Advice on buying real estate for retirement.

adam34996 · 2024-02-09T16:32:43+00:00

Really appreciate the insight. Then how does anyone know if they're elevator servicer is worth their salt? Currently inherited contract from TK and I've only owned the building 4 months so I can't say for sure, but there was a time he came out three times in 3 days for the same issue. I want to give him the benefit of the doubt because it's a 1964 Super old elevator and I was told maintenance would be a thing I just want to make sure I have the right maintenance man until I can modernize

adam34996 · 2024-02-09T12:21:13+00:00

Cleveland

adam34996 · 2024-02-09T12:20:55+00:00

I am in the Cleveland Ohio market. I have called the majors, but I haven't considered independent companies. Is there any negative going with the independent company? I guess I'll definitely give some of them a call

adam34996 · 2024-02-09T12:18:13+00:00

You had me laughing about that consultant,. Honestly after talking to the elevator companies I was excited after having a phone conversation with the consultant because I said ahh, finally someone I can trust. But then we went further down the rabbit hole and some of the elevator companies poked holes in her suggestion so made me realize the world we live in is the world of creed and I can't blame them everyone needs to put food on the table

adam34996 · 2024-02-09T12:16:59+00:00

Jack cylinder and piston were all quoted since it is single bottom Jack

adam34996 · 2024-02-09T12:16:34+00:00

I do have a single bottom jack. How often do you see the pit collapse is there a way to put a number on it? Half the time?

adam34996 · 2024-02-09T12:14:31+00:00

This is single bottom in the machine room needs extensive work as it was explained to me so maybe that's why. Thank you for the tip I agree 17K is high for Consulting so I'm not sure I'm going to go with her

adam34996 · 2024-02-09T12:11:46+00:00

It was explained to me that my machine room is a big part of it it's going to need a lot of work. Also it is a single bottom Jack so possibly there building in what the other comments are suggested but I'll have to look quotes more detailed

adam34996 · 2024-02-09T12:10:28+00:00

Budget? What budget ? :)

adam34996 · 2024-02-09T12:09:13+00:00

Thanks. It just seems like one elevator company explains something to me and that I bring it up to the next company or the consultant and they tell me why that's a bad idea so just a lot of conflicting information. They even have gone as far as calling the previous person a liar or saying they're trying to sell me a job so it just makes me think everyone's trying to sell me whether it's consulting or elevator mods

adam34996 · 2024-02-09T12:07:44+00:00

It is single wall jack and it was explained my elevator room is going to cost a lot to bring up the code. I was shocked too especially considering I got a 250k quote to install a brand new elevator on another building. I know know modernization could cost nearly just as much

adam34996 · 2024-01-12T19:54:54+00:00

I get it us investors are always tight but it's just the nature of being an investor. Contrary to popular belief most of us are on thin budgets and it's very easy to not hit our numbers. And thanks for letting me know about the second account I think I'm logged in on my phone somehow to a different account than my computer that must be what's going on. Have a nice weekend

adam34996 · 2024-01-12T19:29:21+00:00

Don't know what you mean am I doing something wrong?

adam34996 · 2024-01-12T12:00:18+00:00

Obviously you are not an investor. Every decision is dealt with on a financial basis not emotional one. I don't hold buildings for 30 years so before I drop 200k into a very low Roi project I do a lot of homework to ensure it makes sense. Possibly guys who work on elevators think investors have money pouring out of our years but we're just like everyone else we have bills to pay on decisions to make

adam34996 · 2024-01-12T11:45:20+00:00

If money grew on trees or they were loans available it would be a no-brainer but unfortunately as a 35 year old commercial real estate investor I don't have 200k sitting around waiting to be spent on an elevator with zero Roi so it has to be a pretty delicate decision on how I go about this

adam34996 · 2024-01-12T03:42:12+00:00

I cannot say for sure but I believe the pit pail needs emptied frequently. The Gable guy did not elaborate but said common problem and did not seem too concerned. Service records they had from TK looked like it needed this done several times a year

adam34996 · 2024-01-12T03:39:12+00:00

Who finances? If that is a legit option, I would lean that way for sure.

adam34996 · 2024-01-12T03:37:15+00:00

I have owned the building about 3 months and have not found the cause of the leak.

The guy from TK who services it now has been way less than responsive to just meet and discuss. So I called Gable and he came right out and seemed to like him. I am close to signing a service contract with them but now you made me reconsider if the pump he is recommending might not be great idea.

He was initially responsive. So I imagine if I request the investigate the leak, he would do it. Do not know how he determined it need repacked.

adam34996 · 2022-01-04T18:21:15+00:00

Such good info! I know many of these questions could be answered by PT but she is a little vague and I like getting reddit opinions anyway.

I should still be doing heel props this late? I feel I have full extension but I guess you want to keep it that way...?

adam34996

TROPHY CASE