All Forum Posts by: Dan L.

It's along an exterior wall in a potential flip in Upstate NY.  It's about a foot tall.  Thanks!

Thanks for the input everybody. I made one of those last-minute trips to Depot right before a tenant moved in. Paid $200 for just smoke detectors, carbon dioxide testers and new deadbolts. Killed me!

Google says...

“Effective April 1, 2019, a new NY State law requires all NEW or REPLACEMENT smoke detectors in New York State to be powered by a 10-year, sealed, non-removable battery, or hardwired to the home.”

...so I can't do the cheap $4 ones.

But yeah I'll try to buy in bulk..And hope to use them all up before the 10-year life runs out! At my personal house, my 7 year carbon monoxide tester just expired. I don't even want to replace that!

And I was told I need one in the basement because of the furnace, kitchen because of the oven, and upstairs because of the bedrooms. So one on each floor (at least for typical single family homes around here).

Am I doing something wrong or does everyone pay $100+ per SFH rental on Smoke & Carbon Monoxide Detectors?

1 Smoke Detector, Bedroom #1
1 Smoke Detector, Bedroom #2
1 Smoke Detector, Bedroom #3
1 Smoke & Carbon Monoxide Detector Combo, Hallway (outside bedrooms)
1 Smoke & Carbon Monoxide Detector Combo, Kitchen
1 Smoke & Carbon Monoxide Detector Combo, Basement

I buy the 10 year battery life.  $35 for combos, $20 for smoke.  $135 plus tax

What am I doing wrong?

Watch the Amanda Han podcasts.  I guess she works remotely.  No idea of prices, availability, etc

Show 162

@Jay Hinrichs Exactly.  I didn't get involved in RE with any dream of chillaxing on the beach as my investments made me money - that's fairy tale stuff.  And it's funny you mention maintenance costs...  I'm happy because I finally found a good, reliable, licensed plumber who charges a low, reasonable rate.  Why would I give up all my savings to a PM company?  There was a leak in a tenant's sink.  Tenant texted me (1 min of work).  I texted the plumber (1 min work).  After the plumber fixed it, I had a 5 min conversation on the phone with him (mostly just bs'ing). I mailed him a check (2 mins).  So for less than ten mins of work I took care of this uncommon problem.  And now I'm a hero in the eyes of the tenant and a responsible businessperson in the eyes of the plumber, who had a check in the mail to him within 24 hours.  And I saved myself the PM fee & maintenance markups (at least $200).  Plus my plumber fixed my tenants' gate for me while he was there!  This is how you grow a business, IMO. 

If it was $9,000 in collections from anywhere else (like a store credit, or car loan), it'd seem like a decent tenant application that maybe you could justify.  But $9,000 in collections in rent?  No way.  Unless you don't mind not collecting $9,000 in rent.

They might. I would keep my receipts and submit it. But I would not hold my breath. If they pay it would be after a long paperwork battle.

However, it's a better chance they would pay than the tenant!

"Self-Manage" doesn't mean you're fixing toilets.  It just means you're managing the property & tenant.  I self-manage but I call electricians, plumbers, etc.  I only have a few properties now, but likely as I grow I'll hire someone to help manage it, for a fraction of the cost of a property manager.  (30 units, $100/unit = $3,000/mo... Could easily hire a part time assistant for half that).

Schenectady, NY.  I didn't know they had extended policies?  I usually avoid quitclaim deeds like the plague / Corona because I am always afraid of adding a heck of a lot of value to a piece of land, just to have someone come out of the woodwork to try to claim it. But am I able to have an extended policy that would protect me from that? If I could buy some kind of insurance policy, that would just pay off any potential woodwork person, that would give me a heck of a lot more confidence in buying a quitclaim deed property.  

I found this piece of land a year ago that would have been perfect. Big money maker. But it was a quitclaim deed. And even though my agent & attorney said it “should” be okay. I just didn't want to take the risk

It was a 3/1 SFH in the Albany, NY area for $90k. I probably slightly overpaid (they were asking for $130k originally, so I felt good at the time!). It needed a new roof plus another $6k of work. It still cash flows but I could have done better. Not too bad for deal #1. Learned alot about the process.