All Forum Posts by: Dave Versch

Hi Everyone,

I'm looking at 2 possible deals, and I'm only going to be able to swing one of them at this time. Planning buy and hold. Question is, which one sounds better:

Deal 1:
Bank-owned, 8 units, asking 250K, offered 175K and accepted.
Gross rent = 49K (currently 100% occupied)
Stated expenses = 19K

Deal 2:
4 units, asking 122.5K, offered 112K and accepted,
Gross rent = 27.5K (currently 100% occupied)
Stated expenses = 9.2K

Hi All,

I've got a tenant in a duplex that fell behind in his gas payments and the gas company shut their gas off. The tenant's lease is up end of June. I'm concerned that if I renew him and he doesn't get his gas bills straightened out by fall, I'd be running a risk that the pipes freeze and burst. (This is up in Buffalo, NY -- it gets cold early.)
So, to renew, or not to renew? Opinions?

DOM means Days On Market. I'm guessing cumulative DOM must mean it's been listed and then re-listed, or the listing price changed?

Hi Jessica,

If I was in your situation, I would pick the two or three things that would get the most bang for the buck. Painting is probably number one if it's needed. I wouldn't go and remodel the bathroom or kitchen, because although those things will get you a better return than other remodeling projects, the return will still be less than 100%. If you're thinking of selling soon, that's not going to benefit you. You can spend $100 on paint and supplies and make a huge difference in prospective buyers' first impressions. Caulking cracks and gaps in molding can make a big difference too.
Hanging doors is something you don't want to rush through. If you've done it before and you know what you're getting into, and if the new doors are much nicer than the old ones, go for it. If you've never done it, you'll probably end up spending much more time and money than you want to. Keep in mind you'll most likely have to replace the door molding as well, then caulk and paint. If you do decide to do the doors, your best bet is to go with pre-hung, pre-primed doors. You can get them pretty cheap at Home Depot or Lowes. It might look like more work than just taking the old door off the hinges and slapping the hinges on a new door and hanging it, but you're actually MUCH more likely to get it right with pre-hung doors, especially if you're not an experienced carpenter.
Another thing that can totally change the impression a prospective buyer gets is landscaping. You don't have to spend thousands for a professional landscaping makeover. By trimming any overgrown shrubs, weeding, and making sure the grass is trimmed and edged, you can accomplish this for next to nothing (except a little sweat). If you want to spend a few hundred bucks on new mulch if needed, that might be worth it as well.
You can do all these things for very little money, and improve the first impression a lot. Check the other houses on your street also. You want to be one of the nicer ones, but you don't want to be so much nicer than the rest that you're out of place, because then whatever you've spent will be negated by the rest of the neighborhood, and you'll have wasted your time and your money.

If you're still looking in the Buffalo area, please check the listing in my profile for the duplex in Buffalo.

I'd love it. Don't have much to contribute, but it would be a great resource.

Try http://sites.google.com . It's free and really easy.