All Forum Posts by: Carl Hebert

I agree with @Account Closed probably because I did some professional photography in Connecticut of Houses and studio work. Little things add up and people may not even know it is affecting their decision. The door sitting on the top of the fridge, the cleaning supplies by the fireplace, the large camera lens and other items on the counter top, the ladder and closet pole, dirty floor in bath, unfinished floor between rooms at top of stairs, lumber and materials on the outside of building. 

You are selling an expensive product and you should have pictures that show the pride you have in that product.

Otherwise it is a nice building and would be a great rental for someone for sure.

@Ryan Smith I agree with @Dan Weber on the heat pumps. For secondary heat you could install inexpensive electric baseboards and the tenants would only need to use them when the temp drops below -15 I believe, depends on the heat pumps that you install. Bonus is the tenants get AC and you do not have air conditioners hanging out your windows.

How much are your units costing by going modular?

I agree with @Aaron Gordy, it is very region specific. I am not sure what conventional mortgages are going for right now, but I just inquired about a property here in Maine and my bank gave me the option of a business mortgage 10y/20y amort, at 3.5%, 20% down. Which would be in my LLC's name.

@Peter Davis - Do you have the numbers? I own one duplex on Cultural Park Blvd on the canal. Love that area. I might be tempted to buy another duplex next year, that's why I keep my eye out for info from other buyers.

I had heard something like this was in the works, thanks for the update @Jeremy A. Not currently managing any units in Portland at the moment. Doesn't seem like that big of a deal really. I am glad that they didn't go with no background checks allowed, now that would of really sucked. 

@Samantha Gehin-Scott - I take it you will also be renting out the old place once you move? 

I would look at all the multis in the area you are moving to. If one looks good for your family I would go that route as the money you make on the additional units will help offset your mortgage and other expenses. You can always move out later and rent out the unit you were in. 

I did this for 4 years and saved a ton of money, my expenses were all paid by the rent we collected on the other units. This was a 4 unit in Lewiston. We then decided to buy a camper in a campground and now stay there from May to October and rent the unit we lived in out. The rest of the year we stay in our duplex in Cape Coral.

Best of luck on your move and keep growing!

Carl

@Kirsten Milliken - Have you seen the other work your PM has done? Can you contact some of their past customers and get reviews about their work? 

Before Covid you said you were planning on doing the rehab yourselfs, how much time were you planning and could you do it now? Going to Indiana and working safely there would probably be the best way to keep control and perhaps save on the rehab. 

If you are concerned about Indiana's covid numbers here is their state website 

https://www.coronavirus.in.gov/2393.htm

Carl

@Nick Plante I have to agree with everyone above, I have both oil and gas furnances. When the oil furnaces need replacing it will be with either new high efficiency gas or mini-splits. 

I have one building we are in the process of installing mini-splits and time will tell if we like that system over the gas and oil systems. The plus is the tenants will be paying the electric. 

The lower rent you charge will be offset by the money you save on heating if you have the tenants pay, you could work the numbers so you are actually making more money if you are inclined to do stuff like that lol! 

The other thing I like about Unitil is the ease of payment and having it bill out around the same day each month, good for planning a budget. 

Carl

@Chris Virgil-Stone - We get 1200 for the other side. It is on a freshwater canal also. Have not seen a gator yet, a couple of snakes crossing the canal by the duplex but none while in the kayaks. Mostly see birds, fish and lizards. Really enjoy the area.