All Forum Posts by: Nicholas D.

@Brandon E. Welcome to BP! 

Great choice in joining this forum, a lot of good information here. It's definitely not a "do this and you'll be rich" website/forum. Think of it as the internet of REI. You have to do some legwork, but you can definitely find a lot of information and great experiences and knowledge within these forums. I see you are looking to invest in the Southcoast area of MA, I find this to be a great area to invest in, I personally live in the area so it's easy for me to manage my properties. I see that you are located in Boston, MA. My only recommendation would be to really educate yourself of the area you choose to invest in. Also, if this is your first time investing in RE, especially small MFs, I would maybe be cautious of choosing properties that are far away from you right away. Especially in this area where the majority of small multi family properties are 100 + years in age. This is simply my opinion. I found that when I began investing, I also managed them and had to deal with a lot of phone calls and day to day business, only because I was learning. I am happy that I went through this experience, as it taught me a lot about what systems to put in place, what works for me and what doesn't. It also showed me my own niche and what I like to see in my properties to make my life, my tenants, and my investing much easier. It's definitely a learning experience, but if you pay attention and embrace it, it can be an enjoyable one.

Welcome @Phil K. ! Great start to your investing career by deciding to join and simply putting forth the effort to invest in your education and knowledge base. A lot of available information and opinions within these forums and definitely keep listening to the podcast. I find that even if the subjects are much different than from my current experience or plans, they still offer great insight and definitely relight that fire inside to keep you motivated and on the grind!

Good Luck!

@Jason S Silva @Ryan C. @Russell Lavoie

Hey @Aubrey Lambalot! I too live and invest in the city of New Bedford! Welcome! It's always nice to see new members as well as seasoned veterans who are located in our Southcoast region.

@Tom W. thanks for the input and recommendations! Do you have any suggestions when it comes to size? with roughly the above stated dimensions in each unit etc. Or is that something that I should get someone out there to specify and will depend on many different other factors? Was just looking for a rough estimate, so I can began some further research on my part for costs etc.

@Alfred Edmonds, that was my concern, was whether they would be able to keep up with some of the colder days, as well as occasional massive snow build up and whether I should be attempting to cover these outside units somehow. Thank you for your input

@Tom W. Thank you for the information, I figured with newer units they would be more efficient and understand that obviously the colder it is the harder the unit is working, so not as efficient at that specific time. I guess I would relate this to a car and MPGs on how hard it is working etc. I had never considered the defrosting process, and that is another concern of mine, with sometimes colder days turning into a week, would these units have sufficient time to defrost? I don't want to be eliminating one problem (single meter gas) to create multiple upkeep issues. I like this idea of "combi" boilers, I'm all about two birds with one stone. And if the plumbing can be easily separated at the boiler, then this could work. The thought of AC wasn't a real necessity, but rather an added bonus. Do you have any recommendations of companies or models for the combi units? Have you used any of these yourself?

@Colleen F. The idea of the mini splits was to reduce the renovations and back up heat source, I have a 4 unit that I had to do your very suggestion to and although it works out, that building went through a full renovation and am trying to attempt a more isolated 1 by 1 unit renovation with vacancy. I have space heaters in my 2 of my 4 units, and because of this put baseboard electric in each bedroom for a back up or additional source, if they decide to close their doors. But I am also concerned with power issues, I definitely don't want to be getting phone calls regarding 7 tenants without heat due to loss of power, and although a generator would suffice, I ideally would not want to spend the money and also have the maintenance and concern of it. I have noticed that @Roy N. has mentioned these mini splits before, and thought I would piggy back off his posts.  Thank you for your input.

Hello guys and gals,

I am currently in the process of purchasing a 7 unit complex (built in late 1800s). The building consist of 4 studio units and 3 single bedroom units. Each Unit ranges from roughly 500Sf-650SF max. The issue lies that all the units have baseboard hot water heat, however, it is through one older boiler that I am responsible. The same lies with the hot water boilers, it presently has 2 large water tanks that the landlord is responsible for payment of the natural gas. The electric is also only on one meter, where I am responsible for the payment. The units are all currently occupied. My goal is to rehab as each tenant leaves, mostly focusing on lowering my expenses (utilities). I will be looking to have each unit sub metered with electric and to clean up the co-mingling. But when it comes to heat solutions, I am a little bit lost. I had stumbled upon the idea of AC mini-splits, that would sub meter these units as well as offer A/C, which would make the units more marketable. I am curious if anyone has had experience with these units in the New England area? I would like to avoid purchasing 7 brand new boilers if possible. The thought with mini-splits is it would allow me to lower my expenses, and keep the renovations more or less isolated so I'm not having to redo plumbing or ductwork etc etc to other units that are currently occupied. My other concern that I recently just thought of was what do landlords due if there are any power outages and tenants are left with no electric, what are landlords doing that run into this same problem?

Any questions, suggestions or thoughts are much appreciated. Thank you!

@Charlie MacPherson could you elaborate on "mini splits" are you referring to one large furnace with zones? If this is the case, you are still putting the utility bill under the landlords meter correct?

@Account Closed looking for a contractor? I remember last time we spoke in private message regarding the market and availability in New Bedford, MA. Do you have a property under agreement? If so, I am glad to hear my friend. Currently on the search for a list of contractors myself. I have on that I have used for quotes, and have heard nothing but good things about. I also recommended him to another friend. I am not sure specifically if he completes work on 203K projects, but would be glad to help and hear about how you are making out.

Good Luck!

Scott, I have used Ed Sylvia for the past 3 years. Good guy, very knowledgeable. Located right in New Bedford. Not sure what you are specifically looking for, I only use him for my returns at this time, I own some properties on my own as well as some with partners, that are also customer's of Ed. I will admit that I am also on the hunt for someone who may be more involved and offer more real estate specific services, but if you are just looking for save, knowledgeable CPAs for returns, he is a solid choice.