All Forum Posts by: George Paiva

Does this property have access to Natural Gas?  If not consider Propane as well.  Even oil is more desirable than electric heat. I would keep the hot water lines if they are in good shape.  It should save you a little there.

If you want AC put a air handler in the attic and run ductwork from there. 

This is what we do in our Flips.  

 Honestly I use this list for even single fix and flip.  The key is to know what info is important for that particular deal and add or subtract from it.  Also in many cases you will not get all this info directly from the landlord, especially in distressed situations.  As some mentioned above bad management can quickly turn a property south even with great financials. You will need talk to many people owners, landlords, property managers, maintenance, tenants, etc...  to build the full picture.  

Great meeting last night!  Special thanks to the Greater Bridgeport Property Owners Association and the Higgins Group for bringing up some timely discussions.

Mike Curious to hear why you didn't continue Gas Heat in the units you are adding Electric Baseboard?  Of course cheaper to add a few $100 baseboard units than a $1000 furnace but would like to understand if it was monetary or other reasoning.   

Awesome and Congrats!!!  BTW $30k in CT and during this time of year is nothing to sneeze at.   

I use - Quick Check Credit Reports - http://www.thelpa.com/lpa/QuickCheck.html

They are pretty reasonable in cost and provide Transunion reporting.    

Make sure the application is good for the state its being used and has provisions in it to run background and credit checks.  Also make sure its also legal to collect Application Fees. Some states do not all app fees. 

As for the property manager, depending on size he can get away with just a handy man type of person that can be called on to service the property.

I tried with the current mortgage bank on my mixed use commercial after 2 yrs of owning it. They were not interested in refinancing because I borrowed at 80% LTV even though I spent considerable capital and increased rents. I would love to shop around but my current loan has me locked in for 6yrs else I face prepayment penalties.

For me it all depends on the property type and location.  At the very least a clause has to be in there to handle the lease once it expires.  Here are a few examples:

HOLD-OVER. If you continue to occupy the unit with our consent after this lease ends, this lease will be on a monthly basis. In that case, either you or we can send a notice to the other and cancel the lease at any time. All the other terms of this lease will still apply.

HOLDING OVER Any holding over after expiration hereof, with the consent of the Owner, shall be construed as a month to month tenancy in accordance with the terms hereof, as applicable. The terms and conditions of this lease will continue to apply.

Honestly haven't had to enforce the lease in the 5yrs I have been doing this.  Not even the 5 evictions I have gone through has the lease agreement been brought up.  I doubt the tenants ever read over the leases I have them sign every year.

The easiest on this would be to power vent each individually.  Many state/town building codes won't allow multiple appliances using one power vent.  

marked my calendar!