All Forum Posts by: Cappy Jones

Hey all,

     I am rehabbing a 4 unit apartment with with 550 sq ft apartments. The boiler is shot and the apartments have been stripped of their radiators. I have fairly large hall closets in each unit that can be sacrificed in order to accommodate a furnace with very little duct work needed. Does anyone have any recommendations for a small gas furnace that can handle the job? I'm getting bids of between 35k and 48k for all four units, but I'm seeing furnaces online for 1-2k. With little duct work, I don't understand why the bids are so high. It's going to be more cost effective for me to get the furnaces myself and hire someone to install them but I need some advice on which one to get. Any and all advice would be greatly appreciated.

Thanks,

Cappy

Thanks to everyone who responded! The tubs are the old school, cast iron tubs that have been in the building since it was built in the 40's. I ripped out the 2 inch thick, metal lath/concrete/pink tile walls (that apparently were really popular in this area) so I am going to have to retile the entire shower already anyway. I figured ripping out the tub too and tiling down to the pan was about the same cost as reglazing the ugly tub. My only concern was make sure I'm not tearing out something that tenants may actually want/use in the units. 

Cappy

PS @maxj2 The building is in Westwood. :o)

I am currently completely rehabbing my first 4 unit building with 1 bedroom apartments in Cincinnati, OH. For those who are buy and hold investors who have done complete gut rehabs, is there a need to keep the bathtubs? I haven't taken a bath since 2004 (although I shower almost daily) and I just don't know if it is worth keeping the old, cast iron tubs and having them reglazed or removing them and replacing them with a walk in shower for about the same price. They are one bedroom units so I don't know how many tenants I would have with small children and need a tub to bathe them in, however there may be the odd person who likes to soak every now and then and would need a tub. Short of that, I cant think of another reason to keep them. Any and all feedback would be helpful.

Thanks,

Cappy

Good people of Bigger Pockets,

     My market is pretty hot and I have been looking for a small multifamily value add opportunity. I have found a situation where I can buy a duplex for a great price. The owner inherited it, owes back taxes on it and lives out of town. It has been vacant for a while, the city is threatening fines due to broken windows that have now been boarded up and the owner just wants out. It's listed, but not attracting very much attention as the front door is boarded up and no one cannot gain access. I really only want to pay half of what the seller is asking, but I’m thinking about offering full price so I can get the deal tied up. During my inspection period I will have the place inspected and negotiate the price down to what I want to pay and justify it using the information that I learned from the inspector. If it needs too many repairs, I can always back out and I’m only out the inspection fee. My question to you all, is it (wise, dumb, ethical, unethical) to use the seller’s desperate situation to my advantage by offering more than I intend to pay just to tie up the deal, gain access to the property, have it inspected and reduce my offer?

Thanks,

Cappy

Hey Ilya! Im in Cincinnati as well. Welcome!

Well done! Im getting ready to close on my first duplex so I know what youre feeling!

Good people of Bigger Pockets,

My name is Cappy and I am a brand spankin' new investor in Cincinnati, Ohio. I am primarily interested in buy and hold investing and I am looking to build up a portfolio of income producing properties and getting out of the rat race. I'm happy to say that after more years than I care to admit of watching from the sidelines and analysis paralysis, I have finally purchased my first duplex at auction! It needs a ton of work and as I work through this process, from time to time I will be posting on here about it. My plan is to talk about lessons learned from the closing, to the rehab, to getting tenants and managing the property. Not only to give updates, but to solicit advice from the community and to hopefully inspire and motivate those who have yet to make their first deal. Thank you for taking the time to read this and I look forward to sharing this experience with whoever want to come along with me!