All Forum Posts by: Eric Knapp

This article definitely seemed to be less about the actual impacts of change in home ownership, and more about attitudes regarding those changes. The homeowners interviewed seemed pretty snobbish towards renters. Where I come from, people who live in a neighborhood make it a point to go introduce themselves to new arrivals and welcome them into the neighborhood. Their status as owners or renters isn't that relevant to the socialization. I can certainly understand disappointment, even resentment, when large numbers of one's neighbors loose the ownership of their homes. However, I would much rather have an honest, hardworking neighbor who rents the house next door to me because he is not currently in a position to buy it, than to have it sit vacant. In fact, it wasn't that many years ago that most of the population of this country didn't even hope to own their own house. Maybe no one is fawning over the woman's little girl because they just don't like her.

If they have separate subpanels, it shouldn't be too costly to separate the services completely, having the electric company provide a second meter, as long as the existing wiring is or can easily be brought to meet current codes.

Hello, Nickolette, and welcome. I am from your neck of the woods - Memphis, NY which is out near Baldwinsville. I'm a probably twice your age but fairly new to this myself. I own a duplex and a SFH as rentals, both were complete gut rehabs. I'm about to buy a 4-plex. I wish I had started much earlier, but waiting had advantages too. Good luck with your plans!

Well, here is the thing. After two years you have to either sell it, or make it profitable. What is your plan?

Always good to "hear your voice", Tevis. Good, positive energy there. As you say, "if the math works." It appears it does - I am just stretching into unknown territory a little bit. Have done Section 8 - fairly good experience. I am going to dig deeper, and seriously consider making a deal.

Michael,
Go to [http://www.dos.ny.gov/licensing/re_salesperson/re_salesperson.html] to get the info you need.

It looks as though you need to take a course, take an exam, pay a fee, and then find a broker to work under.

Andrea M.

In my neck of the woods, anyway, Lowes has prefinished cabinets for just a couple of dollars more than the unfinished ones. The finish looks good, and it saves a lot of time and aggravation. Well worth it to me.

Thank you, Joel, for your POV. It is funny, but the age of the house is the one thing that doesn't directly bother me, as every house I have owned or lived in has been at least 100. The psychological issue I have is that it is more of a lower end quality of rental and I don't feel completely comfortable with that. Because of how it is laid out, it would be difficult to make really nice. It is safe, utilities are up to date.
That being said it is a large lot in a nice village and could have other values to myself or someone else. I am just really having a tough time sorting out my feelings, as opposed to just doing the math.
Again, thanks.

I would like to hear some insights from experienced landlords.

I currently own a duplex and a SFR as rentals. They were both very distressed properties that I rehabbed myself from the ground up, all new utilities, windows, insulation, drywall, fixtures, floors, etc. Although I used materials and methods designed to be economical, I have always insisted on a quality of work that would be acceptable to me if I wanted to live in them. I have been happy with the work, and they have been reasonably profitable.

Now I have an opportunity to buy a 4-plex that could be quite profitable. It is in a nice village in a fairly rural area. More single family OO homes than rentals. It is currently fully rented with 6-month leases. Monthly rents total $2100. Insurance $1100/year, water $60/month, taxes $3100/year. Tenants pay all other utilities.

Here is the thing I have a hard time digesting. It is a house that is just kind of ugly inside. The foundation is in decent shape, but it is old and has settled a little over 150 years, so floors have some slope to them that would be hard to fix without a huge effort. Floor plan is boxy and unattractive. The long and short of it is, it will be profitable rented as is. As units are turned over, I can dress things up a bit, but a complete gut and rebuild would not be profitable. New roof and vinyl siding and windows in place. Wiring is modern.

So, economically it looks good, if I can get over an uneasy feeling of feeling a bit slumlordish with the building. Tenants will always be from a little differnt circumstance than what I am used to dealing with- I am not saying bad. It is more that I am used to feeling proud of my rentals, and finding tenants that are proud to be renting the places.

I apologize if I sound really foolish, but I am struggling to get my head around this.

Thank you.

This is a great thing --- thank you! One question though. Do we really have to "bare" with you? My wife is apt to get upset if she finds me sitting naked in front of the computer.