All Forum Posts by: Tyler Labelle

My mother in law owns the house but wants the money to go to her daughter "my sister in law" .   She's depreciated it for an unknown number of years.  "less than ten"   She doesn't really want to deal with selling it but her daughter would like some cash and we are an option to get it for her.  We are offering her essentially 1/2 its value that we could give whatever way is best to avoid the most amount of tax.  

My mother in law has a rental house she is thinking of giving us for 50% of its value but we would need to give that 50% to my sister in law and would prefer to pay the smallest amount of tax to make that happen.  house is valued at over 200k 

Great insight everyone,  yeah these are 2 bed 1 bath units so in reality it probably needs a 3 head.  and yeah they look to be pretty pricy but maybe I can get away with 2 heads and some ceiling fans.  I still haven't been in the units and they are pushing me back on the day ill be able to enter.  from what i understand is these units are long and narrow the house being long and split down the center length wise.  and that being said i was thinking one on each end. 

The selling agent was very specific thats all they have.  I said dont they have base board heaters as well?  he said nope just the heating/cooling window units.  I was shocked.  he said it was a little chilly in there when he was in to take photos.   it's amazing how some people will live and not even complain.  That's just not how I Roll and I'll be upgrading them.  But honestly I'll be looking to get rid of most of the tenants down the road and will likely do the upgrades as that happens.   I was thinking just have an electrician come one time and run power to a box outside each unit and just cap it that way im paying one time and can likely get a better price on a package deal.  

@Jaysen Medhurst . I'm not sure of capacity of breakers yet but ill check on the inspection monday.  ill be able to do most of the work myself only paying for the electric and final pressure test.   Currently each750sf unit has two window units heating and cooling it all.  I know it must be struggling with that.  these little places look pretty good but the window units make them look section 8 right away.   

I just went under contract on 3 all brick duplexes that have window unit heating and cooling.  local PMs are telling me thats going to limit my rental cap.  they said 50$ a month more for non window unit.   these are 2 bed 1 bath 750sf per unit.  I was thinking of putting  duel head mini splits in each unit as they do tenant turns and maximize rents.  currently its under market at 600$ per door. PMs tell me they should be at 700-750 with window units and 800 without.  each unit has own electric meter and pays it.   opinions?