All Forum Posts by: Colleen F.

sounds like it is working out well but I am not familiar with this concept , what is the privacy tarp for? what is it covering? the entrance?

The only really accurate way to estimate the cost to separate utilities is to actually look at what it takes to do it by looking at the building. My guess is that it is going to be difficult to get each unit separately metered given the age of the building. Is each unit already wired separately but not metered seperately? You need to also look at what kind of electric you have now, is it updated at all ? is it on fuses or breakers? I am focusing on electric because I think that may be the most reasonable direction for separate heat if you want to lose the oil bill but again depends on the building.

You need to look at deferred maintenance don't underestimate it. We took on an older building in June and there are some things that we should have looked at more closely in terms of cost.

You will need a commercial loan to finance a 7 unit for anything the owner won't finance. Those are judged on the property income.

Hope that helps, you probably need a real construction person to jump in with more on the electric.

While I get the situation if she accidentally put a fork down the kitchen sink or a diaper in the toilet do you let that slide? If you don't have those little grip things that (I think) they require now on tubs (not sure but it seems like all the new tubs have them) then pay for it, put the little non-stick appliques on and call it a day.

If it is a non slip tub I would probably say to her that she can split the cost now or at the end of the lease and remind her that damages she causes that are more then wear and tear will be charged to her.

We make the tenant responsible but we do keep the oil tank at most around 1/4 full for move in. Let them manage how much they want to keep it at. A fill at move in is expensive but better them then me. We don't have rules about automatic delivery or locked tanks. If it was a student rental I would check the level at semester break.

Natural gas I think is great but propane they will gouge on price depending on where you live as well as the safety issues. Our line/ propane tank was hit once and the fireman were rushing us out due to fire/explosion risk. Maybe there are more safety measures now.

Yes, we have not had a problem with doing this with the student population. You could just have her fax or scan it to you after signature. You and the husband could sign the same copy she signs or alternately there is overnighting....

You know them best and where their doubts come from, a lot of times it is leaving the security of path they know. The people close to me often give voice to my own fears so the doubt is usually mine and we try to run through it together to find where the downside is. However that said there are other people in my life I don't even get into the topic, to them there will never be an upside. To them I turn a deaf ear. You need to figure out who is who. I would argue that being a bit nervous about investing is a good thing and shows you recognize the risks. Don't let fear of failing stop you, we all make mistakes. Look around even the very experienced people you will find have shared where they went wrong.

@Bill S. I know that but you think we didn't try? Not ripping off the roof to do it and even my wirey 17 year doesn't fit so it is what it is.

As long as there is no draft the tenants don't care. Keep the money in your pocket.

(I have even talked to some tenants lately that don't know that the old wood windows need to lead compliant).

@Rio Tomlin might be a little too wild west for Brooklyn. Did the electric company really say they would move the wires if they belong to the cable or phone company? I have consistently been told if they are not their wires you have to call whatever other company they belong to and they take care of them. Trace them if you cani f they are cable it isn't an essential service....electric that's a different story. you would not want to interrupt if there are tenants in the building.

I read that statement as well but disagree we never take checks, sign the lease, and hand over keys. For our student rentals they leave the deposit and sign the lease months before the rental starts. For regular rental most people are planning a month or more ahead. For your rental I would get the lease and deposit. You want to be sure if you have to rent to someone else you have time to show it and get that renter. No one is committed without the signed agreement and deposit. And of course get the first months rent before move in. If there is a lag in when they are going to take possession we would have deposit and signed lease and then get first months rent a month prior.