All Forum Posts by: Rob Bianco

I bought an 11 unit building that has a laundry room in the basement. The previous owner had 4 washers and dryers but it was a bit overkill so we're only keeping 1 washer and dryer which my property manager thinks should be sufficient.

But now I have like 500 sq ft of space where washers / dryers were and was also used as like part-time storage space for the owner's junk.

I'm debating whether there's enough space to build out a studio or if I am better off providing more services for tenants like a bike rack or storage lockers or something else instead .. ?

I'm under contract on a 4plex property in Texas (Houston Area) and just had the inspections completed. The termite inspector's report read that there were signs of a previous termite infestation but it looks like the property was treated and there were no current signs of termites. With that said, I'm not sure how to feel about it or how to proceed...

Would it be better to hire someone to do termite prevention measures or maybe hire a termite inspector annually to keep an eye on things?

I'm also wary since people have horror stories of inspectors claiming termites are gone but then suddenly homeowners find them everywhere in the walls where inspectors can't see and I'm wondering if I ought to just walk away from this property so I don't regret it.

Advice appreciated.

Looking to know which are the best places to get home owners insurance in Houston for a rental property? I'm mostly interested to know if anyone uses a local company in the area instead of one of the national providers.

Thanks

I'm interested in a 4plex property in Texas that has 1 water line to the property and the current landlord pays tenant water/trash/sewer bill. As a prospective buyer, I don't really want to pay tenant water/trash/sewer. Is there an easy (and hopefully inexpensive) solution to this problem?

@Ayo O. Thanks for your input. I was going to go cash to get the deal and refinance afterward. 

Right now I'm going through the 1031 exchange process and I'm having a tough time finding a replacement property within the 45 days. I'm an out-of-state investor from NY so I rely on friends and realtors to bring me deals. 

Recently, a guy I know said he was moving and selling his duplex for $200k in Houston, Texas. I don't own any properties in Texas but after looking at the details I'm seriously considering giving it a go.

Asking price is $200k but I offered $185k cash. Each unit rents for $1,000/month and while the home is a bit older (built in 1983) it's in a B-Grade suburban neighborhood with high demand. It's questionable how much more rent I can get with light upgrades for the area but I'd be aiming for $200 more per month on an $8k budget per unit.

Expenses include property tax is $380/month. Insurance $140/month. 10% of rent to a property manager.

@Elias Camhi I sent you an email and a Bigger Pockets message

I'm new to investing in the Houston, TX area. I'm wondering how I find my "boots on the ground" in the area like realtors and property management? I'm mostly looking to own near areas with good school districts and B-Grade neighborhoods.

I'm shopping around to own 2 million in real estate. It's mostly residential duplex properties with traditional financing. How much of a cash safety net should I have set aside? Properties are relatively low maintenance.

Right now I have roughly $50k set aside which breaks down into $20k for capex, $20k for maintenance, and $10k for vacancy.

I was also planning to set aside 25% of the rental income to add to these categories (capex, maintenance, and vacancy) but am not sure if that is over-the-top and not necessary.

Maybe someone else can let me know what they tend to do?