All Forum Posts by: Brad Z.

Thanks for the feedback, just want to check to see where I stand compared to others

Here is what I paid,

the water line repair was $165 (was an evening repair and onsite within 2 hours of being called so I understand that)

The plumbing stack was 500.. also included ripping down a door and installing a new door knob

the light fixtures were 200 in labor, i paid for the lights

it looks like i am bit high compared to the first few replies...i am paying for hte convenience factor really, my contractor is very professional and reputable, its just a call and he emails me an invoice and i send an electronic payment....i might start asking for more detailed quotes with projected hours etc... to see if I can push prices down a bit...thanks for the feedback

I wanted to see how my contractors costs compare to others. I have a contractor that has keys to most units and is just a phone call to fix pretty much anything, very dependable. I want to see how his costs compare to others.. Here are few things I have had him do recently.

[b] A 1/2 water line cracked in a dead space above a closet, accessible through a drop ceiling. He cut it out, replaced and repaired. His total time was probably 2 hours becuase of the tough location. What would you consider reasonable?

Drain Lines: Old cast iron stack finally started leaking in a finished wall. He probably spent 1 hr trying to isolate issue, cut out 2 ft x 2 ft area, repaired the stack, redrywalled, finished and painted. He probably had 6-7 hours total spread across 3 visits. Thoughts on reasonable bill?

Replace light fixtures: I had him replace 7 light fixtures with home depot builders grade domes. he picked them up form hardware store and installed. He was probably there 3 hours or so included time to fix a faucet stem. Thoughts on a reasonable bill?

This is definately trouble. Does your existing mortgage have a alienation clause (cant transfer title without paying off mortgage)? That can also cause problems...

Although I do have solid cash flow from my rentals, I dont pay myself. I continue to let it build up to fund new acquisitions. I have a what I consider a minimum balance I ensure that I keep in my business acct. based on historical expense ratios and amt. of properties I have. I simply reinvest everything i can into expanding the portfolio....

i use erentpayment.com as well. great customer service and $3 a transaction is definately worth the convenience. They even gave me a link to embed in my website for the tenants.

I have renovated a multi and sold it as a stable performing asset. I will say, one challenge is the tenants and them knowing there building is for sale. Its tough to manage them when other investors are coming through on a regular basis. I did a temporary rent reduction of 100 per month while it was on the market and that worked well but the tenants were anxious, just something to think about. I did do well on the flip though.

the costs can add up quick. I assume its one big furnace or boiler now. You would need 17 heat sources, depending on the size of the units, 80k btu furnaces would do it and you need to get gas and electric to the units. I am guessing on costs....maybe 25k?...depending on how much gas lines and how accessible the runs would be.

You could also convert to electric baseboard heat but that is very expensive for tenants and may drive turnover. it is rather cheap to install though

Is mortgage interest paid to a private investor tax deductible?

thanks Jon! great reply. The building already has newer double hung windows. I have not actually received any complaints but when I called the electric company about the empty unit I have in there that was $150 (I was heating it), I asked what the balances were on the other two units. I'm sure I have a few calls coming my way from tenants.....

I have a 3 unit building and all utilities are being paid by tenants. The tenants do keep it very warm but also pay for it. I have a large 3 bedroom apt and the tenant ran up a $500 electric bill! It is baseboard heat and I explained that if you keep the heaters on high 24 hours a day, its going to get expensive. In there defense, the building is 70 years old and full brick. The county has a program will they will insulate the building but the tenants have to submit the request and I just gave them the applications. My question is, should I upgrade the baseboard heaters to newer models that have thermostats or should I not worry about it because its tenant carelessness. I think the tenants are already getting heating bill assistance but is expense regardless. My ultimate goal is to not have vacancies but I dont want to spend a ton of $ if they aren't going to change there heating behaviors, advice? What heating bills do others see from baseboard heat?