All Forum Posts by: Bobby Eastman

As a firefighter I respond to home like this often. Sometime they are mentally challenged or senior care homes. Most of them are not kept up well but some look great and have a great staff. I would suggest you do a lot of home work on the company that wants to rent your home for this. Maybe ask the local fire stations if they respond to homes like this in your area and what they see as challenges or suggestions. 

I would expect that there are upgrades (handrails, wide hallways etc.) that may need to be done. Maybe the company would handle all or a portion of that. They can be great money makers for sure especially knowing what some of these places charge. 

I wish you the best and hope this was helpful. 

I bought a property in St. Louis so I haven't been looking. I know companies are moving there so I believe housing prices are still climbing but I don't think rents have gone up all that much. I will need to do a better job of keeping my finger on that pulse. 

This was my first property and my next property will have much better DD. Thankfully my boiler does run on propane. 

I do want to find a way to stop paying for heating. We are able to set the temperature but the boiler is a headache that never really stops. It may be good for awhile but I'm always waiting for a repair cost. 

@Colleen F. thank you very much for the reply.

My understanding was that they drain the whole system each year. I can look into it a little more(thought I knew it better) but they probably do clean the burner. They will come out at the start of the cold and get the boiler ready then before they turn it off they will drain it. They charge $120/hour for strait time. I am told by my PM they are very good and that there are very few companies that do what they do in St. Louis. What is a good rate for hourly work for a company that specializes in boilers?

I don't have a contract with the company. Everything they do is strait time with equipment charges.

My electric is sufficient to support the switch and I think in 1-2 years the savings on gas alone would make up for the initial cost. In St. Louis tenants pay for gas while the landlord pays for the other utilities. However my 4plex cannot be individually metered for gas so I pay for it. I do charge a CAM which helps but I am looking for ways to make this rental profitable(hasn't happened yet). 

Doing the mini-splits would raise my tenants electricity charges in the winter that is correct. I hope it wouldn't cost my any tenants but increased costs always could that is something I will have to keep my eye on.

 @Bruce Lynn Thank you very much for the response. I appreciate the help. I will look into the RUBS system.

@Victor Soni Thank you I will look into those systems.

My wife and I bought a 4plex 1.5 years ago. After going through a year I

have some concerns about my boiler. The boiler is less than 10 years

old and operates pretty good. However the company that my PM uses

charges around $1200 to set up and drain each year 2,400/year. On top of

that my 4plex cannot be individually metered for gas so I end up paying

for the gas which costs over $3,000 per year easy. All of these costs

are on top of any problems with the boiler system. I am wondering if

this is typical with a boiler? Should a boiler in good working order

cost between 2,000-3,000 to set up and drain each year on top of any

issues?
I am looking into alternatives for AC/Heat and am thinking

about the LG 23,000 BTU 230/208V Window Air Conditioner Cools 1,400 Sq.

Ft. with Heater, Wi-Fi Enabled and Dehumidifier. This runs for a little

less than $800 which even with 4 would be less than I spent on gas and

the boiler last year. The boiler is the only appliance that uses gas in

my building.
My wife and I have considered self managing but due to

the distance (Dallas-St. Louis) I have been hesitant. Does anyone have

any suggestion for window units that have worked for them or ways to

operate a boiler cheaper? Does anyone have any suggestions for a PM

located in St. Louis? I greatly appreciate the help.

My wife and I bought a 4plex 1.5 years ago. After going through a year I have some concerns about my boiler. The boiler is less than 10 years old and operates pretty good. However the company that my PM uses charges around $1200 to set up and drain each year 2,400/year. On top of that my 4plex cannot be individually metered for gas so I end up paying for the gas which costs over $3,000 per year easy. All of these costs are on top of any problems with the boiler system. I am wondering if this is typical with a boiler? Should a boiler in good working order cost between 2,000-3,000 to set up and drain each year on top of any issues?
I am looking into alternatives for AC/Heat and am thinking about the LG 23,000 BTU 230/208V Window Air Conditioner Cools 1,400 Sq. Ft. with Heater, Wi-Fi Enabled and Dehumidifier. This runs for a little less than $800 which even with 4 would be less than I spent on gas and the boiler last year. The boiler is the only appliance that uses gas in my building. 
My wife and I have considered self managing but due to the distance (Dallas-St. Louis) I have been hesitant. Does anyone have any suggestion for window units that have worked for them or ways to operate a boiler cheaper? Does anyone have any suggestions for a PM located in St. Louis? I greatly appreciate the help.

Quote from @Alex Olson:

@Bobby Eastman Equity Bank would finance the deal if it made sense to the. Might need 30-40% down. Without knowing the numbers hard to say. 

I will keep that in mind Alex. Thank you, with that amount down it would be out of my price range.

Quote from @Lucia Rushton:

@Bobby Eastman also what is the price point ? Can make the deal simply unattractive

The purchase price was $275,000. I know that is pretty small for a commercial property. I am now under contract on a different property. Several people I spoke with or who I knew through contacts just said no without even looking into it.

Quote from @Jacob Sherman:

Is it a 5 unit (4 residential/1 commercial) or 4 unit (3 residential/1 commercial) ? This shouldn't be an issue to get done across all 50 states . What is the scenario looking like ? 

It is a 4 unit (3R/1C) it is a smaller loan of $275,000 total purchase price.