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All Forum Posts by: Andrew Albert

Andrew Albert has started 8 posts and replied 26 times.

Post: Assembling a team in Memphis - looking for recommendations

Andrew AlbertPosted
  • Investor
  • Attleboro, MA
  • Posts 26
  • Votes 17

Hi all, 

Working to set up a team in the Memphis, TN area and thought to ask everyone here. We are looking at multi-families 5+ units. 

Does the network have any recommendations for:

- Property Manager

- Banks (commercial mortgages i.e. for 5+ residential units)

- Insurance

- Lawyers (help with setting up LLC w/partners and preferably support with closing & post close) in particular? 

I saw a post from a couple years back with feedback there may be some sketchy PMs around the area. Thought to re-ask in case there're updates. 

Thank you!


Post: Replacement Windows near Attleboro, MA

Andrew AlbertPosted
  • Investor
  • Attleboro, MA
  • Posts 26
  • Votes 17

Thanks, Steph! Yea we're looking at a value play, solid construction and u-value without the price tag of the major players like Andersen, Pella, etc. There are a ton of window brands though. Continuing research...

Post: Replacement Windows near Attleboro, MA

Andrew AlbertPosted
  • Investor
  • Attleboro, MA
  • Posts 26
  • Votes 17

Thanks @Steph C. , I’ll give them a ring. Any thoughts on window brand recommendations?

Post: Replacement Windows near Attleboro, MA

Andrew AlbertPosted
  • Investor
  • Attleboro, MA
  • Posts 26
  • Votes 17

Hi All, 

Looking for some advice on replacement windows. I (with some help) can do the installation... so we're not looking for a full service contractor.  

  • What window brands do you recommend for a buy-and-hold investment? For a duplex built in 1840, in pretty good shape minus the windows. I'm not planning on the higher end Pella, Andersen, Harvey... looking for value... Slocomb perhaps? Will need windows for Rough Opening and eventual installation from the outside
  • Any recommendations on Window dealers? That won't require I use them for installation. I could go to Home Depot or Lowes but I try to stay away when I can (quality concerns).

 Thanks everyone!

      Post: Accounting Software when using a PM

      Andrew AlbertPosted
      • Investor
      • Attleboro, MA
      • Posts 26
      • Votes 17

      Hi BiggerPockets,

      I've seen a bunch of posts about accounting software but they seem to be focused on self-managed scenarios. We have a property manager using Buildium giving us "owner" access - read only reports, etc. We're looking into an accounting software both for the LLC that owns the property being managed and for our personal finances (likely separate databases, perhaps separate tools). Rather than manually updating a spreadsheet which isn't scalable.

      Any recommendations on accounting software that is easily updated from Buildium export files? 

      • I know of the usual suspects, QB, Quicken, Xero... but wondering if anyone has experience updating these packages from Buildium exports - is it easy? Will i have to manually update all the tranx each month?
      • If manual, then i don't think it'll be worth the time to keep a separate set of books. Is there a better option for keeping track of LLC financials (without engaging a bookeeper)? Should i not bother if the PM is managing all the expenditure in Buildium and providing me a monthly summary?

      Any recommendations for personal finance (for married couples) tools that accommodate full and partial ownership in buy-and-hold properties? 

      • Mint, Personal Capital - good tools but don't seem to account for property ownership or partnerships as well. Mint being light on investments in general, PC having solid investment visibility but more focused on the equity markets than real estate. 

      Thanks!

      Post: First Investment Closed!

      Andrew AlbertPosted
      • Investor
      • Attleboro, MA
      • Posts 26
      • Votes 17

      Thanks @Martin Ruiz!!

      Post: First Investment Closed!

      Andrew AlbertPosted
      • Investor
      • Attleboro, MA
      • Posts 26
      • Votes 17

      Thanks @Jay Chang. We probably made a dozen offers over the course of 6 months before this one was accepted. We also changed geographic focus over that time. The seller financing definitely has an impact - I reached out to at least half a dozen local banks before finding two that were willing to have a 15% 2nd position. Another would have been ok with 10% seller financing. I suppose if you reach out to enough lenders, you'll find one that is willing to work with you. 

      Thanks @Anthony Thompson! And thank you for the recommendation with Loiselle Insurance - Nate has been a pleasure to work with.

      Post: First Investment Closed!

      Andrew AlbertPosted
      • Investor
      • Attleboro, MA
      • Posts 26
      • Votes 17

      Investment Info:

      Large multi-family (5+ units) buy & hold investment in Central Falls.

      Purchase price: $560,000
      Cash invested: $56,000

      2 adjacent lots, a total of 8 residential units with 10 garage units - fully rented upon acquisition with several long standing MTM tenants (one as long as 19 years). C+ class property that was under-managed leaving ample opportunity to add value both in aesthetic improvements and in terms of tenant & lease management. Both residential structures are in relatively good shape with no urgent, major rehab required.

      What made you interested in investing in this type of deal?

      - Very unique in that we have 10 garage units rented along with the 8 residential units. Made for a complicated insurance and appraisal situation but a great feature to boost the bottom line.

      How did you finance this deal?

      - We were able to secure this package deal with a first position commercial loan at a +2% benchmark interest rate for 75% LTV. Very competitive from what I found in researching local banks.
      - Layered a second position seller financing note for 15% LTV at a 5% interest rate and interest only due year one, co-termed at ten years.
      - Resulting in just 10% initial cash outlay.

      How did you add value to the deal?

      - Gradually bring rents to market rates, some haven't increased in 5+ years.
      - Add onsite laundry, building basement storage, reinforcement of rules, and outdoor facade improvement

      What was the outcome?

      We'll hold onto this one for quite some time.

      Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

      Yes. Webster Bank was a pleasure to work with for bank financing.

      Post: Providence/Pawtucket RI Insurance Recommendation

      Andrew AlbertPosted
      • Investor
      • Attleboro, MA
      • Posts 26
      • Votes 17

      @John Mocker - Thank you, John.  Looks like we have a couple suggestions but will circle back if something doesn't stick. Really appreciate the heads up on detached structure limits for the garage coverage. Had a feeling it would introduce some complexity - now I know what to look for.

      @Anthony Thompson - Thanks, Anthony. Cross was on my radar so that's good to hear you've had good experiences with them. And I'll absolutely take a look at Loiselle. Appreciate the insight! 

      Post: Providence/Pawtucket RI Insurance Recommendation

      Andrew AlbertPosted
      • Investor
      • Attleboro, MA
      • Posts 26
      • Votes 17

      Hi everyone - do you have a recent recommendation for an Insurance Agent / Broker in the Providence / Pawtucket RI areas?

      We have a legal 2 unit with 10 car garage under contract. Looking to find an Insurance partner for the future, SMFs and Small Commercial Residential in our sights. Someone trustworthy, creative, and flexible. I have a few local outfits in mind but looking for recommendations as that usually works out best. 

      Thanks for your help!