I’m curious how other buy-and-hold investors are handling CapEx on older duplexes and triplexes (1970s–1990s builds).Here in the Triad, a lot of these smaller multis still have:• old electrical panels• original plumbing• worn roofs• older HVAC systems• aging windowsWhen I underwrite, I’ve been using 10–12% CapEx depending on age and condition, but I’ve seen some investors say they go as high as 15% on heavy value-add.For those of you with long-term holds:What CapEx percentage has worked best for you in similar markets?

I have only sent a hand written note twice and it did get a response both times.

You cannot charge pet fees, pet deposits, or pet rent for them.On the other hand you may be exempt from accepting ESAs if you have four or few units and rent the units yourself. 

This approach is often simpler to set up and manage than a hands-on assisted living facility, while still letting you take advantage of deductions and depreciation.So, to sum it up: the model itself isn’t crazy from a tax perspective, but it requires the right entity setup and a clear plan for how involved you’ll be.

Hands on ownership teaches you how real estate behaves in the real world, while syndications help you scale into markets and asset types you can’t take down alone.

I’m really interested in building a short-term rental business and I’m trying to choose the smartest first step.Right now I’m leaning toward starting with an arbitrage unit just to dip my toes in, get hands-on experience, and prove to myself that I can run a successful listing.

Quote from @Jaycee Greene:  Holding costs without rehab hold costs.. 10.9%..

Pick one simple Houston buy box (area, property type, price/rent range), learn the numbers that make a deal work, then run a daily noise-to-numbers routine so you underwrite a handful and make at least one offer a week.

Maybe you want to try your hand at a flip and build out a small company. 

Need some insight from anyone involved in buy and hold market in NYC.