All Forum Posts by: Michael Ablan

@Devante S. - Ask the owner if they will carry any of the down payment

@Daniel Vernon  - We rehab these types of houses all the time (upstate NY).   I'm just going to make a list

1. 1.) Knob and tube wiring in the walls.   All of your exposed wires in the basement/attic might be updated and new, but there's likely junction boxes hidden all over the house.  There's nothing worse than having an electrical issue thats sourced to a junction box buried behind sheetrock (which spiderwebs to 4 different rooms in the house).

     2.) Old cast iron drain lines.   These are usually at the end of their life and require replacement (make sure to have someone send a camera to see the health of the underground sections)

     3.)  No insulation in the walls (all the blown-in has settled to the bottom of your wall cavities)

     4.) Old wooden windows that have been leaking for years (resulting in rotten frames, walls, ect)

     5.)  Foundation issues that were saved too late (resulting in sloped floors, making everything in the room off square).

I could go on for awhile.   Just assume your rehab numbers are off by 15-20% and your timeline is 1 month too short

@Ishmael Johnson - There's too many variables to give any sound advice.

A lot will depend on what the scope of work is, what the tenants will tolerate, how well they'll cooperate and what your contractor will tolerate.

@Vincent Johnson NOI/Cap Rate

@Victor Delgado Velez - It's difficult.   Sometimes it's best to renovate one unit completely and allow them to move into it.  Then renovate the other unit

@Rema W. - Raise the rent to market rent with the unit as is

@Julio Gonzalez - Could this be as simple as switching from a fuel oil hvac system to a natural gas one?

@Adrienne Binder - Lend it at Hard money rates and let someone else deal with all the BS

@Matt Wells - David Greene's book SOLD was really good.  So is the Millionaire real estate agent by Gary Keller

@Mitchell Mclocklin -  Our main doors are on a key fob system.   The units doors are on a master key system.   One key to open all doors.   We hide a lockbox on the property w/ an additional master key incase of emergencies