Really enjoyed this conversation. I do a build to rent model AND build it right for the long term with quality long term materials and products. I want to be proud of what I own and what my tenants live in.
Low Maintenance is choosing tenants that will care for your apartments. Tenants that are willing to do simple things like clear a drain or paint. Cut the grass and plant flowers like the property is their own. Clean people that will not bring bugs into the building. Tenant selection is the key to keeping costs low and other tenants happy. High Efficiency HVAC has more parts to break and the parts are expensive. No heat or hot water at the same time. The gaskets on many combi heat exchangers start leaking CO after about 7 years. Traditional boilers can last 30-40 years. If I'm not paying the heat, I'm putting in the simplest most reliable equipment.
thanks for your perspective. I can tell it's from real-world experience. I have found the same thing about responsible tenants. And they're usually attracted to houses (harder on apartments).
In many cases yes. Buy if u have 400 tenants. There aren't that many people that care that much about where they live that they will take care of it to that level. While finding tenants like that is always the goal. When you have over 100 units in a 30k person area you will be past the best tenants.
Great chat. One thing missing: Appliances! Repair and replacement of Refrigerator, Washer, Dryer, Stove, Dishwasher Etc. is one of my most challenging and expensive maintenance calls.
@gardencity3558 certainly happens. But we study what makes sense for the building. Washer dryer in unit or communal coin op. We look at what rents are for like kind units. Ones that have laundry vs ones that don't in our market make significantly more. Unless they are destroying them every other year it makes a lot more money.
There are so many slumlords out there. Since I moved to a mold prone area it seems all the rentals have this problem even if it is hidden so I moved into an rv until I buy. This guy is someone whom I would rent from and yes he probably rarely has problem tenants. His tenants probably let them know at the first sign of problems woth the property.
The only difficulty I have with implementing some of this is - you have to hire a licensed plumber in my state, you can't do your own plumbing :-( Electrical, no problem but plumbing and anything attached to the local sewer/water supply - super strict
❤❤❤🎉🎉🎉here by algorithm... thank you so much.i own two tiny rooms i built after watching tiny house living videos during lockdown COVID 19. But i have suffered. A tenant left without paying 6 months and we went through a nasty repair, paint etc it was my brand new Room. Then at the beginning of August a tenant died in another room , he used to drink and smoke stuff. Good story now i got New tenants for both rooms through a real estate broker and after redoing the rooms . I feel a relief. Have you dealt with scenarios like mine ?
Question about LVP. I understand that the two key specs are wear layer and thickness. What wear layer and thickness should I look for to get good durability and good value?
I don't know the answer to this. I've researched it before but can't remember the exact specs since it's been a couple of years. I know the commercial grade was much thicker than the residential grade. I also looked at warranties - and if they're willing to guarantee it longer that usually meant the thickness and quality was better. But perhaps someone handier can chime in!
🙄rental is never passive. you have to check on your investment and make sure tenants don’t eat up the profits. I got a multi family and managed for 14 years. Sold it4 years ago. But I’m kind of itchy again for real estate. 😂😂😂
@@davidpiccuta2276 more durable, easier to repair a small section and from my experience floating always seems to slightly curl up on edges which over time in a rental property only gets worse. Floating planks usually shift under traffic and to me it never feels like a solid floor. Kinda like walking on a piece of plywood that's laying on a lawn. These are just faults on floating lvp from over the years that i've notice.
I own appliance repair company. That also does tankless water heaters. You are far better off with basic appliances in your apartments. Not the cheapest but simple speed queen washer will last 25 years easy to work on low maintenance. About 1200 for a washer. Then pick up a whirlpool basic dryer with a timer or a speed queen if you want a matching set. Then basic dishwasher with a few washing cycles a basic refrigerator with no ice or no water in the door just a icemaker either in the bottom or in the top you can do a bottom freezer refrigerator or you can do a top freezer refrigerator but it doesn’t need the dispensers in the doors because those were out all the time and cause problems Samsung appliances are notorious for this then you also need a garbage disposal and you need to show your tenants how to use a garbage disposal keeps a lot of bugs and stuff away because you can scrape the scrap foods down in the disposal hit the button and it’s gone now water heaters. You could do a tank water heater instead of a tankless but you gotta understand that a tank water heater is only good for about 8 to 10 years after that you need to replace it. You also need to put it in an area that’s easily accessible, you can replace it very easily same thing with the oven. You need to have a basic oven a glass top is fine. Gas would be even better. If you have that available in your building, just stay away from all the unnecessary features and the appliances will be very dependable and they’ll get you a long life but remember that most appliances now have a 10 to 15 year life expectancy, depending on usage depending on other factors, so at the end of the day things will have to be replaced, but this is the rule that I tend to have people and it hasn’t proved us wrong yet
This is absolutely one of the best if not the very best RU-vid video on owning and operating investment rental property I have ever seen. 21- years in business, 19- doors. This was golden. Thank you.
I have a subscription to Office Business and Microsoft refers to their customers as tenants. But yet people gobble up cell phones and other technology and allow themselves to be monitored and listened to…..and yet they aren’t bothered that big tech views them the same…..cow, tenant, useless feeder. 😂
People that don't care at all about your property, run it down so it's not easily rentable with nothing to lose because they put down no security deposit. Yea .. no thanks
I don't work on rentals or flip houses because most landlords or flippers don't think this way. They want to use garbage materials they got at an auction and are short every time, they don't want to pay for an industry standard installation and they want to cut corners to save a small amount of money even though it may fail.
Excellent collaboration! I do some of those things (brick houses, harden flooring). Really, the noise dampening with the quiet rock was my top takeaway
Great question. Yes. I use them for everything that has natural gas utility as an option. I have seen a reduction in bills immediately when we deploy an IBC. They are near maintenance free. We have deployed about 33 of them over the last 7 years. Sometimes we use an IBC per unit and a couple instances where we have one IBC unit services the building of multiple units. Dealers can get a dealer kit and the units are so elegantly designed they have only 7 parts. Often any change or service is less than an hour. That's been my experience. Hope that helps.
As a Telecom Tech I would add that when your renovating the units add data lines to all the bed rooms and the living rooms to a central spot and a conduit from the central spot to the outside. Will save a lot of holes and wires stapled around the unit over time.
I work in telecommunications and am also a landlord. I just put an additional term in lease that no holes may be drilled for the purpose of running wires without written consent from landlord. Just a main line to each unit on an outside wall where the modem is placed. Much cheaper this way and never had a problem. Conduit is excessive and expensive. Few cat5 runs when the walls are open during reno isn't a bad idea tho but I wouldn't go out of my way
5:12 I disagree! I lived in AL for 30 years. The first place we lived had a heat pump and WE FROZE in the winter!!!!! I now live in Florida, and we did install a heat pump for our heating, but the other southern states DO get cold! Just for much shorter amounts of time. We had 2-3 weeks of 20°F weather in Huntsville, AL. Yes, it is only 3 weeks, but it was a bitter, cold 3 weeks with that miserable heat pump! (Yes, there was the auxiliary heat option, but we were newly wed and poor! We were told our electric bill would double if we used it.)
Investors are lame. This explains why most rentals are made of bubble gum and cardboard. They don’t know anything about the world except what is on their laptop.
PEX is wonderful. When I bought my home, I ripped out all the CPVC and put in PEX. Only downside over copper is that rodents can chew it, so you need to make sure you don't have a rodent problem.
I am a property manager in Las Vegas. Owners who don’t see the long term always have more expenses and more turnover. You don’t want turn over every year.
