All Forum Posts by: Wil Pace

Looks solid, but insurance seems high.  I pay roughly half that number for insurance on a 12 unit property (also two six-plexes).  I realize rates vary significantly based on location, coverage, etc.

Good luck!

Does anyone have any tips for cleaning dryer vents from the exterior of buildings?  I typically clean out the vents using a 12' brush from the inside of each unit in my small multis.  Simple job, but its a huge pain pulling the dryer out enough to get access (W/D is in the bathroom - very tight) not to mention scheduling a time to do it in occupied units.

Is there an effective way to clean out the vent from the outside?  Would love to be able to accomplish this task without disturbing the tenants.  If I used the 12' brush, I assume it would just push all the lint back up to the dryer connection.  Maybe a vacuum hose?

Thanks!

I recently turned 50 and have every intention to continue acquiring rentals.  I currently own and manage 23 doors (small multis and SFHs) and I have a full time job.  My goal is to get to 50 doors by 2023.  At that point, I will give serious thought to quitting my day job (I'll be able to financially, just not sure if I'll be ready to give up the social aspect/coworker comaraderie).  It's important to focus on cashflow - especially as you get older.  I only purchase properties that will cashflow enough to warrant my time to self manage ($228/door monthly for my most recent acquisition).  I plan to continue acquiring as long as it makes financial sense.  At some point, I'll probably have to hire out PM on new acquisitions (not sure I'll want to self manage more than 50 doors).  But, assuming I remain in relatively good health, I plan to continue self managing as many units as possible - I never expected to enjoy it, but I do!

I got crushed this year as well - roof replacement, new windows in several units, and a $5,500 bill from the city to pay for mandated sidewalk repairs in front of my building!  Hoping 2020 is a bit kinder...