All Forum Posts by: Trey Eaton

Property: 11 Units (5) 1b1b (6)2b1b

Rents: 1b1b - $450avg   2b1b - $550avg

Location: Lakewood, OH

Condition: 50% of the units are in need of major repair. Bathrooms have windows in the shower. Building is from 1923. 

How would should I approach a bathroom renovation? Complete bathroom redo or patch work. 

How would you order items to address, in terms of importance in a typical bathroom?

What materials make sense?

What is the most efficient use of money?

Thanks,

Trey 

I have an (11) unit apartment building in Lakewood, OH, and I am trying to figure how to best approach re-negotiating with the county for lower taxes.  The property was purchased at $335K and I am paying property taxes at just over $12K a year. When I look at properties in other locations that are valued much high, example being a place going for $1.5M plus in the Washington, D.C. area is paying $12K in property tax a year.  I understand different areas have different tax rates and especially across state lines but I find it extremely hard to believe that an out skirt town of Cleveland, OH commands almost 5 times the amount of property tax. 

What has worked for those that have successfully re-negotiated their property taxes on multifamily apartment buildings?

Thanks,

Trey 

Thank you James, 

Do you have any experience with RUBS? How do the tenant react to a RUB coming to the building? How would you off set this? New stoves for everyone...? JK.

Trey 

Hi all, 

I recently purchased my first small apartment building (11Units) in Lakewood, OH. The utilities (water, rubbish removal, boiler gas, domestic gas, and common area lighting) are paid by owner. The electricity in each unit is paid by the tenant.  This winter has been extremely cold and has driven my utility costs higher than I anticipated.  I want to know what people are doing to lower their utility expenses for small apartment buildings.

I have been researching Ratio Utility Billing (RUBS) and Sub-Metering as possible options to lower my cost burden.

Please let me know what you guys are doing.

Thank you, 

Trey