All Forum Posts by: Adam Kerr

I had a tenant in my apartment building call the fire department a few weeks ago because she thought she heard an alarm sound. She had called me the week before saying the same thing so I went and checked all of her fire and monoxide alarms and they were fine. I received a bill for a fire department call out for $500.00 and im curious who is responsible to pay? The tenant said she called homeline and they said that the landlord is responsible to pay it. This is in Minnesota. Thankyou

Hello everyone, I have 2 multi (4 unit) buildings on the same property that I'm having and issue with a tenant that lives in one building but is always going into the other building to visit his "friend" after his walk to a nearby gas stationabout 5 times a day and the other residents don't like it because of the Covid-19 concerns. There is a shelter in place now so I think he should stay in his own building. I am thinking of sending everyone a letter asking to not have visitors during the shelter in place. Has anyone else had issues? 

 Also I have common areas cleaned weekly now should that be sufficient as far as "my part goes" or should I have them cleaned more now? Thanks

Thanks guys, I can see what he did. He went back and used 2015 rental income I'm sure because he had 100% occupancy and low maintenance. I used his numbers that he gave me from 2018 rental income and subtracted only 5% vacancy (actual for 2018 was 3%), 10% for property management, 5% for maintenance, and 5% for plowing snow/ mowing. Nothing for cap x witch I think should be about 8%. I'm not sure if capx is figured in when figuring out what they're worth.  They were build in 1960s, they are in good condition but bathrooms and kitchens are out dated. Obviously when figuring out the value we are a long ways apart when he figures it like that.

Hello I'm starting to negotiate on an 8 unit apartment in Minnesota that is owner managed and maintained. (He does the Lawn Care and snow removal also.)  Someone told him the cap rates in our area are 8.18% witch might be right but in finding the value now he hasn't accounted for vacancy, property management, etc.  Should he be figuring that in to figure out the value like I do? Thanks