All Forum Posts by: Ajay A.

This topic was covered a few months ago at the Boise Investor Group meeting. The lender was OnQ financial. You can reach out to Gary Whitson. Very courteous and experienced professional

Thanks Everyone,

I had two posts on BP on the same day and completely forgot about this one.

Thanks for all your responses. From talking with people I've come to realize that

separating out electricity can get costly upto about $15k. Water, not so much.

So, if I had to split just one utility, I think I'd be ok with it, considering its not affecting

my cash flow as much. @Anthony Angotti, I like your suggestion on splitting the bill.

Thanks for all your replies

@Jay Hinrichs, I like the way you think, and I should be careful when and if I sell to you :),

Thanks for clearing up my doubts

@Account Closed, good point. I can understand, but its not that I dont have the ability to close. I've already been pre-approved by a lender for above the price of one multifamily. Its just that I have multiple properties I'm looking at (all multifamily right now), and I dont have funds to buy all of them.

So what would you suggest in case I get accepted offers for 2 or more? Have you been in these kind of situations?

Thank you everyone, @Joe Splitrock, I will let everyone know how things go as well as reference all my posts leading up to the deal, might make for an interesting read...

@Judy Parker, thanks for your response, if you dont mind, I would love to know how it turned out for your listing, assuming that its sold.

@Jay Hinrichs, "herding cats" haha, first time I've seen that expression

@Sid Roberts, I'm looking at multiple properties, usually the photos are not current condition. That inspection couldnt have been easy. I'm assuming they got at least a weeks notice.

Hello Idahoans!,

I see a lot of listed properties that have one or more utilities in common.

There was one in Caldwell that had Electricity shared between 2 units, and a lot of them have either water or gas shared between one or all units.

Anyone have any experience in separating out utilities(Electricity OR Water OR Gas)? How much did it cost? 

I would love to hear from investors who are managing properties that have shared utilities. How do you pass on the costs to the tenant?

Just dividing the utility by the number of units doesnt seem fair to me, and (seems to me) might aggravate the tenants on the remote chance of them discovering it. And how would one share the utility cost between units that have different number of bedrooms?

Hello Everyone,

Sorry if this topic has been discussed before. I was looking for specific information and didnt find it in a quick search.

I'm looking at 2 multifamily properties and have down payment for just one. Both the sellers insist on having an accepted offer before showing the units. What do I need to watch out for? What clauses should I add in my contract?

I know I should add the inspection clause (and hire a really good inspector), as well as a clause for financing (since I could get multiple offers accepted). Should it just be offer contingent on inspection and financing? Would that make the seller doubt my ability to pay? Should I include a copy of my pre-approval letter with the offer?

Anyone who's done such deals before, I would really really appreciate your advice,

Thanks everyone!

Hi Jonna, 

Count me in, Look forward to meeting everyone

Thank you everyone,

Unfortunately I didnt get a deal on the property, so I had to move on. Idaho rental market is pretty hot right now (about as hot as everywhere else I guess). Anyway, thanks again for all your replies, I will be consulting this post again for the next property I look at. 

@Matthew Hornsby, If you dont mind I am curious how anyone found out that there was asbestos underneath the siding, you must know a really good home inspector. I havent seen too many properties that have basements, crawlspaces are popular here as well. 

There was one issue that I noticed in the Proforma that 2 units were metered together for electricity, and the owner had some strange agreement that they would pay 25% of the bill. 

Hello BP community,

I'm having second thoughts on buying a multifamily so I thought I'd ask the best real estate guru (BP community) :)

So, I'm negotiating on a multifamily in Caldwell ID. Its a triplex and I've already run the numbers. Cap rate is pretty good at just near 8%. I've talked to local property managers and the vacancy rates are low. The only problem I can see is that the building is really old (built in 1887).

I've given them a really low offer (~ 15k less than assessed value), but this is my first purchase.

I dont know what I dont know about really old buildings. 

My questions are:

1. Is it a big risk buying a property thats 129 yrs old?

2. What are the risks I should look out for during showing and inspection (lead paint? asbestos insulation? what else?)

3. Idaho real estate is very hot right now, definitely a sellers market, and this ones been sitting for 229 days. If I'm looking to trade (1031 exchange) down the line, am I setting myself up for a loss?

I'd be grateful for any answers,

Thanks!