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All Forum Posts by: Angel M.

Angel M. has started 0 posts and replied 24 times.

Post: Newbie [already] in a bit of a pickle...Could use some help.

Angel M.Posted
  • Elizabeth, NJ
  • Posts 27
  • Votes 12

I would pay a few bucks for a consultation with another real estate attorney. You need to understand exactly what your options are at this point.

Post: Buying Rental Properties in Elizabeth, NJ

Angel M.Posted
  • Elizabeth, NJ
  • Posts 27
  • Votes 12

@Rashad Ellis Lowden St near Westfield Ave & Morris Ave is a solid area. Very walkable, in the heart of mini Columbia. I'd call it a B- 

Post: [Calc Review] Help me analyze this deal

Angel M.Posted
  • Elizabeth, NJ
  • Posts 27
  • Votes 12
Here is a good resource for looking up property taxes in NJ https://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=monm&passwd=data&district=1301&mode=11

Post: [Calc Review] Help me analyze this deal

Angel M.Posted
  • Elizabeth, NJ
  • Posts 27
  • Votes 12
I didn't see property taxes listed as an expense

@Kaylee Walterbach I'm having the same problem with the Retire Early book, only I have an Android not an iPhone. Please help. Thanks.

@Dan Bosak what did you end up doing?

I recently contacted a company that was a sponsor of the BP Podcast -

truesubmeter.com. Here is their response when I asked for some information:

I will give you a bunch of information to get started but to get you accurate pricing we would need to know the plumbing configuration. How many hot water heaters each? I will explain more below. Once we have that info I can get you a formal quote. We have main line submeters that can install on the water line going direct to each unit if plumbing is separated. That is the ideal situation as you only need one meter. Not everyone is so fortunate. Here is a break down on that option and our point of use option:

Pricing for the whole system of the plug and play meters and routers run anywhere from $60 per apartment unit if the plumbing is separated. This is obviously the best case scenario. That is a ¾” meter and what we call the “main line meter”. The best way to determine if it is split is how many hot water heaters are there? One per unit? It might be on one city meter but the plumbing may be split and we could use one of our meters per side.

If hot water heaters are shared then we have to go to the next option. When it is not split meters are still in the $50-60 price range each, so if you need 6 meters (per point hot and cold) $300 per apartment. We call these under the sink meters the "point of use meters". These are our claim to fame meters as they are innovative and quite unique in the market. Even at $300 we still see an ROI of 9 months or less, generally. Did you see the ROI calculator? . Attached is a flyer that shows a worst case, point of use meters configuration and pricing example for that. This is the option you reference but if we can go with the single main line meters it is preferred. One router is required per building, not per unit. The routers run around $150.

As for the monthly monitoring cost from us, that is easier as it is a fixed per apartment and not dependent on how many meters you have. We charge $5.90 per month per apartment. So a 10 unit apartment complex would cost $59.00 per month. That fee includes everything such as private database, real time water logging, Verizon cellular monthly service (we pay this so you do not have to have internet in the property) and the automated monthly water billing that goes direct to the tenant. There is really nothing you need to do other than collect the money each month. We do everything for you in order to make passing on the water bill as hassle free as possible. We take whatever the local water/sewer rates are and basically use those to set up your account. Then every month when the automated water bill is generated and sent to each tenant it is identical to the pricing structure you city charges. All fixed fees and per gallons fees can be billed back.

Water bill is automatically generated and either automatically emails direct to the tenant or landlord/property manager (however set up). Or can be available as a PDF from your private login. The water bill is generated at the end of every month as a set period and send on the 1st of the month. At this time it is not configurable due to keeping it simple as some states require it to be based on a calendar month.

Batteries last on average 2 years. They are standard AA batteries, so nothing proprietary.

Let me know if you’d like a more formal quote. Attached is a couple of flyer pages and example invoice that is automatically sent to each individual tenant at the end of every month.

Thanks again for reaching out to us! We look forward to working with you. Help me confirm the plumbing options in the first paragraph and I will get you a quote today!

Thoughts on all of that info! That was a lot…

Post: Elizabeth, NJ Analysis

Angel M.Posted
  • Elizabeth, NJ
  • Posts 27
  • Votes 12

@Christopher Castiglia

My pleasure, happy to help.

To be honest, I did not properly run the numbers on either property back in 2009 and 2012, so I commend you for doing proper analysis. The extent of my due diligence was something like, "OK I know similar properties were selling for $400k in 2007, and I can pick up this duplex for under $150k. Sold!" 

I am definitely not an expert at analyzing properties, but here is an example of projecting CapEx based on remaining useful life. First you determine the cost to replace and the useful life of each big ticket item. Then, you can estimate the remaining useful life for each item (if it looks very old plan on replacing immediately, if it looks brand new give it say 90% of full life, if looks average and not sure maybe just use half, etc.)

Item - Total Cost to Replace - Useful Life - Cost Per Year - Cost Per Month

Roof – $15,000 - 20 years - $750 - $62.80

Boiler - $8,000 - 20 years - $400 - $33.33

Boiler - $8,000 - 20 years - $400 - $33.33

Water Heater - $900 - 10 years - $90 - $7.50

Water Heater - $900 - 10 years - $90 - $7.50

Stove - $500 - 10 years - $50 - $4.16

Stove - $500 - 10 years - $50 - $4.16

So in the example above, if you were replacing each item on day one you would need to save a total of $150.00/mo toward CapEx to eventually replace each item.

Post: Elizabeth, NJ Analysis

Angel M.Posted
  • Elizabeth, NJ
  • Posts 27
  • Votes 12

@Christopher Castiglia

Welcome to BP. I’m born & raised in North Elizabeth, and think it’s a great area of Elizabeth to invest in. IMO north of Fairmount Ave is a solid B, south of Fairmount is less desirable. I’m currently house hacking my 2nd duplex (my 1st duplex is fully rented out now).

  1. Water

       – Figure $100/mo for a duplex

  1. Sewage

    – $0.00, included in water bill

  1. Garbage

    – $0.00, included in property taxes

  1. Snow Removal

    – buy a shovel J (luckily the tenants shovel themselves at the rental, and I just shovel after work at my house hack. I do break out the snow blower for both properties for a big snowfall.)

  1. Lawn Care

    – buy a lawn mower J (I pay $100/mo during spring/summer/early fall for the rental, and cut my own grass at my house hack)

  1. CapEx (I recognize this one could be particularly tough, but any advice would be helpful!)

    – I don’t have a good answer for this one. Can get a ballpark idea by estimating the remaining life of the big ticket items (roof/boilers/water heaters/kitchen appliances). Home inspector should be able to help with this before you buy. Then you can make a rough projection.

You didn’t mention Electric & Gas bills, but hopefully both are metered separately and paid directly by the tenant. I would also throw in 5% vacancy & 5% repairs/maintenance

@Eduardo Arteaga great to hear you had such a positive experience. Best of luck to you, sir! Please keep us posted.

@Eduardo Arteaga

Hi all. I'm considering Aurora as well and am interested to hear any updated feedback.

@Kevin Kraver

@Kevin Kraver Did you end up working with Aurora or any other turnkey provider in Pittsburgh?

@Vera Herlihy

@Vera Herlihy Thanks very much for sharing your experience with Aurora thus far. Any updates worth mentioning?

@Eduardo Arteaga

@Eduardo Arteaga Did you end up going out for their tour? If so, can you share your experience?

Thanks in advance everyone!