All Forum Posts by: Shane Burke

I'm looking for any info on property managers (good/stay away from) in Corning NY.  Looking to buy multi -family there but to far away to manage myself.  

Anyone have an Air b&b in or around North Myrtle Beach?  Looking into buying a condo or house to air b&b near the beach.  But a quick search shows several units are only booked 1 or 2 weeks every month this summer?  Is this normal in this area?   Looking at condos attached to a golf course.  Any info would be greatly appreciated.

I purchased my first and only deal at this point off the MLS.... I ran the numbers and didn't raise my offer over what made sense based on the rents being paid!!! I walked about 15 to 20 duplex/triplex's and put offers in on most of them (My Agent is the BEST) Over the course of 8 months.... before I purchased one!! You should never rush; you are not paying the mortgage right now!! You have no skin in the game! The deal will come you just need keep looking running the numbers and making offers the make sense with the rents being paid!!

They didn’t notify till the bill came…. In talking to other investors this has happened to them as well in my area. I will see if the water company has a way to put some kind of alert in place, to notify me of a future excessive water usage. Thank you 

I just purchased my first duplex in April.  When doing the inspection on Jan 31 we found the outside water faucet was turned on… just a trickle but definitely running. Ground was soggy and was wet in the basement under the open faucet!   We turned it off and made a note of it in the inspection. I closed on April 4 and everything has been good with the tenant that the open faucet was feet from there front door. They Pd rents on the 1st of every month. Fast forward to now and I received a $725 water bill, from April 4 to June 28. Water/sewer sent water usage and it was 2 to 3,000 gallons used every day for the month of April.   May 2nd the water use dropped to 150 to 200 gallons a day for both units!   The unit with the water faucet outside there door, are in the process of moving out this month.   I have there $575 security deposit.  Last owner didn’t raise rent. I’m working on that. So my question: Would I legally be able to keep the security deposit to help cover the water bill, given that we found the faucet on previously?    

Thank you for the input.   Yes the comps for the 2b1b are in that ballpark. But half of the comps are coming from a larger town that is 18ish highway miles away.  The other problem is the seller has also taken over the electric and water for both 2b1b…. The gas is not separated but relatively cheap for western NY. (town natural gas). So if we can agree on terms, the tenants will be taking over the utilities as well!  This is why my thinking was to raise rents slowly!  I’m not looking to renovate 2 or 3 apts out of the gate.  Which I’m worried might happen if they take over utilities and I raise rents that drastically.  

Running numbers on a quadplex (this would be my 1st property) a 2…2b1b & 2...1b1b via seller finance. All 4 units are rented month to month right now!  Rents are at $500 on all 4 units… market rents are  average $700…. 3 of the 4 tenants have been there for years!  I would increase rents slowly.  Should I ask only to make principal payments for a few months or take the small cash flow $70 a month till I can get the rents up??