All Forum Posts by: Nick M.

Hi All,

No matter how big or small an issue, tenants expect a repair to be done yesterday.  As property owners we similarly want repairs done quickly.  However,  for a variety of reasons it can't be done - you can't find a vendor, it's a holiday weekend,  parts aren't available, vendor flaked out etc.

How and when do you set expectations with tenants for how soon repairs can be done?  Do you have timeframes by repair type (e.g. appliance, heating, leak etc)?  Do you share this info in leases, common areas, property management software?  If you have a doc that shares repair turnaround times, I'd love to see it.

Trying to understand how to manage tenants who have type A personalities in wanting repairs done immediately.

Thanks in advance!

@Tyler R.  Thank you

Hi All,

Appreciate the insights. Looks like CapEx should ideally be determined based on needed updates to the property and useful life of major building components. That makes sense.

If you're doing quick underwriting (especially without seeing the property) and realize this has a lot of caveats, about $80 a unit seems reasonable.

Thank you.

As has been implied, no matter who you select as a turnkey provider- always underwrite the numbers yourself.  

Hi guys,

Curious, what figure/percentage are you carving out for future CapEx (new boiler, roof, etc).

Thanks!

Note, if the laminate flooring isn't installed properly, e.g. you haven't used enough padding or good quality padding, you'll hear it from the unit below.  They'll begin to complain about all the noise (e.g. foot traffic) coming from the unit upstairs.

I think the answer is all relevant based on your current income, expenses and cost basis for your property.

Good luck!

Thanks for sharing this Eddie.  Incidentally I have the same lockbox and have had a mixed experiences with it.

Hi guys,

Wondering if there's an electronic lockbox you recommend?  One where unique codes can be created for specific vendors and ideally, created and deleted remotely?

Thanks!

Hi All,

I own a quad that I purchased for $255K just over a year ago.  I have $75K as a downpayment in it.  This yields me about an 11% cash on cash return or $1,200 a month after all expenses.

I have an offer to sell it for $355K.  Would you take the deal or keep the property?  

Thanks,
Nabeel
P.S. In today's hyper competitive market in the northeast, a 1031 is going to be difficult.