All Forum Posts by: Andrea Galvez

Hello everyone, 

My building has only 1 boiler for all units, therefore I am the one paying for heat. In my lease, I said I would provide heat up to 65 degrees, and any temperature higher will be responsability of the tenants through other electric sources (like space heaters). This went through section 8, and the tenant was ok about it, so she moved in. Next day, she was complaining that the temperature was too low for her, and she couldnt heat the whole unit with space heaters (its a 1200sq apartment with basement), so we verbally agreed to provide whatever heat she wanted for an extra $100. Thats what we did during april and may, but we didnt notify of this to section 8. Now, the tenant has to pay for something that she damaged and shes trying to get away by saying she is going to tell section 8 I charged extra for heat. 

So my questions are: (1) Did I do something wrong by charging that extra amount to her, since she requested and came up with that solution?
                                       (2) Can I get in trouble with section 8 because of that?  
                                       (3) Is this somehow iligal?

Thank you! 

Hello everyone,

My offer just got accepted for a building in Dolton, IL, and I need a attorney to check the contract and all the things involved untill the closing. 
If anyone here is a lawyer or you know someone who can help me with that, please send me a DM.

Yes, I bugdget it for a little over a million over the years. And I didnt consider the option of a partner because I dont know anyone who is willing to take the risk and/or money to help finincing a big part of it. 
But I have made my decison, thank you so much for your thoughts. 

Thanks for your opinion @Sarah Hatton

Yeah, I have some rental properties and I would use the money from those ones plus my 9-5 income. 
I have demolished completely and done full rehab, including eleclical, plumbing, HVAC, siding, windows, etc all by myself. So I have the knowledge, but I dont have licenses so I will have to hire a contractor, and thats one thing that throws me off, because I'm running my numbers and it seems like its going to be a project for some years, but it would give me more equity and cash flow than smaller buildings (collected during the same years). But like you said, it always goes over budget, and with contractors, I dont know what could happen.  

I am interested in a building with 3 comercial spaces, and 30 appartment units on top (around 34K sqft). The building needs a full rehab. It looks structurally sound in the outside, but it has holes in the roof, floor, and theres a lot of water damage in the inside. The electrical, plumbing, and HVAC will probably need to be updated. I have enough money for buying it, but I would end up with 50K to start repairs, and I will need license contractors for this proyect. 

I was thinking about fixing the roof, inside structure and maybe 2 comercial spaces to get started and then keep fixing some units, rent them out, fix some more, rent them out, and so on until is finished. I could start funding it with $110K/ year (current income), and then use the rent from the fixed units.

I have experience doing rehab on small multiple unit homes, but this would be something new to me. SO based on your expertise, am I crazy? or is it something feasible?  

ok, I understand. Thank you so much for your time! 

Hello Everyone, I'm interested in a building with 6 units in Indiana, but I dont have enough money for a 20% down on a conventional. Does the 5% down applies on buildings with more than 4 units as well? 

And a second question, How much interest should I pay to the people lending me some money? I was going to give them a 10% APY for keeping the money with me for 3 years, is that good? too low? too high?