All Forum Posts by: Michael Healy

I’m considering a capital improvement on my five unit building which would primarily yield on the expense side

Specifically I am considering converting my oil steam boiler and hot water heater for the entire house to individually metered Hi efficiency gas and on-demand water heater’s

This would mean that each unit would be responsible for its own heat and I would save on oil as Well as potentially the water bill with individual meters for each unit

What do you consider an acceptable return on investment for such an improvement?

I also imagine the improvement would have a positive impact on the value of the building

@Derreck Wells

A good landlord would absolutely credit her, a slumlord wouldn't... Which are you?

I think I’m onboard with crediting the days. I realized I misinterpreted how renter’s insurance works, which is to pay actual expenses during loss of use and not rent.

As far as slumlord or not goes, I’m guessing the fact that my lender called me onto the carpet this year for the high level of repair expenses I’ve had since buying the properties means that label doesn’t apply.

I actually paid for a plumbing repair prior to closing because the previous owner was unwilling to repair a leak and I was concerned about damage to the property

@Bill Kramer

I’ve owned the property about three years. The mold was not apparent because there was a vinyl shower surround covering up old tile work. We didn’t discover it until we had to repair a leak into the apartment below. This house has been full of nasty surprises. I have been slowly renovating units and this is one I haven’t gotten to yet ( although now she will have a brand new subway tile shower)

@Lien Vuong

All of this would be covered by renters insurance per my lease

@Bjorn Ahlblad

That definitely would be converted by rental insurance per the lease

My tenant’s shower was leaking into another apartment and needed to be completely gutted and rebuilt because of mold. She has been staying with her parents while the work is being completed She is requesting a credit on rent for each day the short is non- functional. I have a fairly tight paragraph in my leases about rental insurance to cover loss of use, so I’m not planning to grant a credit but given that there are no expenses associated with her loss of use what would happen in this situation? How would you handle?

I hate reconciling my bank statements on Buildium (which unfortunately doesn't link with my local bank).  Can anyone recommend a virtual assistant to do bookkeeping for a 14-unit rental property business?

Many thanks,

Michael

I have a handyman that I pay the equivalent of 3% of monthly gross, and I use Buildium pro to self-manage my 14 units. I do all tenant relations and use Adobe sign for all documents. 80% of my tenants pay electronically and no one has been late. My apartment listings are done electronically on Buildium and syndicated to zillow trulia, hotpads, etc.  My application is electronic, which in itself is a huge screening tool, and it also automatically manages criminal and credit checks. I was a bit worried when I was only getting a trickle of applications, but I realized that having someone fill out my electronic application--which doesn't let you leave critical fields blank--is in itself an excellent screening tool. I had one applicant say that he had all the information in a word document and could I cut and paste it in.  I said no I had other applicants who weren't asking me to do their data entry. Nearly every applicant I had met the requirements and had excellent credit and clean backgrounds.