All Forum Posts by: David K.
David K. has started 34 posts and replied 137 times.
Post: Gas Forced Hot Water Boiler Replacement cost
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Originally posted by @Tom W.:
@David K
Dependent on efficiency level of the new boiler being installed I would budget $5000 - $6000 ea. That should cover the cost of the new boiler, circulator, expansion tank, pressure reducing valve, necessary piping and labor for a complete install.
Wow....for a boiler that retails for $2000.....
Post: Gas Forced Hot Water Boiler Replacement cost
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Hey Guys-
In all my units the heating systems are forced hot water gas baseboard. At some point the 25 or so year old boilers are going to start going. Anyone have one changed out recently? Trying to get a rough idea on cost? Each boiler would heat a 800-1000sq foot apartment.
Thanks!
Post: Late Rent/Late Fees and not following thru
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Originally posted by @Brandon Ingegneri:
I am going to have to agree with @Jason Boulay here. If this is a tenant who regularly pays, and this was a one time thing, you've got to give them a pass. If it is someone who has perpetual issues with making timely payments, etc, then stick to your guns if in fact there is documentation that the payment was made late. I have found in my experience that being firm but fair seems to work well.
What I would recommend you not do is to increase their rent in a retaliatory manner. If for some reason you have to go to court and a rental increase immediately follows a dispute, a judge may not look favorably upon this. If it is going to increase regardless, give excess notice beyond the statute of your state just to give yourself an argument should the tenant claim a retaliatory action on your part.
100% agree.
Post: Better to keep a great tenant or raise the rent
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Keep them. Calculate the costs of a turnover, missed rent while vacant etc. and it won't be worth it. Bump em up $25-50 instead and they will stay.
Post: Late Rent/Late Fees and not following thru
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Thanks guys! Went with the one time courtesy.
Post: Late Rent/Late Fees and not following thru
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Originally posted by @Nicholas W.:
How did he pay? Is there a record of his payment? If he mailed the payment it typically goes by the post marked date, so if you got it on the 6th he probably did indeed pay before the 6th. If he paid by some sort of ACH transfer or online somehow the date should be pretty clear. If he dropped off a payment it would be tough to prove one way or another. Ultimately what proof do you have that he didn't pay by the 5th?
If it were me and this was an otherwise ideal tenant I probably would let it slide but make it clear that it would be a one time exception.
Tenants leave in drop box. If rent is not in drop box I send out an email. State Law says I can send a letter to quit, or even at some point take out from security deposit. I really don't want to upset the apple cart over $45, but this type of stuff bothers me!
Post: Late Rent/Late Fees and not following thru
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
I don't want to kick them out, not my goal. I only want them to pay rent on time, which they do for the most part. I actually thought of increasing rent with a 30 day rental notice increase....
Post: My experience with Memphis invest - $3900 repair tenant turnover
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
3 Beds, 2 bath for a turnover costing $3900 with pets....doesn't seem that crazy considering you've done no work yourself. I recently turned a unit over using a contractor and some of my own labor and spent almost 3k for a 1000 square foot unit with only one bathroom.
Being out of state you're going to pay more, not figuring that into your costs is painting a much rosier picture than it really is for the future.
Post: Late Rent/Late Fees and not following thru
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
Just wondering how you all handle these type of situations. In all my RI rental agreements I charge a late fee of any rent that comes in after the 5th of the month. (rent is due on the 1st). I have a tenant who claims to have paid the rent before the 6th of the month, when in fact he paid the following day. He's decided to not pay the late fee. I'm a bit torn on how to handle this. Never have I had an issue with the 5% late fee, as its clearly stated in writing.
Post: Averaging $500/door, scale up for lower margins or stay course
- Investor
- Attleboro, MA
- Posts 137
- Votes 51
$500 door profit after cap ex, expected maintenance, vacancy deducted or before???