All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Coronavirus Content & Resources Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowMulti-Family and Apartment Investing ForumsArrowInvesting in multifamily properties in areas with bad winters
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Topic: 1031 Exchanges Topic: Akron Real Estate Forum Topic: Alabama Real Estate Q&A Discussion Forum Topic: Alaska Real Estate Q&A Discussion Forum Topic: Alberta Real Estate Forum Topic: Albuquerque Topic: Allentown Real Estate Forum Topic: Anchorage Real Estate Forum Topic: Ann Arbor Topic: Arizona Real Estate Q&A Discussion Forum Topic: Arkansas Real Estate Q&A Discussion Forum Topic: Arlington Real Estate Forum Topic: Asheville NC Real Estate Forum Topic: Ask About A Real Estate Company Topic: Athens Real Estate Forum Topic: Atlanta Real Estate Forum Topic: Aurora Real Estate Forum Topic: Aurora Real Estate Forum Topic: Austin Real Estate Forum Topic: Bakersfield Real Estate Forum Topic: Baltimore Real Estate Forum Topic: Bankers, Lenders, and Mortgage Brokers Topic: Baton Rouge Real Estate Forum Topic: Beaverton Real Estate Forum Topic: BiggerPockets Business Podcast Topic: BiggerPockets Exclusive PRO Area Topic: BiggerPockets Money Podcast Topic: BiggerPockets Real Estate Investing Summit Topic: BiggerPockets Summer Reading List Topic: BiggerPockets Webinar Discussion Forum Topic: Billings Real Estate Forum Topic: Birmingham Real Estate Forum Topic: Bismarck Real Estate Forum Topic: Boise Real Estate Forum Topic: Boston Real Estate Forum Topic: Bridgeport Real Estate Forum Topic: British Columbia Real Estate Forum Topic: BRRRR - Buy, Rehab, Rent, Refinance, Repeat Topic: Buying & Selling Real Estate Discussion Topic: California Real Estate Q&A Discussion Forum Topic: Cambridge Real Estate Forum Topic: Canadian Real Estate Topic: Cape Cod Real Estate Forum Topic: Cape Coral Real Estate Forum Topic: Casper Real Estate Forum Topic: Cedar Rapids Real Estate Forum Topic: Chandler Real Estate Forum Topic: Charleston Real Estate Forum Topic: Charleston Real Estate Forum Topic: Charlotte Real Estate Forum Topic: Chattanooga Real Estate Forum Topic: Chesapeake Real Estate Forum Topic: Cheyenne Real Estate Forum Topic: Chicago Real Estate Forum Topic: Chittenden County Real Estate Forum Topic: Cincinnati Real Estate Forum Topic: Cleveland Real Estate Forum Topic: Coastal NC Real Estate Forum Topic: Colorado Real Estate Q&A Discussion Forum Topic: Colorado Springs Real Estate Forum Topic: Columbia Real Estate Forum Topic: Columbia Real Estate Forum Topic: Columbus Real Estate Forum Topic: Columbus Real Estate Forum Topic: Commercial Real Estate Investing Forum Topic: Completed Deal Diaries Topic: Connecticut Real Estate Q&A Discussion Forum Topic: Construction & Remodeling Diaries Topic: Contractors Topic: Conway Real Estate Forum Topic: Coronavirus Conversation Topic: Coronavirus Government Assistance Programs Topic: Creative Real Estate Financing Forum Topic: Currently Under Contract Topic: Dallas Real Estate Forum Topic: Davenport Real Estate Forum Topic: Dayton Real Estate Forum Topic: Delaware Real Estate Q&A Discussion Forum Topic: Denver Real Estate Forum Topic: Des Moines Real Estate Forum Topic: Detroit Real Estate Forum Topic: Do it Yourself Topic: El Paso Real Estate Forum Topic: Eugene Real Estate Forum Topic: Evansville Real Estate Forum Topic: FAQ Forum Topic: Fargo Topic: Fayetteville Real Estate Forum Topic: First Time Home Buyer Topic: Florida Real Estate Q&A Discussion Forum Topic: Foreigners Buying in the USA Topic: Fort Collins Real Estate Forum Topic: Fort Lauderdale Real Estate Forum Topic: Fort Smith Real Estate Forum Topic: Fort Wayne Real Estate Forum Topic: Fort Worth Real Estate Forum Topic: Fresno Real Estate Forum Topic: General Foreclosure & Pre-Foreclosure Forums Topic: General Landlording & Rental Properties Topic: General Real Estate Investing Topic: Georgia Real Estate Q&A Discussion Forum Topic: Germantown Real Estate Forum Topic: Get Foreclosure Help - Stop Foreclosure Forum Topic: Gilbert Real Estate Forum Topic: Glendale Real Estate Forum Topic: Goals, Business Plans & Entities Topic: Grand Rapids Real Estate Forum Topic: Green Bay Topic: Greensboro Real Estate Forum Topic: Hammond Real Estate Forum Topic: Hartford Real Estate Forum Topic: Hawaii Real Estate Q&A Discussion Forum Topic: Henderson Real Estate Forum Topic: Hialeah Real Estate Forum Topic: Hilo Real Estate Forum Topic: Home Owner Association (HOA) Issues & Problems Forum Topic: Honolulu Real Estate Forum Topic: Housing News & Real Estate Market Discussions Topic: Houston Real Estate Forum Topic: HUD, VA, and Tax Sales Topic: Huntington Real Estate Forum Topic: Huntsville Real Estate Forum Topic: Idaho Falls Real Estate Forum Topic: Idaho Real Estate Q&A Discussion Forum Topic: Illinois Real Estate Q&A Discussion Forum Topic: Indianapolis Real Estate Forum Topic: Indiana Real Estate Q&A Discussion Forum Topic: Innovative Strategies Topic: Interest Rate Drops Topic: International Real Estate Topic: Investor Deal Diaries Topic: Investor Psychology Topic: Iowa Real Estate Q&A Discussion Forum Topic: Jackson Real Estate Forum Topic: Jacksonville Real Estate Forum Topic: Jersey City Real Estate Forum Topic: Job Loss/Company Closings Topic: Joliet Real Estate Forum Topic: Jonesboro Real Estate Forum Topic: Kailua Real Estate Forum Topic: Kānèohe Real Estate Forum Topic: Kansas City Real Estate Forum Topic: Kansas City Real Estate Forum Topic: Kansas Real Estate Q&A Discussion Forum Topic: Kentucky Real Estate Q&A Discussion Forum Topic: Knoxville Real Estate Forum Topic: Lakewood Real Estate Forum Topic: Landlord Problem Solving Topic: Las Cruces Real Estate Forum Topic: Las Vegas Real Estate Forum Topic: Lewiston Real Estate Forum Topic: Lexington-Fayette Real Estate Forum Topic: Lincoln Real Estate Forum Topic: Little Rock Real Estate Forum Topic: Local Real Estate Networking Topic: Long Beach Real Estate Forum Topic: Long Island Real Estate Forum Topic: Los Angeles County Real Estate Forum Topic: Louisiana Real Estate Q&A Discussion Forum Topic: Louisville Real Estate Forum Topic: Madison Real Estate Forum Topic: Maine Real Estate Q&A Discussion Forum Topic: Managing Your Property Topic: Manchester Real Estate Forum Topic: Manitoba Topic: Marketing Your Rental Topic: Marketplace Topic: Maryland Real Estate Q&A Discussion Forum Topic: Massachusetts Real Estate Q&A Discussion Forum Topic: Meads Real Estate Forum Topic: Memphis Real Estate Forum Topic: Meridian Real Estate Forum Topic: Mesa Real Estate Forum Topic: Miami Topic: Michigan Real Estate Q&A Discussion Forum Topic: Military Investing Topic: Milwaukee Real Estate Forum Topic: Minneapolis Real Estate Forum Topic: Minnesota Real Estate Q&A Discussion Forum Topic: Mississippi Real Estate Q&A Discussion Forum Topic: Missoula Real Estate Forum Topic: Missouri Real Estate Q&A Discussion Forum Topic: Mobile (Alabama) Real Estate Forum Topic: Mobile Homes & Mobile Home Park Investing Topic: Modesto/Merced Real Estate Forum Topic: Montana Real Estate Q&A Discussion Forum Topic: Montgomery Real Estate Forum Topic: Mortgage Payment Suspension Topic: Mt. Pleasant Real Estate Forum Topic: Multi-Family and Apartment Investing Forums Topic: Nampa Real Estate Forum Topic: Naperville Real Estate Forum Topic: Nashville Real Estate Forum Topic: Nebraska Real Estate Q&A Discussion Forum Topic: Nevada Real Estate Q&A Discussion Forum Topic: Newark Real Estate Forum Topic: New Brunswick Real Estate Forum Topic: Newfoundland and Labrador Real Estate Forum Topic: New Hampshire Real Estate Q&A Discussion Forum Topic: New Haven Real Estate Forum Topic: New Jersey Real Estate Q&A Discussion Forum Topic: New Member Introductions Topic: New Mexico Real Estate Q&A Discussion Forum Topic: New Orleans Real Estate Forum Topic: New York City Real Estate Forum Topic: New York Real Estate Q&A Discussion Forum Topic: Norfolk Real Estate Forum Topic: North Carolina Real Estate Q&A Discussion Forum Topic: North Dakota Real Estate Q&A Discussion Forum Topic: Northwest Territories Real Estate Forum Topic: Norwalk Real Estate Forum Topic: Nova Scotia Real Estate Forum Topic: Nunavut Real Estate Forum Topic: Oakland Real Estate Forum Topic: Off-Topic Topic: Ogden Topic: Ohio Real Estate Q&A Discussion Forum Topic: Oklahoma City Real Estate Forum Topic: Oklahoma Real Estate Q&A Discussion Forum Topic: Omaha Real Estate Forum Topic: Ontario Real Estate Forum Topic: Orange County Real Estate Forum Topic: Oregon Real Estate Q&A Discussion Forum Topic: Orlando Real Estate Forum Topic: Overland Park Real Estate Forum Topic: Pearl City Real Estate Forum Topic: Pennsylvania Real Estate Q&A Discussion Forum Topic: Peoria Real Estate Forum Topic: Personal Finance Forum Topic: Philadelphia Real Estate Forum Topic: Phoenix Real Estate Forum Topic: Pittsburgh Real Estate Forum Topic: Pocatello Real Estate Forum Topic: Portland Real Estate Forum Topic: Portland Real Estate Forum Topic: Prince Edward Island Real Estate Forum Topic: Private Lending & Conventional Mortgage Advice Topic: Property Insurance Questions & Discussions Topic: Providence Real Estate Forum Topic: Provo Real Estate Forum Topic: Quad Cities Real Estate Forum Topic: Quebec Real Estate Forum Topic: Questions About BiggerPockets and Official Site Announcements Topic: Raleigh Real Estate Forum Topic: Rapid City Real Estate Forum Topic: Real Estate Agent Forums Topic: Real Estate Crowdfunding Forums Topic: Real Estate Deal Analysis and Advice Topic: Real Estate Development & New Home Construction Topic: Real Estate Events and Happenings Topic: Real Estate Guru, Book & Course Reviews and Discussions Topic: Real Estate Investor Marketing Help & Advice Topic: Real Estate News & Current Events Topic: Real Estate Not-So-Successful Stories Topic: Real Estate Quizzes Topic: Real Estate Rookie Podcast Topic: Real Estate Success Stories Topic: Real Estate Technology, Social Media & Blogging Topic: Real Estate Wholesaling Questions & Answers Topic: Rehabbing and House Flipping Topic: Reno Real Estate Forum Topic: Renters Discussion Topic: Rent to Own a.k.a. Lease Purchase, Lease Options Topic: REOs Topic: Rhode Island Real Estate Q&A Discussion Forum Topic: Richmond Real Estate Forum Topic: Rio Grande Valley Real Estate Forum Topic: Riverside Real Estate Forum Topic: Rochester Real Estate Forum Topic: Rockford Real Estate Forum Topic: Sacramento Real Estate Forum Topic: Saint Paul Real Estate Forum Topic: Salem Real Estate Forum Topic: Salt Lake City Real Estate Forum Topic: San Antonio Real Estate Forum Topic: San Diego Real Estate Forum Topic: Sandy Springs Real Estate Forum Topic: San Francisco Real Estate Forum Topic: San Jose Real Estate Forum Topic: San Luis Obispo Real Estate Forum Topic: Santa Fe Real Estate Forum Topic: Saskatchewan Real Estate Forum Topic: Savannah Real Estate Forum Topic: Scottsdale Real Estate Forum Topic: Seattle Real Estate Forum Topic: Short Sales Questions Topic: Short-Term and Vacation Rental Discussion Topic: Shreveport Real Estate Forum Topic: Sioux City Real Estate Forum Topic: Sioux Falls Real Estate Forum Topic: South Bend Real Estate Forum Topic: South Carolina Real Estate Q&A Discussion Forum Topic: South Dakota Real Estate Q&A Discussion Forum Topic: Southeast NC Real Estate Forum Topic: Spokane Real Estate Forum Topic: Springdale Real Estate Forum Topic: Springfield Real Estate Forum Topic: Stamford Real Estate Forum Topic: Starting Out Topic: St. Louis Real Estate Forum Topic: Stockton Real Estate Forum Topic: St. Petersburg Real Estate Forum Topic: STR Strategies Under Travel Restrictions Topic: Surprise Real Estate Forum Topic: Tacoma Real Estate Forum Topic: Tallahassee Real Estate Forum Topic: Tampa Real Estate Forum Topic: Tax, Legal Issues, Contracts, Self-Directed IRA Topic: Tax Liens, Notes, Paper, & Cash Flows Discussion Topic: Tempe Real Estate Forum Topic: Tenant Screening Topic: Tennessee Real Estate Q&A Discussion Forum Topic: Texas Real Estate Q&A Discussion Forum Topic: Thornton Real Estate Forum Topic: Toledo Real Estate Forum Topic: Topeka Real Estate Forum Topic: Tucson Real Estate Forum Topic: Tulsa Real Estate Forum Topic: Tuscaloosa Real Estate Forum Topic: Upstate New York Real Estate Forum Topic: Utah Real Estate Q&A Discussion Forum Topic: Vancouver Real Estate Forum Topic: Vermont Real Estate Q&A Discussion Forum Topic: Virginia Beach Real Estate Forum Topic: Virginia Real Estate Q&A Discussion Forum Topic: Waipahu Real Estate Forum Topic: Waipahu Real Estate Forum Topic: Warren Real Estate Forum Topic: Warwick Real Estate Forum Topic: Washington D.C. Real Estate Q&A Discussion Forum Topic: Washington Real Estate Q&A Discussion Forum Topic: Waterbury Real Estate Forum Topic: Westchester County Real Estate Forum Topic: Western NC Real Estate Forum Topic: West Gulfport Real Estate Forum Topic: West Virginia Real Estate Q&A Discussion Forum Topic: Wichita Real Estate Forum Topic: Wilkes Barre Scranton Real Estate Forum Topic: Wilmington Real Estate Forum Topic: Wisconsin Real Estate Q&A Discussion Forum Topic: Worcester Real Estate Forum Topic: Wyoming Real Estate Q&A Discussion Forum Topic: Yukon Real Estate Forum
Create post

Investing in multifamily properties in areas with bad winters

86 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

posted about 1 year ago

Hi Everyone!

I am originally from Erie, PA. For those of you who are not familiar with the area, the winters are pretty harsh. Extremely cold weather and LOTS of snow. I am considering what to do for my first investment property. The only criteria I am 100% certain on is that I want my first investment to be a multi-family property. Since I am a beginner, investing in a multi-family property in Erie seems like my best option because the prices are more reasonable and I know the area extremely well! For those of you who have invested in areas with harsh weather, what are some tips you have? Also, what are the challenges that you have faced?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Analyze Deals, and Managing Tenants
  • Posts 258
  • Votes 198

Seth Williams
Real Estate Broker from Winthrop, MA

replied about 1 year ago

Just make sure you do your due diligence, and set your prices high to make sure you can accommodate an expensive winter with snow removal and potential repairs. Additionally, probably worth raising rents higher and including heat, and getting WiFi in the building and installing WiFi thermostats to verify remotely temp is high, ive found this stops frozen pipes from happening. Lastly, emergency / cold weather manual or notice goes to all tenants on what to do , when snow removal is coming, keep temp extra high to prevent freezing pipes. 

Good luck, 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 7.7K
  • Votes 4.2K

Roy N. (Moderator) -
Rental Property Investor from Fredericton, New Brunswick

replied about 1 year ago

@Victoria Coleman

"Cold and lots of snow" is a matter of perspective.  Our winter is just starting so we are still seeing highs around freezing, but come January our highs will be -20 to -15C with lows reaching below -30C.  Our average snowfall is comparable to Erie, PA (around 2.5m / ~8ft).  We've already had a couple of small snowfalls ... just to remind folks to mount their winter tyres. ;-)

You simply add snow removal to your operating plans.  Hire an insured plough service to clear the parking & walkways and sand when necessary.  Depending on the location (i.e. prevailing winds) and roof style, you may need to have the roof shovelled in high snow years ... or in those wild winters where you received rain after 5-6' of snow are down.

When rehabbing a building in an environment with *real* and prolonged winter, it pays to focus on air sealing and increasing the insulation of the building envelope.  We have properties were the energy efficiency has been improved by more than 50% (over 70% in one instance).

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Traditional Financing, Flipping, and Real Estate Finance
  • Posts 1.2K
  • Votes 1.6K

Karl B.
Rental Property Investor from Columbia, MO

replied about 1 year ago

I've got some multi-family properties in Erie. In my 4-unit the pipes froze on one unit (single-digit temperature during the nights during that time). The pipe's exterior wall was a patio with only a screen door. I had a more substantial door installed and that stopped the pipes from freezing (along with having my handyman replace the old insulation around the pipes). 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 3.7K
  • Votes 2.9K

Pat L.
Rental Property Investor from Upstate, NY

replied about 1 year ago

We have several here that have suffered from frozen pipes, whereby the majority were installed either under poorly insulated crawl spaces or inside an outside wall?? So a lot of Pex & frustration redirecting plumbing lines.

We have had to replace many windows, doors & heat trace gutters & lower grade roof slopes. Then there is the constant complaints about the contract snow plowing guys, salt on walkways especially clearing the sidewalks to avoid city citations.

It's a lot of fun but rents are high & so far it's been a great cash flow. 

Good luck...

Rotate Log in or sign up to reply
user profile avatar
  • Posts 783
  • Votes 462

Scott Morongell
Syndicator from Charlotte, NC

replied about 1 year ago

@Victoria Coleman it looks like you are currently living in charlotte? I would suggest looking here as it's a great market. 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Seth Williams This is very helpful, thank you! So by installing WiFi thermostats, I will be able to check the temps when I’m not there?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Scott Morongell Yes, I just relocated here a few months ago. My original plan was to invest here. However, the more research I do, I’m not sure if it will be feasible for my first investment.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Analyze Deals, and Managing Tenants
  • Posts 258
  • Votes 198

Seth Williams
Real Estate Broker from Winthrop, MA

replied about 1 year ago

@Victoria Coleman depending on how it is set up yes. I think @Roy N. makes valid points too. Multiple ways to skin a cat. If you are always in peril about what will / might happen, you’ll never buy. Dive in, you’ll live :) 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Karl B. Has it been easy to manage the property from CA? One thing I’m a little worried about, is finding people who are reliable and who I can trust to manage the property effectively.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Pat L. Thank you so much for the insight! Do you do most of the work yourself? Or do you have a team in place whereby you can call them to handle repairs and other concerns?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Roy N. This is very helpful. Thank you for the knowledge!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 783
  • Votes 462

Scott Morongell
Syndicator from Charlotte, NC

replied about 1 year ago
Originally posted by @Victoria Coleman :

@Scott Morongell Yes, I just relocated here a few months ago. My original plan was to invest here. However, the more research I do, I’m not sure if it will be feasible for my first investment.

 Not feasible here in Charlotte? What factors made you decide that?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Scott Morongell I want my first investment to be a small multi-family property. Either a duplex or triplex, which I haven’t found many of those for a price that will work for me. Also, trying to get a loan here since I just relocated will cause some roadblocks, as opposed to Erie, I already have a good idea of the route I want to take as far as financing. I also know more people in Erie and some of my immediate family members still live there which will make this process run a little more smoothly. I think investing in an area that I am familiar with will help me to get my feet wet for my first investment. Especially while I still continue to make connections in Charlotte. I haven’t counted Charlotte out completely, but I am going to keep my options open.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Seth Williams Absolutely! Thank you for the advice Seth!

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Traditional Financing, Flipping, and Real Estate Finance
  • Posts 1.2K
  • Votes 1.6K

Karl B.
Rental Property Investor from Columbia, MO

replied about 1 year ago
Originally posted by @Victoria Coleman :

@Karl B. Has it been easy to manage the property from CA? One thing I’m a little worried about, is finding people who are reliable and who I can trust to manage the property effectively.

I have family in Erie and so it's manageable and my tenants are happy (much happier than prior to me buying when they had "slum lord" property management). If you have a parent or sibling local to Erie who can assist you from time to time (to show a vacant unit or let a tradesman into a vacant unit) you won't need property management (and Erie is notoriously bad for property management). I haven't had a call from a tenant for while (knock on wood). 

When I'm in town I'm doing preventative maintenance and I do all upgrades and repairs when a unit is vacant = a much less chance of things breaking once a new tenant moves in. And if I need to have a repair done I call one of my tradesman and he takes care of it.  

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Karl B. Thank you so much! This was very helpful. I actually have parents and a sibling still in Erie. My Dad looks after my brothers investment property. They’ll be in Erie for a few more years so that gives me time to build connections for once they decide to move.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subject:
Real Estate Finance
  • Posts 6.9K
  • Votes 13K

Joe Splitrock (Moderator) -
Rental Property Investor from Sioux Falls, SD

replied about 1 year ago

@Victoria Coleman population trend is towards moving south. Charlotte and Raleigh are two hot areas. I am a big advocate of investing near where you live. I would consider why prices are less in Erie and think about whether long term that is the best area for job growth. Cold weather adds challenges that come with snow, ice and high heating bills.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 3.7K
  • Votes 2.9K

Pat L.
Rental Property Investor from Upstate, NY

replied about 1 year ago
Originally posted by @Victoria Coleman :

@Pat L. Thank you so much for the insight! Do you do most of the work yourself? Or do you have a team in place whereby you can call them to handle repairs and other concerns?

we now have a live-in maintenance guy but most of the initial work we did ourselves.

 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Joe Splitrock That’s one thing I was thinking about, whether it will be a good investment for the long term. As far as job growth, I don’t see that happening anytime soon. Thank you for the advice!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 1.7K
  • Votes 1.8K

Ola Dantis
Multifamily Syndicator from Houston, TX

replied about 1 year ago

@Victoria Coleman I think I saw a post on Instagram from Grant Cardone saying he doesn't buy where there is snow, which I thought was interesting!

At the end of the day, I think so far there are specific market drivers in the submarket or specific location I think you should be fine. 

There are the 3 metrics I tell anyone looking to buy small multifamily: 

1. Crime = Lowest

2. Rent To Value Ratio >= 1%

3. Renters To Owner Ratio > 50%

Feel free to let me know if you have any questions.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Team, Maintenance, and Taxes & Accounting
  • Posts 985
  • Votes 367

Brent Paul
Rental Property Investor from Shakopee, MN

replied about 1 year ago

We have some pretty harsh winters here too.  With snow and frigid temps below zero through most of Jan and Feb.

The one thing to keep in mind is you will want your leases to start and end in the spring or summer preferably.  As you get closer to winter it gets a little tougher to find tenants.  If you buy a 4 plex you might look at contracting out your snow removal.  However if it's just a duplex you could probably have your tenants be responsible for it.  Have never had a problem with that for our properties.  With a multifamily you would be paying the water and electricity and that can add up.  Some I have seen eat the costs as owners and others I have seen raise the rent slightly to cover some of the extra costs.  That's something you will have to look at and compare how the rent compares to others in the area.

Don't let the weather deter you.  No matter if you are in Alaska or California everyone needs a place to live.  There are renters for almost any area and climate.  If the properties are taken care of well on the inside and in a decent neighborhood you shouldn't have much trouble getting renters.  We have never had an empty house yet going into or out of winter.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 4
  • Votes 2

Tim Reeves
Rental Property Investor from Charlottetown, Prince Edward Island

replied about 1 year ago

I don't think you should be discouraged by an area with hard winters in terms of the cost for snow removal. Here in Prince Edward Island, Canada cost is usually fixed for the season no matter how much snow we get (10 ft normally and 18 ft one bad year. For a single driveway on a single family to fourplex its usually around 350-450 per season. You can plan for this the same as for lawn maintenance. The variable you should be concerned about is heating which can be 1000/month for even a single family. You need to know the worst case scenario for the building you are going to heat if your first purchase is in the late fall because heating can lead to negative cash flow that may hit you hard starting without much cash. You need enough margin to weather the storm and more than recoup costs in spring/summer. In my opinion, if you are getting an older, larger building, lean towards options where the tenant pays for heat, and if not you will have to charge much more for rent.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Ola Dantis Could you elaborate on the renters to owner ratio?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 124
  • Votes 83

Victoria Coleman
from Charlotte, NC

replied about 1 year ago

@Brent Paul Thank you so much! I just started doing my research on multifamily properties so I haven’t done research on what renters will be responsible for. You mentioned that I will be responsible for the water and electricity. Is that the case for all multifamily properties, that the owner must pay for water and electricity?

Rotate Log in or sign up to reply
  • 1
  • 2
  • 3
  • 4
Related Resources Multi-Family and Apartment Investing Forums
5 Essential Property Maintenance Tasks To Keep Your Rental in Tip-Top Shape
Rental Arbitrage: The Secret to Making a Fortune on Airbnb Without Owning Property
8 Reasons the Best Landlords Always E-Sign Rental Agreements
6 Tips for Listing Your Rental Property Online
Meet the Investors: How I’ll Retire on Income From Just a Few Properties Featuring Ron Gallagher
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Spencer Gray
Spencer Gray
Indianapolis, IN
8.46
Score
Justin G.
Justin G.
Indianapolis, IN
7.38
Score
Andrew Schutsky
Andrew Schutsky
Glen Mills, PA
5.31
Score
Ola Dantis
Ola Dantis
Houston, TX
4.13
Score
Todd Dexheimer
Todd Dexheimer
St. Paul, MN
3.88
Score

Multi-Family and Apartment Investing Forums Trending Discussions

  • What do you WANT to see/hear in a podcast?
    17 Replies
  • Thought Leadership Platform- Syndication
    11 Replies
  • Eviction Moratorium in OHIO
    9 Replies
  • Seller of an 11 unit portfolio offers to finance 50%
    8 Replies
  • Multifamily Auction Deals
    2 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.