chris Gallo

Happy New Year everyone, thank you for the reference.

@Kevin, thank you, I will look them up. Thanks 

@Paul, long time no see. Hope you had a good Holiday. Yeah, that would be ideal to proceed that way before I bought another house, but my spouse won't let me touch it until she is off to a new house. I will check Washington Saving. Usually, Lowell5 would give me 10% on the collateral for next investment. I think I could get more money out from other bank (just give me a check) instead of collateral even at 80% LTV. Yeah I am looking for either HEL or 2nd mortgage with a conventional broker/institution, unless private lender can give me a high LTV with a good term. I have not been doing much with RE investment besides doing my landlord .. FYI: Send me your condo flip at Dracut or Chelmford before you put on the market in the future if you have any. I've been thinking about some nice condo lately. All my multi are really beat up. I want to hold something nice that can have a good appreciation in the future. Hopefully, I can get a discount :)

@Ann, I need a 2nd or HELOC, and mostly 2nd

@Chris, thanks for the HML reference. I am not ready for hard money at the moment, but it is good to know and be aware of the contact.

Hello,

I am looking for a lending service or lender in the Massachusetts (MA, Mass) area.

I own a 4-plex (been renting it for about 4-5 years now) and a single family that used to be my primary residence. I am evaluating both properties.

Both my wife and I have W2, and a good stable job.

I would like to find out if you or anyone you know can offer either second mortgage, home equity, or HELOC on them.

The fund will be used for rehab or invest in another multifamily.

Thank you ahead of time. 

@Michael Ealy congratulation on your success...!! I have a few questions, but feel free to answer any question that you may think is appropriate

1) With that many units, what is the cash flow on your end after paying your investors?

2) You mentioned you started out owning 2-unit, when/after how many years did you begin buying bigger unit (how many unit is your first big unit)?

3) Where are all units located?

4) I am assuming you are using some sort of commercial lending. What is your typical term from whom?

5) What is your partnership structure for each deal? I am assuming you are doing some sort of syndication. 

Thank you for sharing....