All Forum Posts by: Ronald Cooperman

I am buying a boarding house.  Numbers are great. I have never bought and managed this type of property. 

I am looking for advice from anyone with experience in this area

I have never bought a boarding home and am looking for management suggestions and any advice going forward

Have opportunity to buy a 15 room boarding house filled with retired people. My PM knows most of the tenants. The seller has owned since 2000. I have bought other SFR from him. He is totally honest.

Numbers

Purchase Price-     450k

Rent—75k

Taxes, utilities,management -

George,

I agree the numbers are great. we are going to look at the property Monday. 

Bought a twin home 45 minutes from house for 130,000. Inherited the tenants. Each  paying 1000 a month. I put 0 into property.  Taxes are 1500 a year. We have outside management in place. 

Evicting one tenant. Partner wants to sell property because of the distance, and feels it does not fit our plan.  I love the numbers

Question- would you put money into property? New kitchens, heaters. Etc?

How would you market the property?

Any other suggestions?

There are plenty of deals out there.  Why gamble?  If it is a buy and hold you will need flood insurance. Very expensive.  

Thanks

I hope to attend

Tara.  

The properties are in flood zone A. 

I have gotten several quotes that are more reasonable

Thanks Josh

I am finding out rates are all over the board

Greenwich have flood exposure?

I think old Westport might

Spent some time in Standford and Darien. Beautiful areas. 

I tried going to the guy in trouble. Gave him a price for the package subject to clean title.  Now it is 2-3 weeks no word.  I am wondering if he is raising capital to make a bid or he lowered my offer to fill his coffers. 

I plan to call the bank and inquire Monday

Enjoy the nice weather and the game