All Forum Posts by: Jon Dang

I recently bought a quadplex and my insurance company requires me to replace all 4 water heater (15 yr+ require replacement, standard in my area). I found some 40 gallon at home depot for about $350 each. 

I got quote to replace water heater at $500-1000. I am considering replacing them my self. I live/househack one and another unit is vacant. I might hire out the two with tenants. But, how hard is it to repace a water heater? Any advice? I am looking at an electric water heater, closet heater, first floor.

I only owned this place for a month now and I'm trying to save while I build reserves. 

@Jeff F. Closed last week, and i'm painting and cleaning the vacant unit. I'm still pretty nervous since I see like alot places in my area have rentals listed. I'm worried about a prolonged vacancy. I still plan to screen and everything, but do you have any tips on getting tenants?

@Joe Splitrock Thank you for your words of encouragement! It means alot to me. You're right it is the just the fear of something new. I am nervous and excited. I do have a property manager to do the heavy lifting. I met numerous people on the BP community and investors in the same subdivision I am investing in. Since I'm doing FHA, I don't have too much skin in the game. It will be alot of work but I am willing to work it out. I keep forgetting this is a long term game.

If you don't mind me asking. How did you overcome your fears starting off? And a little background of your first property?

@Patricia Steiner Thank you for the confidence. There was nothing in the contract the said anything about having them fully occupied. Yeah, this will be a huge learning curve for sure. Of course i'm scared for obvious reason. I will be meeting with my PM to catch up and draft a game plan! I have reserves to account for eviction and vacancys and such. 

For some reason, I feel like I am going in this alone. Even though I have a PM, mentors, the BP family.

We have a handshake agreement for them to evict and clean the evicted unit. Final walk through is next week.

Lance, I may have stated it wrong. 2 tenants are being evicted. One of the tenant being evicted been there for a month. And other been there for multiple years, but due to a unfortunate circumstance cannot pay rent. It does not appear to be D, war zone. Aside from like obvious violence and such. What are signs of a C class compared to D?

@Bryan Blankenship Thank you for the advice. For some reason I feel like i'm doing this alone. But, as you mentioned a good PM should be able to find someone relatively quick. I feel better now, thank you for reading my post. 

I am hoping to close soon. I am still very nervous, but really just scared of change. I'll try to keep my mind off this. And a month from now hopefully have the property rented out and i'll be moved in, worried free! I am going to go out and enjoy my life and not worry about the things my PM should be working on.

I don't intend to let them know the owner. I get a lot of late-night work calls as it is.

Thank you!

Hello BP family,

I was scheduled for a closing this Thursday. However, that has been extended a week since they have to evict two units. My loan officer hasn't got back the clear to close due and or closing disclosure, expect to get it later this week. I have to extend my rate lock.

Quadplex: 2br/1bath, cost $211k, seller pay closing. C class neighborhood. Repair 5k. New roof. Older hvac 12 yrs old.

Morgage/Insurance/Taxes: 1400

Rent: Unit A/B (750) and Unit C/D ($650 , long term tenants (4yrs+))

Cash flow:600/month with PM

The issue is two units have to be evicted. Unit B has already been evicted and their cleaning that up. Unit A has eviction court Friday.  Both tenants are failing to pay rent so the owner is in the process of evicting. I am scheduled to close next Wednesday. So that mean 2/4 are occupied. I am looking to home owner occupy, so really 1 is vacant.

Did anyone else have issues prior to closing? I have a property manager that is working with me at the moment to fill vacancy one unit B is ready.

Any advice? How did yall get over being nervous? I'm very anxious, up until now I was told that the tenants were good. I cant stop checking my email to check if I got the clear to close. I been getting less sleep. Any advice? 

Hello BP family,

I was scheduled for a closing this Thursday. 

Quadplex: 2br/1bath, cost $211k, seller pay closing. C class neighborhood. Repair 5k. New roof. Older hvac 12 yrs old.

Cash flow:600/month with PM

However, that has been extended a week since they have to evict two units. I have to extend my rate lock. 

The issue is two units have to be evicted. U ut B has already been evicted and their cleaning that up. Unit A has eviction court Friday. I am scheduled to close next Wednesday. So that mean 2/4 are occupied. I am looking to home owner occupy, so really 1 is vacant.

It's too late to backout now. Did anyone else have issues prior to closing? I have a property manager that is working with me at the moment.

Any advice? How did yall get over being nervous? I'm very anxious, up until now I was told that the tenants were good.

Hey BP family.

I am closing on my first property at 211,000, quadplex with a FHA at 3.5%. I am not too sure about closing cost details. But does anything look off. I thought my closing cost is very high, $12,000.

Also, my downpayment says $3,822. Shouldn't it be like 3.5% or about $8,000? 

AM i reading this wrong?

 Heath, I got quoted around the same 4.8k per hvac. If you dont mind me asking how old were yours and why did you replace 3 at once? Rehab? Thanks.