All Forum Posts by: Patrick M.

I pay my water in a 4 an 5 family. It is factored into the rents globally with my other utilities. It also affords me the opportunity to insist on conservation and make the adjustments necessary for conservation.

Seems you would be inviting a monthly problem by splitting it your way- Each tenant would be alleging the other is using more then their share. I try to minimize headaches. My real question would be, why in God's name would you want to do this when you have it factored into the rents? Any decent tenant would perceive it as nickel and diming them and if it is not the standard in your community then you would be giving an advantage to your competitors.

Wow, I gotta say it sounds like some of these rentals are in Fallujah! 

Fortunate for being across the street from Town Hall and Police/Fire department.

When we frame out we always frame in supports for the kitchen cabinets, closet shelving and bathroom fixtures.

My hat is off to you guys- I could not handle being worried about the A/C units and pipes being stolen!

@JD Martin I am fortunate to have a great hardware store in town and they have a good bunch of contractors/handymen who they trust enough to recommend to neighbors.

@Jeff G. It is definitely available to me. I am biding my time a bit, last year when we finally got the town to phase out rent control on vacancy we were also able to get them to include a floor increase of 1.5% if CPI is less. My tenants had never had more then a $10 increase under the old owner, I increase by $30 a pop on most controlled units the building  was profitable regardless. We wanted to rehab sooner rather than later- but after this one building renovation we may need a year break!

I gotta say, I am all around very fortunate. When an issue presents itself, my current tenants correct it when it is brought to their attention. 5 out of 9 had to move on because they could not adapt to the new regime when I took over the buildings. The others adapted right quick and the people I have placed are a dream.

I only have one issue right now-

I am pretty capable of navigating the protective laws of 3 or more units here in NJ- but one thing drives me bonkers: I cannot give a tenant notice of non-renewal for renovations. The previous owner did not put one nickel into either building, and they are 100+ year old buildings. I cannot renovate with a tenant in because at this stage, once I rip into one piece it will lead to a cascade of issues. I must vacate to completely renovate. This is exasperated by the fact that these apartments are rent controlled (they phase out on vacancy), so their rents are well below market even for the shape they are in. So the interplay of the state law and municipal ordinance really screws you. I have to basically call the state in to do a study to find that the apartment is uninhabitable (which it is far from) for the tenant to vacate... I would be happy giving the person 2 years notice!

I was able to completely clean out the ne'er-do-wells in my one building- which was great, but costly having to carry an entire building while renovating and discovering issue after issue... We effectively rebuilt it.

That's all I got- I really am so grateful for the opportunity to own income property, especially where I do- that I don't stay down for long, even on my worst day. 

I am with @Dustin Beam, I at least weekly do online searches through Zillow and Craigslist to get a handle on the pricing in my town. It is a favorite pass time for me. Also when you track it on a regular basis you can see how long something is sitting and track any price changes as they are happening. I have become very confident in my area. 

I would never ever pay for a service, I do not believe they can analyze the nuances that I can.

If the only reason you are avoiding a stackable is maintenance- install one. I ripped mine out because I pay water and it is a fortune in the town.

Divorce can destroy a credit report, lawyers will often tell their clients not to continue paying joint cards while they settle issues.

Credit figures into my considerations but if someone has an issue such as divorce or medical (hospitals can destroy people's credit) then I am less concerned.

This tenant has 2 of my favorite qualities - government employment and divorced. I find that divorced guys feel like they are in heaven when they  go from the headache of owning to the ease of renting.

I am fortunate to be in a small town/ transit hub to NYC. I think with the renovated rentals I put on the market I have effectively priced out a lot of the problem people.

The small town atmosphere is nice as well because if they are from the area my network of friends and colleagues know of them. That can be a good first step.

I only have gas- I have had people look at the apartments coming from electrical buildings and comment on how much they want gas for cooking. I believe in my area it is an advantage. I feel the new gas ranges with electric start are very safe.

But I do all the cooking in my house and I despise electric., so I am biased. The only way I would consider it is a convection cook top, which is too expensive to justify in a rental.