All Forum Posts by: Samuel Eddinger

@Valentin Diaz - sorry you are having this issue.  Every year the fire code gets more and more overzealous but that's the way it is moving.  And the elected officials and tenants wonder why rent keeps going up so much.

I have been having to put in a lot of fire systems in properties we manage.  It's costly but that's what is expected.  I agree with what the others said.  Ask specifically what is needed to comply.  If you are interested, I can give you some names of companies that can help.  DM me if that is something you would like.

Quote from @Eric Greenberg:

Thanks everyone - very helpful

Welcome to BP @Eric Greenberg.  It may be more helpful to post this message in one of the Vermont forums.  I know that I monitor this CT forum since I am from CT and looking to help people be successful in CT.  I'm sure Vermont people do the same thing.  Good luck buying!

Quote from @Dustin Horner:

Thank you @Drew Sygit and @Phillip Austin!

I didn't mean to imply that someone would consider hiring FT help at 10 units, but I guess I was wondering what the hypothetical point would be in which an owner might even consider it. But, yes, it sounds like simply looking at your numbers and determining whether or not you can absorb a salary is the time to consider it. 

I'm just beginning but am considering a bigger commitment in the next five years or so by accessing some or even all retirement funds to buy a building (I'm sure people have thoughts on whether or not that is a good idea!). From there, I would like to consider a 1031 exchange in the future to acquire more units.

My current property management company suggested that they could handle a mid sized apartment building but I would absolutely not consider them for it as I believe they have overextended themselves and communication is lacking. I just want to get the management side of things right if I were to commit virtually all of my resources to it.

Best,

Dustin

 The rule of thumb is somewhere between 80 and 150 units is when you will need FT maintenance (depending on age and amount of deferred maintenance).  For FT property management, the rule of thumb is between 80 and 120 units (if they are doing everything).

Hey @Beau Wollens.  Welcome to BiggerPockets.  You are correct that there is a lot of variability in prices.  Even from contractors on a project you can get quotes that vary by 50% or more.  The big thing that determines the price is what actually has to be done and the finishes that you select.

I know you said it is a gut remodel but are the floors still good?  Is the layout still good or are you moving lots of walls?  Is the roof good?  Is the foundation good?  If the foundation is good, the roof is good, the floors are good, the layout is good, you are probably saving at least $100k right there in labor/materials.

The other thing that frequents adds a lot of cost is when the unknown occurs.  We had an underground oil tank that we thought was a 270 gallon.  It ended up being about 1000 gallons.  Removing it cost us an additional $5k over our estimate.  When you have things that you do not know how bad they are until you open up pandora's box, it is hard to perfectly predict the cost.

I'd be happy to have a more in-depth conversation if interested.  DM me if interested.  I'd love to share whatever advice I can.

Welcome @Jean Romelus Lisma!  I'm a central CT based investor, flipper, and property management company owner.  I'd be happy to connect.  DM me if interested in having a conversation.

Quote from @Matthew McCarty:

It is really hard to find deals right now because in CT we are still in a seller's market.  It is possible, but you have to put in the work; driving for dollars, mailer campaigns, cold calling, building lists, etc.  I personally do a lot of networking and I get a few deals that fall into my lap a year.  I'd be happy to discuss this more.  DM if interested.

@Chris Agun - I love the flexibility that a HELOC provides. If you don't need money you pay down the HELOC. If you need money you pull from the HELOC. Start with your primary residence as it is much easier. I've done it multiple times on primary residence and was just able to do it on an investment with a local CT bank. I'd be happy to discuss further. If interested, DM me.

@Hilda Rolon - welcome.  There are great meetups in CT from @Brandon Rush, @Ryan Luby, @Stephanie Cabral, @Devin Peterson, and CTREIA if you want to network with the CT real estate community.  I invest, flip, own a property management company.  If you are interested in networking with me, DM me directly.  I look forward to speaking with you.

Thanks @Drew Sygit.  @Kieran Collings - I'm an investor, flipper, and own and run a local property management company.  We do not manage every part of New Haven.  I'd be happy to connect.  If we are not the right company for you, we may know someone that is.

That's awesome @Abby Blumenfeld.  I'm a CT based investor myself.  You are exactly correct that every project always has a wrinkle that costs more and takes more time.  Real estate is all about getting rich slow, not quick.

I'd be happy to connect.  If interested, DM me.