All Forum Posts by: Account Closed

If you want drywall use drywall.

I've never had to access hvac ducts 

You only need access to pipes if they freeze

Everyone uses drywall as far as I know

Mike,

This can have a rather simple solution if you play it out right. 

First of all make sure you are zoned for 6 units and that isn't an issue.

Next, appeal the mandatory sprinkler addition for adding an additional unit. This will take time but is your best recourse. The building department will not just agree - you have to offer something to make the building as a whole safer, or they will. 

A good solution is to hardwire smoke detectors throughout the different floors of the apartment building. That could cost you as much as a sprinkler system if you've already finished your gut rehab though or it could be considerably less.

If you have questions I may be able to answer them but it differs in each locale. You could also offer to increase the fire rating on the new unit by adding more sheetrock etc.

Stefan,

Are you paying for the property or your broker?

Don't listen to your broker. 

I've paid MUCH less than the asking price several times - especially on properties that were distressed or had deferred maintenance. 

Don't let someone else make you offer more than your calculations.

Thanks Jedd,

I think it'd be more a complain hassle with a 6 plex than a larger multifamily complex. If the submeters weren't so expensive I'd look at it more seriously. Do you know if municipalities install individual meters for multifamily?

heres a thread with some info on RUBS

You can do it yourself or hire a third party for a small fee

https://www.biggerpockets.com/forums/432/topics/94656-rubs-for-apartment-building

Bonafacio,

I know a trusted contractor in the area who generally works on larger projects than yours, but if you need a second opinion or someone who can verify work being completed by your contractor PM me and I'll send you his info.

Thanks for your input.

At this point I am wondering if I should implement RUBS vs installing submeters. Either way the water bill would be taken care of but I wonder how much value submeters would add to the complex vs RUBS.

I think manual readings would be too invasive for many leasees to have someone enter their home once a month. What is your experience?

Also, please include what size your meter/connection is. 1/2" or 3/4" seems to be the norm.

I am considering doing so since it would be of little/no cost to me and I can basically sell only a few units if I want to raise cash for an investment instead of taking out a loan. If I sold the complex as a whole do you think an investor would pay more just because they would be able to cash out piece by piece as needed?

Bump