All Forum Posts by: Dumitru Anton

 advertise at local: hospitals/schools/firehouses

 in addition to those, may i suggest "poor man's air cleaner"? a couple of box fans + 20x20 filters.... run continuously 1-2 days. dump the filters directly into a trash bag. replace and re-run.

have the ac/heat ducts (if any) professionally cleaned... you don't want to breath the nasties again....

also i would check for cold/humid sections of walls. also crumbly (drywall/plaster) around baseboards. if you have those, (respectfully sorry) you are in for a surprise if you open the walls.....

now, what is the source of humidity? (roof, bad drainage/gutters, walls, basement)

 I would add, have a functioning bathroom (toilet, sink, shower)!!! and a big fridge+microwave

@Martin Sterling,

if a lot of investors run from it, then there more left for you!!!

But:

long version:

-you need to be a people's person

-you need to not stress a lot

-you need to look long-term (10-20 years)

-you need to know the locale street by street/block by block

- you need to know the neighbors

-you need to know the local HA (make or break!!!)

-you need to have a good team on the ground

-you need to have access to non-traditional lenders (local initiatives banks/thrusts, local hard money lenders, even the city)

-you need to understand your exit strategy is another section 8 investor

-you need to be/think different

-you need to look for people looking for long term renting;

-you need to screen your prospective tenants like crazy

-you need to be respectful , understanding, professional and by the book/letter of the law+letter of your lease, all-at-the-same-time!

-you need to make the stock/units tough/reliable/nice at the same time (tough and reliable means less maintenance headaches later down the road)

-you need to standardize your units (paint/faucets/vanity/cabinets/etc etc)

-you need to have contacts with all major new/used appliances stores/dealers in the area

-the way to a woman's heart is nice bathrooms and kitchens!

-the second way to a woman's heart is a welcome gift package (about $10 in dollar tree supplies: toilet paper roll, cleaning paper roll, toilet plunger, toilet brush, dish dispenser, soap dispenser, shower liner) + 1 box/pack of water bottles

-the third way to a woman's heart is a nice home/unit smell (apple + cinnamon/santal wood/ebony....)

short version:

-you need to find your niche!

all the best and continuous success!

 @Stone Teran, this ^^.

you can also check Harbor Freight.

now all bets are off if the building/renovation is big.....

 @Art Maydan, Please read this again!!!

you don't do this, mold(not mildew)/humidity/rot will show their ugly faces!!!

P.S. Thank you @Jim Adrian

 @Art Maydan,

quick question: i thought your house is "brand new" (newly renovated); how the contractor/rehaber from which you bought passed city inspection/your pre-purchase inspection with no attic insulation?

either way, @Kyle Hip, has your best local numbers.... (do it yourself though!)

and @Greg S numbers where 10 years payback because he considers you have to pay a contractor to do this (based on your other threads/ construction knowledge)

NOw, seriously: watch your step and don't fall/step on the ceiling/drywall! Miss @Marcia Maynard is right, not all attics where built to be finished...

I would look at the local Home Depot/Lowes/Menards/ Ace for deals on insulation!!! (or clearance stock)... christmas/end of year is almost here (hint hint)

Make sure you check your furnace filters also! and restriction type too! (a 1.5 years old plugged filter could cost you a LOT! ask me how i know......)

all the best and continuous success! (i really like it in your threads how you seem to learn more and more )

 @Eric Geyer,

(Warning, this will be long...)

-scour your "rough" neighborhood 5 years statistics (you want to see improvement)

-scour your local press, local town news (you want to see plans to do something/improvement)

-check former owners building history, any permits pulled in the past

-take some of the hardcore local landlords to a dinner/coffee to see how they are doing it in the area

-make a few visits to the local HA and find out the inners. (they may have classes for beginner landlords/ updating on the laws; also access to discounts/low % loans for various renovations/improvements/energy)

-YOU NEED TO SCREEN YOUR TENANTS!!! (HA has different criterias and interests then you)

-you need to "READ" people

-i would look for people who pay at least some portion of the rent (10%-30%)

- i would look for people who had longtime history in previous places

-Inspectors will be more through in inspection when kids under 6 years old will be in the household!!!

-(when the prospective tenants or even the inspectors complement you, you know you are one of the nicest offerings around)

-do renovations by the book/permits (city will not hound you/place you on "black list") (you will thank me long-term)

-you need to have a tough/easy to replace/easy to repair/standardized/NICE building stock (standard faucets/vanity/cabinets/paint/tiles/windows/shower/floor/etc etc); became an expert in finding the supply houses (not big box store) which have the standard/tough/good/pro stuff!

-use commercial kitchen fans/hoods (you will thank me later)

-at least 2 fire extinguishers per unit/house (kitchen grease fires.....)

-use hard wired LED lights (no bulbs "walking" out)

-use 10-years-sealed battery smoke/monoxide detectors (or have them hard-wired); be adamant about then not being disconnected ("by order of the <city>'s fire marshall......")

-the way to a woman's heart is nice bathrooms and kitchens!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (if you are design-challenged, please have a woman/designer give you advise: it will pay long-term)

--also make sure your house/units smell wonderific/seasonal (apple cinnamon/santal wood/ebony)

-a welcome package would set you apart also (less then $10 at dollar tree supplies: toilet paper roll, cleaning paper roll, toilet plunger, cleaning brush, cheap shower liner, soap dispenser, all-purpose cleaner container, couple garbage bags) + box/pack of water bottles in the fridge

-you do not need to buy stainless steel appliances, but do make connections with local used appliances store (they may have warranty in place, and know the appliances which make do /resists in the area). use white or black, simple and reliable type

-find out which appliances tenants usually bring with them in the area

-DO NOT implement the Section 8 Bible books advises (but do read the books). Section 8 expect something nice, clean, reliable these days. bare-bone will not get you what you want!

-READ your local HA rules (program is federal but local implementation may differ from HA to HA)

-stick to your lease(and HAP contract)

-rent is due when is due; follow local laws to the letter (security deposits/additional persons/pets/no extra payments under table)

-you need to be understanding but always respectful and professional

-you are in it for the long term

-you need your own trusted/in-house team

-you need volume to makes sense long term (100-300 units)

-it is not for newbies (unless you have no risk tolerance and you are a people's person)

-use the search BP function for past section 8 /low income threads

-(i'm sure i'm forgetting something)

good luck

 Nicely done

@Alik Levin, it is part of the structure. Also you do it , you control it (quality-wise).

 so no half-baked patches/duct taped hold by tenant's friend of a friend....

@David Dachtera, +1,000