All Forum Posts by: Account Closed

@Dutch Langley thank you. Their price for the new roof was fair, it's just now I don't know if I should go for the tune-up or the new roof. I am thinking the former and can hope to get 5-10 years out of it. The new roof expense is something I can handle for now but it definitely wouldn't be fun. Worth noting that the new roof would have to be done after the snowfall, so there could be damage from that to the top unit. Building is very old and just in average condition.

@Thomas S. thank you for the feedback, I have reached out to claims department already and am awaiting their appraiser (I think?) to call me back. New England weather is crazy, so I cannot count on it to stay cold. Recently we had several days in the 50s, for example.

@Evan Hutchins thank you so much for your insight! When I got an inspection done, the guy said the roof probably had 5-10 years left in it. We don't know when it was last redone.

Hi all, unsure of what to do here. Any advice is appreciated.

I own a building in Revere, MA that just got hit hard by extreme winds. The roof for the building is 2 layers: tar + gravel and rubber. Large sections of the rubber were peeling off last night due to winds catching under it and blowing it off. There were 60MPH winds in the area.

I had to hire an emergency contractor to stabilize the rest of the roof so it didnt blow off and hit another building / another person. My neighbor's rubber roof came straight off and blew into their yard. The contractor cost an arm and a leg, but I wasn't sure I had any options - who else could provide emergency services on a Monday night?

The contractor is offering me 2 options: get a new (15 square) roof for about $8k, or do a "roof tune up" for $3500. They say that my roof is salvageable and they would bring in some new materials and heavily reinforce the roof (secure each layer with 4 inch screws). It's backed by a 5 year guarantee and takes a day.

It's supposed to snow on Wedesday / Thursday in the area. I know nothing about roofs.... so it's unclear to me if the tar / gravel layer would do anything to stop water damage from the melting snow. Any input would be greatly appreciated as I need to make a decision fast. I doubt my insurance will cover the cost of a new roof. Haven't really dealt with anything of this scale before.

Am I panicking? A little bit haha.

Hi all, unsure of what to do here. Any advice is appreciated.

I own a building in Revere, MA that just got hit hard by extreme winds. The roof for the building is 2 layers: tar + gravel and rubber. Large sections of the rubber were peeling off last night due to winds catching under it and blowing it off. There were 60MPH winds in the area.

I had to hire an emergency contractor to stabilize the rest of the roof so it didnt blow off and hit another building / another person. My neighbor's rubber roof came straight off and blew into their yard. The contractor cost an arm and a leg, but I wasn't sure I had any options - who else could provide emergency services on a Monday night?

The contractor is offering me 2 options: get a new (15 square) roof for about $8k, or do a "roof tune up" for $3500. They say that my roof is salvageable and they would bring in some new materials and heavily reinforce the roof (secure each layer with 4 inch screws). It's backed by a 5 year guarantee and takes a day.

It's supposed to snow on Wedesday / Thursday in the area. I know nothing about roofs.... so it's unclear to me if the tar / gravel layer would do anything to stop water damage from the melting snow. Any input would be greatly appreciated as I need to make a decision fast. I doubt my insurance will cover the cost of a new roof. Haven't really dealt with anything of this scale before. 

Am I panicking? A little bit haha.

Hi @Keleisha Carter, I just wanted to add something from my own experience that you might find helpful. There wasn't a point in the process when I felt 100% ready to pull the trigger on my first multifamily. I just kind of gritted my teeth and did it after some research. Even with all of the preparation in the world, I doubt that a person can feel 100% prepared for taking on the challenges of investing. I'd say to be careful of "analysis paralysis." Good luck!

Hey Eric, sorry I won't be of help here but do you mind telling us what company you use? I own in Revere and may be looking for a pm. 

Hey Chris. Check out historical pricing around the area in 2008 or 2009. Some areas were totally unaffected, some were. That'll help you answer your question. 

I'd add that Revere and Everett are both strong areas for investment as well. I feel like the ship has sailed for Allston / Brighton.

@Stephen Kunen thanks for sharing your story, and your rent numbers look awesome! I am new-ish to REI... I bought a building, completed the rehab portion and am renting it out, but am unclear what the refinancing will look like. Did you take cash out? What was your new rate vs old rate? Refinancing doesn't look optimal to me right now with rates increasing. Could you help me understand? Thanks!

@Lien Vuong thanks for the reply, and sorry for getting back to you so late!  I'm looking for a company that manages the month to month operations, so I can focus on getting more deals. It'd be great to hear any insight that you have!