All Forum Posts by: Account Closed

There is a owners meter for the Sump pump and dehumidifier in the crawl space

I live in the area so I will take care of the Lawn mowing and snow removal

Disclosures state water is 556$ per year and sewer is 720$ per year. 1276$ total or $106.3/MO

Trash in the area is private, not included in taxes

Flood insure is not required, that was the first thing I checked before bidding

15k renovation- roof+gutters-7k, reglaze bathroom tile/shower, install new toilet and vanity, new light fixtures throughout, new LVP throughout, paint walls grey, add trim to kitchen cabinets and paint white, replace kitchen sink and small countertop with granite, replace appliances with stainless steel. budget will probably exceed 15k. More like 20-25k total for both units and the roof.      

Here is the rental property analysis                                      

https://www.biggerpockets.com/...

BUMP

 Thanks Anthony,

I plan to replace the roof and gutters first. shouldn't be more than 7k. I was attracted to the Electric heat because there is zero maintenance involved. Coming from dealing with constant issues with steam heat in my other properties electric heat was appealing to me. From what I have researched about 25% of smaller 1 bedroom rentals in my area are electric heat. I plan to paint the interior grey and cabinets white with granite countertop. Reglaze the tile in the bathroom and shower, new vanity, new toilet and new LVP flooring throughout the unit.

Hello BP,

Im closing on a small 1240 sqft duplex soon. The home is a town house style Brick one level 2 family. Each unit has 1 bedroom and is 620 sqft. Directly across the street there is the Farmington River and visable from the living rooms. The home is conveniently located close to restaurants, business, parks, and the highway. What attracted me to the property was that it has separate driveways so the tenants can do their own snow removal, it was built in 1964 and its a one level brick side by side duplex. I plan to renovate maybe 15k total to increase rents to 1000$ each. Please give your input and let me know how I did?!

Simsbury, CT

Location B++

Listing Price- $179,000                Water/Sewer- $110/Monthly Heat Source- Electric Baseboard (tenant paid)

Contract Price- $163,000             Garbage- $34/Monthly

Appraised Value- $180,000           Owners Electric- $22/monthly

Current Rent- $1300/ 650 each    Home Owners Insurance- $41/Monthly

Market rent- $1750/ 875 each      Taxes- $3,924/ Yearly

After Rehab Rent $2000/ 1000 each 

Interest Rate- 3.875@ 30 years 

Down Payment 25%

Thanks Ryan. I was thinking of installing a Mini split heat pump that can provide heat and AC.

Yes, these are 1 bedroom units. I believe that they will be appealing to the 55 and over community because they are one level and located in a safe area. 

Single-family residence fix & flip investment in Simsbury.

Purchase price: $151,000
Cash invested: $46,000
Sale price: $263,000

rehabbed a 1920 colonial in Simsbury, CT. New roof, Kitchen, Bathroom, Electrical, plumbing, flooring, paint.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Michael Noto- CT real estate Agent

Hello BP,

Im closing on a small 1240 sqft duplex soon. The home is a town house style Brick one level 2 family. Directly across the street there is the Farmington River and visable from the living rooms. The home is conveniently located close to restaurants, business, parks, and the highway. I plan to renovate maybe 15k total to increase rents to 1000$ each. Please give your input and let me know how I did?!

Simsbury, CT

Location B++

Listing Price- $179,000                       Water/Sewer- $110/Monthly               Heat Source- Electric Baseboard (tenant paid)          

Contract Price- $163,000                    Garbage- $34/Monthly                     

Appraised  Value- $180,000                Owners Electric- $22/monthly            

Current Rent- $1300/ 650 each          Home Owners Insurance- $41/Monthly

Market rent- $1750/ 875 each            Taxes- $3,924/ Yearly

After Rehab Rent $2000/ 1000 each    Interest Rate- 3.875@ 30 years

Hello BP,

I am under contract with a small 2 family  in a desirable location in Northern CT B+ neighborhood. The Units are rented at 650 per side and are well below market rent of 850 (1bed 1 bath per unit 630 sqft). The Home has electric heat and the landlord pays for the water/ sewer 110$ per month. One of the tenants is very elderly (88 years old) and the other is late 50's.  I fell horrible raising the rent 200$ on a 88 year old tenant but the property won't cashflow well if I don't raise the rent.  What would you do if the 88 year old tenant who has occupied the unit for 20 years can't afford a 200 dollar rent increase? I am currently using Cozy/Aprtments.com for rent collection on my other properties and like the system.  How should I collect the rent from the 88 year old tenant. I'm almost positive she isn't up to date with technology.  I need advice on how to approach this ownership transition. I feel that I should ask for and verify their financial information to get a better understanding if they can afford the rent increase or not? Leases expire 01/22. What information do you collect from the tenants after you take ownership of the property and what do you tell the tenants during your first conversation with them?

@Sean Rooks

Great job! Next one will be extra bases!