All Forum Posts by: Alex Furini

Michael,

Search around for plumbers online or ask friends who have used plumbers previously. Most licensed plumbers can complete this type of job for you. Depending on the level of work you decide, an architect or engineer may or may not be required to file the job. Unfortunately, I don't have anyone offhand who I would recommend. 

Best of Luck,

Alex Furini, RA

Michael,

I'm not sure how you currently deal with your heat and hot water, but once you install separate boilers and hot water heaters, the cost is paid directly by the tenants. In my opinion separate units on separate meters is 100% the way to go. The new units will pay for themselves through the money you save not paying the utilities out of pocket. Regarding the conversion, natural gas tends to be much cheaper and there is no oil company to contract with. 

Best of Luck

Alex Furini, RA

@Efraim L. I agree with @Allan Szlafrok. As a landlord you will be dipping your feet into new waters in all kinds of ways. Many people on here do lots of out of state rental investments, however most would probably recommend to invest in your own backyard for at least your first couple. Personally If time is on your side, I recommend doing everything yourself in the beginning. Not only will this save some money(not time), but it will familiarize you with the ins and outs of running an investment property. Once you have a grasp on the process, you will have educated yourself to better manage a Property Manager should you decide to hire one down the road. 

Do yourself a favor and start looking at properties online and analyze their cash flows. If there is an open house, stop by and do some on site analyzing. Basically you want to get comfortable with the process. This will make acting on a prospective property much easier in the future. Just remember practice makes perfect. 

Best of Luck and welcome to the community.

Alex Furini, RA

Christina,

The doors, stairs(construction, risers, landings, width), exterior exit pathways etc. are all components of the means of egress for the building. Window bars in bedrooms are required to have interior releases to allow escape in emergency situations. Beyond that I would need to know more specifics and the egress issue you are referring to comment further. Feel free to message me.

Best of luck,

Alex Furini, RA

I second @Jeff Copeland. Paying for a tenant screening from any of the companies he mentions is the best money you will spend. Personally I use Rentprep, but there are many many others out there. It will offer you peace of mind and dig much deeper than what you can find on your own. Background checks and credit checks in addition to the eviction search are pretty standard. 

Best of luck

Alex Furini, RA

John,

You need to list out all of the other associated initial costs and long term operating costs. Once you have the entire picture outlined, you can analyze the deal to see if it makes sense. Once all of these numbers are figured in you can see IF the property cash flows and if the return is acceptable to you.

Initial: Closing Costs, Appraisals, transfer taxes, title insurance, lawyer fees, etc.

Operating costs such as vacancy, Water/sewer(if applicable in your area) PM fee (if applicable), Insurance, Maintenance and repairs, etc. 

These are not exhaustive lists, but rather food for thought. Go through Bigger pockets and read some of the great articles regarding how to analyze deals. 

Best of luck on your investment.

Alex

I agree with @Jason Lee regarding the HELOC. A HELOC is similar to having an Ace in your pocket. As opposed to a refinance, you just have essentially a large credit card to use in case you need it. With refinance you are taking that loan from day 1. You don't have to use the HELOC, but its great to have options. A HELOC purchase just means that you need to figure in more variables for the financing costs. If you can make the numbers still work, then its a good deal. Good luck with your investments!

Alex Furini

John,

Regarding if you should rent or sell, I think that really depends on what you want out of the apartment. Instant cash to purchase other investment properties or someone paying off your condo for you with a bit on the top every month? Will the property and rent appreciate in the future allowing you more funds to work with? Would refinancing or a Home Equity Line of Credit provide the same desired outcome while keeping the property? There are a lot of ways to skin the cat, the best outcome for you is knowing all the angles and choosing the most appropriate to YOUR situation.

Along the same line of thought, For the HVAC unit, Assuming the tenant is paying the utilities. I see keeping the unit if the tenant is paying the utilities and you are renting it out. I see replacing the unit if energy conservation is important to you or you want a better functioning unit in your apartment for future use. Electric HVAC is outdated, expensive, and fairly wasteful. There are a lot more efficient cheaper operating systems on the market to choose from. As above it depends what you want out of the apartment. 

Best of Luck.

Alex

I have paid for it in my purchases, included with my closing cost fees. Honestly I thought that was the norm until this post. Im in NYC, so maybe this is region specific based upon some of the responses above.

@Russell Brazil and @Llewelyn A.  You two are talking my language. As much as many don't want to admit it, we are in the business of people. I believe in treating others as you wish to be treated. I have found if you treat tenants with respect (and you have screened decent individuals into your rentals), there is a much stronger chance they will treat you and your property with respect. 

Not too long ago I was a renter as well. Placing myself in their shoes always helps put the right perspective in place for me. Why would you want to work in a business environment full of animosity? Like you mentioned, I like to sleep well at night. 

Just my two cents. Keep up the good work guys.

Alex Furini