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All Forum Posts by: Pat L.

Pat L. has started 60 posts and replied 3918 times.

Post: water heater replacement- Cleveland recommendations?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

Big box stores may have installers who do it for a lot less assuming you cannot find someone capable. 40 gallon electric is a breeze, but NG is more involved & you need to ensure the tank is the same height to connect to the existing venting. You may also need a permit.

Post: (Current) Tenants say the dumbest things, too...

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360


@Bob E.

The books we could write !!!

Post: Tax strategies to avoid/mitigate capital gains

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

I'd also check to see how much in carry forward losses he may have access to. If he had used good tax prep people over the years he may have some relief there. Some of my 'old' investor friends have CFL of $300k plus from years of 'creative' investment losses :)

Post: Looking for a mentor to guide me

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

I often spend time with our young Veterinarian talking about his NNN leased properties. According to him he was the 'proverbial REI-virgin', but saw the potential. He partnered with several like minded professionals, one of who was the contractor who expanded his offices.

They initially bought several abandoned satellite bank offices at a good price & just NNN to whoever wanted one. He admits to only an 8% ROI, but so far their holdings have not been adversely affected by the pandemic, however, they have held off expanding.

However, you implied that you wanted to go hard & fast, so the above strategy maybe too slow for your liking. 

Post: What's going to happen to NY City?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

While trying to stay non-political, this crippling tax funded idiocy has to diminish the hope of an economic recovery? As NYC also needs ALL the small businesses to recover.

Sadly my friends intuitive comment, 'NYC will become inundated with rats & poverty', may become the new reality.

"While more than a million jobs have been lost in New York and an estimated 80,000 New York businesses may not make it to the end of the Chinese coronavirus pandemic, Gov. Andrew Cuomo (D-NY) is negotiating a plan to provide $2.1 billion worth of taxpayer-funded benefits to illegal aliens and convicted felons."

Post: What to do about mice

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

As an aside to keep mice out of our pool heater & poolside deck storage boxes/benches I use the 3inch chlorine pucks & they are pungent. 

I lay several in the bottom or heater cavities & it has worked effectively keeping them out of the same areas they nested in EVERY WINTER without fail. 

Post: Why are the floors bending?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

We looked at an old one where a load bearing wall had obviously been removed & over time the sistered floor joists stated to sag. It was quite the vertigo experience on the 2nd floor walking the bowed flooring. It sold quickly but we passed.

Post: What to do about mice

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

@Benjamin Serven

It must annoy them. In fact when we used radios in the sheds to annoy the groundhogs it did keep the mice out as well. I had mice bait blocks in the sheds during previous years & that was always eaten, but after the radio trick the mice bait was not touched. I pick up old clock radios from Goodwill for $2-$5.

I also used the radio routine successfully for a skunk family that took up residence in a wood pile against one of our other barns.  

Post: What to do about mice

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

When I rehabbed the place I sealed every conceivable entry point, so far so good (5 yrs) regarding mice inside, BUT we did have a Bat get inside once ??? 

We use a pro $400/yr with several bait stations & he takes care of the wasp nests as well. Our pro advised us that we should never put mice bait inside as it will attract them. So he keeps the baited food source outside & so far it has worked. We do use the sticky pads inside, no mice yet, just a few Japanese Ladybugs.

We did have chipmunks take us residence in a wall during the rehab so we left a radio on against that wall & they have never returned. We also used radios in our sheds to get rid of the Groundhogs that burrowed underneath & would NOT leave. We flooded the burrows, set traps BUT the ONLY solution was the radios on & they are still on.

We did hear that our neighbor now has a groundhog colony under his pole barn :)

Post: What's going to happen to NY City?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

I know it's ONLY click-bait but it's becoming more & more of a stark reality .... 

San Fran is a perfect example of a Progressive Utopia & it's impeding, inevitable demise ... 

Office vacancies in NYC rise to their highest-ever rate of 16.4% and a FIFTH of San Francisco's offices sit unleased: Spotify and Squarespace say staff can work remotely forever

  • Office vacancies in key NYC business districts of Midtown and Lower Manhattan are higher than any time, including post-9/11 and Great Recession of 2008
  • Huge swaths of office space lie empty as employers such as Spotify - which leases 16 floors of World Trade Center - tell staff they can WFH permanently
  • In San Francisco, nearly a fifth of office space remains empty as Squarespace and Twitter tell staff they can work from home indefinitely
  • Salesforce has big offices in New York and SF and says it'll reimagine work too.
  • A proposed $7bn tax hike and fears of future outbreaks could see dozens of companies abandon New York.

https://www.dailymail.co.uk/ne...