All Forum Posts by: Shawn Reidy

I believe it is possible to add a second meter, but I remember when we looked into it that it wasnt going to be cost effective. We used A.H Jones Plumbing to install the sub meter, and the bill came out to $450. Hope that helps!

@Jordan Harrison We ended up installing a submeter.  My property manager does a reading each month and charges the tenants accordingly.  It's not a perfect solution, but more fair to all involved than either a) paying the water bill out of pocket or b) charging a flat monthly rate for water.

Thanks @Matt K. Cash flow wise, it still looks better to build it as an 8, even with shortened amortization and higher interest.  Another option I'm considering is trying to separate the parcel into two quads with separate tax IDs.  There is an identical building one street away that is zoned and taxed this way.  By doing this, I may be able to handle it as two transactions, both of which would be eligible for conventional financing.  

Hey BP Community!

I was hoping to get some advice on a deal I'm putting together with a flipper and the options we have moving forward.  Here's the background:  the flipper purchased a building which had operated as, and was built out as an 8x1-br unit apartment building, each apartment comprising approximately 550 sq ft.  It has since been abandoned and boarded up.  He is going to rehab the building and we have discussed the possibility of rebuilding it as a quad with 4x2-br units.  The going rent for a 1-br of that size is somewhere in the $650-$700 range, and $1050-$1100 for a 2-br.  The building is in a transitional area of town that is undergoing a lot of renovations.  At first glance, it seems like building it out as an 8-unit building would be more profitable.  My concerns lie in the quality/type of tenant 1-br units would attract vs. 2-br units, as well as the increased cost over time of appliances/etc.  I plan on holding the property long-term.  What would you do in this situation, and why?  Any and all input is appreciated!

Thanks for the feedback everyone!  I'm going to get some quotes together for the sub-meter and separate water line and do a little cost-benefit analysis.

I'm writing in hopes of getting some advice about how to tackle a situation that I'm dealing with regarding the water bill.  Here's the background:

-I recently purchased a duplex and am occupying one unit and renting the other

-Currently, the owner (me) is footing the water bill for the building

-My unit has in-unit laundry, the other does not

-The water bill averages $200/month

I'm considering the following options and would really appreciate any advice on how you would handle the situation:

1) Once I move out, continue to pay the water bill (expensive over the long run)

2) Work in a flat fee to the rent and pay the difference myself each month (tough sell to tenants)

3) Install a secondary meter and charge tenants back at the end of each month for their usage (requires more work on the part of the property manager, hassle to charge precise bill to tenants each month)

4) Run a second water line, completely separate bills and make the tenants completely responsible for their own water bill (most expensive, initially)

What are your thoughts, and can you think of any better options to deal with the issue?  Any and all input is greatly appreciated.  Thanks!

@Amy H. Thanks! 

Good Morning Richmond, VA

My wife and I will be moving to Richmond next week and are looking to work with an experienced, investor-friendly real estate agent.  Does anyone have any recommendations?  Thanks!

-Shawn

@Account Closed: Yes we're really looking forward to being back on the East coast!

Bigger Pockets Family,

Good afternoon from sunny El Paso, TX. I'm writing to introduce myself to the Bigger Pockets community and network with like-minded individuals, especially those in the Richmond, VA area.

I, like many others, caught the bug for real estate investing after reading Rich Dad, Poor Dad.  The concepts were so simple, yet it truly shifted my paradigm regarding money.  Since then, it seems that I can't learn enough about real estate.  What's most exciting, and sometimes frustrating, about my journey thus far is that the more I learn, the more I realize I don't know.  In that regard, it's encouraging to pore over the forums and witness just how supportive this community is towards those, like myself, who are just starting out.

My wife and I will be moving to Richmond, VA within the next couple of weeks and are hoping to make our first investment a "house hack." We would like to purchase a multifamily downtown and live in one unit while renting out the other(s). I've been watching properties come and go on the MLS, and it seems like most multifamilys with solid numbers don't last more than a couple of days.

We have been pre-approved for a VA loan and, through the mortgage broker, have been set up with an agent in Richmond. After a few discussions with her, it seems that she's more interested in a large commission than meeting our intent for the property.

For those of you that have stuck with me thus far, thank you for taking the time to read my introduction.  I look forward to learning from each and every one of you!