All Forum Posts by: Aaron C.

@Thomas S. and @Matthew Paul

Thanks for the feed back. All the units have there own meter for gas and electric meters , water is the only one that is not separated. Of course, I was thinking about people not respecting the program which could result in more then what I budgeted.

Hi everyone I had an idea on attracting tenants to my older style apartment building, which doesn't offer any amenities. I'm sure that someone else is doing it already or has in the past.

I'm thinking about offering my units at standard market value, but say all "Electric, Gas and Water are included". 

I have 20 units and they all have the small wall ac/heater units and a small gas stove and the rooms are all studios and 1bd/1ba units. I

It's an older building in the 60's, doesn't have all the amenities of the newer places around.

Any suggestions or feed back would be great!

David, I'm a Subcontractor. When I work with General Contractors and Private Investors this how it's handled.

With a General Contractor, they hold 10% each progress payment they make. I then have to provide a release showing the amount I was paid each time. I get the retainer at the end once the punch list is completed.

With Private Investors, I submit my invoice for full amount and 20-day prelim. If they don't pay, I will lien the property. When they pay, I send a release showing I was paid.

It will depend on the agreement that you draft up with your contractor. If you go to the CSLB you will see the different kind of releases.

Hopefully this information helps..

Hi everyone, I'm finally locking in my first multi-family unit. They recently rehabbed the building and it's not stabilized yet, so I'm getting it at a discount (at least I believe with all the research I have done).

My question is, does the current owner need to keep it occupied until I purchase it? There are a couple tenants up for eviction, a couple of units not rented yet....so I will have my work cut out for me right away. 

Thanks in advance

Hi Bao, yes I have been looking out of State. Pricing outside of CA is cut in half!

So when I'm searching and find a property I'm interested in, I will reach out to the broker and ask for the financials and start analyzing the property from the expenses to what current rent is in the market, crime, etc...and see if it will cashflow on what I need to make it worth wild. If it is a good property, I will then lock up the property and set  a time to go see it. I have been only looking in near by States that are 5-7 hours away. So I will just drive, I have been searching for 3-5 months taking my time. Finally put in a offer, just did the property inspection Monday, property is in escrow.

Suggestions?

Not sure how much experience you have or your background. I'm new at real estate investing. My background is starting 2 different businesses from the ground up into 25-250 employees and have done different types of construction for the past 18 yrs.

So I have been educating myself on real estate for the last 5-6 months. First started reading some books, listening to Pod Stations from BP and Lifestyles Unlimited. I even took a on-line course from Unlimited which was worth it. I knew that I wanted to get into Multi-Family units and I wanted to hold my properties.

Basically educate as much as possible and figure out which path you want to take. Either single family or multi-family. Once you figure that out, put a business plan together on how execute your strategy.

If you need anything else, send me a message.

Thanks and good luck!

Hi Everyone, I need recommendations on property management companies in Tucson, AZ of 10 units and up. I did the whole google thing and after reading a bunch of bad reviews, I figured I should reach out to the BP Family!

Thanks in advance!

The only reason why I was asking is incase if the property management company doesn't hold up their end of the bargain there is no out for the owner. @Christine Kankowski 

A David Lindahl book @Nathan Gesner

@Shelly Doris Milburn and @Kim Meredith Hampton

Another question, also in the book it states to make sure that the property management contract has a clause so you can give a 30 day notice to the property management company for non-performance. Is that normal? I have been reviewing a few different agreements and don't see anything in there that the owner can give notice.