All Forum Posts by: Nina Davenport

Thank you Ben Clinger.  You made a good point about the boiler being over sized if I eliminated the top floor of radiators.  I hadn't considered that.  And, of course, the pipes going wherever.  I just am not sure how much it costs to heat with electric baseboards vs oil heat.  I had thought about just charging extra rent and including the heat, just not sure how much to charge.  Lots to think about, but leaving the existing system is probably the best option.  

Good to know about Columbia Gas. We have that same company here in VA where Iive. I'll check out the insulation options. Thanks!

Go to Landlord Tenant Court and sit in on the eviction proceedings.  You'll find frustrated landlords there in a selling mood, I'm sure.

I am purchasing a house that was built in the early 1900's as a SFH. It has one boiler and radiators throughout. I want to meter the electricity separately, and, of course, the heat.

I had thought of shutting off the radiators to the upstairs floors and just having the boiler heat the downstairs and have those tenants pay for the oil.  For the upstairs, perhaps I could remove the unused radiators and put in electric baseboard heat.  I don't like the cost of running dedicated circuits for each baseboard though, which is what I think would be required.  Does anyone have experience with this type of conversion, and a better idea?

I live in Central VA where heat pumps are common, however, they are very expensive to run especially in old homes with high ceilings and no insulation in the walls, and are inefficient at low temperatures. I would rather use gas or oil heat, ideally.

Thanks a lot!

I enjoyed hearing Robyn speak at our REIA in South Jersey on several occasions. I learned so much from her and one of the things I remember is that she gives her potential sellers three offers, but I can't remember them. Does anyone know what they are? I think the first and lowest offer is all cash, the second one is 100 monthly payments of an equal amount (higher than the all cash amount), and I can't remember the third. Can anyone help me out?

Thank you!

Great!  Thanks for the clarification.  

I am unclear as to when to use NOI and Cap Rate to analyze a rental property. I am thinking of duplexes now - what is the best way to evaluate? Is the cap rate method only for multi units over 4?

Most real estate contracts (all that I am aware of) state that the contract is binding on the heirs and successors to the contract. I do not think you will have to wait for probate to settle it, but an attorney will know for sure.

David,Yes! I was at the meeting a Hill City Grille.  I assume you were there also?  I need to get there earlier so I have more time to network. I really want to meet you.  What do you do?  It's the kernel of a great group.  It's only been in existence about a year but I know we can grow and really help each other with investing.  Without BP I wouldn't have known about this group.

You have to go to the probate court.  They can help you with that.  If there was no will, it will be settled by the court.  If there was a will, and heirs are mentioned, I think you can see who they are.  Not really sure, but definitely start in Probate.

Tyler,

That was always a hard problem for me when I was a new investor.  I did not find a site that would give me that information.  The tax records online will tell you what was paid for that property and at what time, but that's it.

Since the owner is deceased, you should go to the probate court as part of your search.

Generally people who bought before 2000, before all the craziness in the housing market started, are likely to have some good equity, depending on whether they got an FHA mortgage (3.5% down) or if they re-financed.

I would suggest doing a broad search looking for owners who have owned for a long time and then go to the courthouse in the county in which the property is located, and search the records there.  Every mortgage (including re-fi's) have to be recorded. Liens and judgments are also recorded.

Just ask the clerk how to do the search.  Then you will have to talk to the individual owner to learn the exact financial situation.  If you don't feel comfortable searching yourself or don't have the time, get friendly with a title company and ask them to do a preliminary title search for you.  They will charge about $150 to do this, but that is deducted from closing if you use them at settlement.

If anyone out there knows of a site that does give mortgage information, I would love to know about it!