All Forum Posts by: Mike Hoefling

Last year I bought my first multi-family (4-Unit) with an FHA loan only putting down 3.5%. I am looking to buy my 2nd Multi-Family but the lenders want me to put down 25% and on purchase prices around $200,000 thats $50,000 down. Is this really what I need to buy my 2nd multi-family? I guess what I am asking is this what other people are doing? or is there anyway I can get into my 2nd rental? If so I am ok saving money but it will take me some time. I am just trying to figure out another way to get into my 2nd Multi-Family faster.

Rob Beland I ended up starting with a service at $60/plow then switched to having one of my tenants do it for the remainder of the season for a break on the rent. Mike

I have taken the Moderate Risk Deleading course as well, it is a great course. Now one item that is not clear and no one seems to tell you this, but Landlords need to take the RRP class as well to be able to perform deleading. This is not really stated anywhere because these courses are focused at contractors and home owners. However, landlords are special and need this RRP course because they are considered to be doing this work 'for pay' even though we are not being paid directly. Something I found out and thought others should know. Mike

@Bethany T. I did end up closing on the home and have not done anything with this yet. The property has a french drain system around the perimeter of the basement. There is a section of basement that does not have a french drain system and this is where the water was. My current plan is to install a french drain system in the section of basement that does not have one and I do not believe that will cost very much. As @Steve Babiak suggests I would research a little bit on french drain systems with sump pumps and get pricing from a contractor on those. I imagine it should be less than your $10k quote to make the basement "dry".

Even though this is only, I have another related question for everyone.

I did end up finding a company to do the plowing and snow removal for $60/event. However, one of my tenants now has asked me if he can remove the snow for a $50 break in rent per month. I know some people will say never to have tenants remove snow or complete lawn care so I wanted some opinions.

If I was to have my tenant remove snow for a $50/Month break in rent is this typically only for the "winter months" or is the $50/Month break offered through the term of tenanacy?

Thanks,

Mike

@Colleen F. I did not find anyone yet, I made calls to 2 people and they said they would quote me and I have not heard from them. After the holiday, first thing next week, I will be making a number of calls to secure a snow removal company. If you know someone please let me know and I would be happy to call them.

Mike

@Ann Bellamy

@Mike Hurney

Thanks everyone for the information. Currently, I am looking to hire out the snow removal from a professional snow removal company if anyone has any recommendations on who to use in the Worcester, MA area please let me know.

Yea, I thought $50 an hour sounded pretty ridiculous myself. I am thinking somewhere around 50-60 sounds more reasonable.

I have a few questions on how other multifamily owners handle their snow removal. When hiring services out do you pay a flat rate or by the hour? Does this include both driveways and walks?

I realize I have a few options, 1 would be having one of my tenants do the snow removal for a $50 break on the rent. I am not sure what is customary. Another option would be for me to hire it out to the guy that cuts my lawn. He told me he wanted $50/hr which seems high to do the walks and stairs.

Long story short I am looking to see what others do and what I should expect to pay .

@Melissa S.

I just finished at court this morning. The Judge gave my tenant a stay of execution until the end of December if he paid for December rent, which he did in court. The judge said if he is not out by then I can call the court and they will issue my execution (I previously filed for execution prior to todays court date).

What makes this a problem is that my tenant applied for RCAP, which is a rental assistance program (in Massachusetts) and this takes 30-45 days according to the tenant. The judge seemed very familiar with this program. My concern is that I will be back in court again in January with my tenant asking for more time. Long story short, I think once this RCAP program either gives my tenant money or moves him into another place nothing will really happen.

Mike