All Forum Posts by: Ramon Pena Alvarado

Thanks David....Ill take your advise.
Ray

Hey thanks everyone for your time and input. Since this post started the current crisis may have put a damper on things.
Again..I thank you.

Wheeeew...
Thanks Mike, Willaim and Eric.
BTW ..I have told the mainte guy to NOT talk to tenants except for repairs ..etc.
No one mentioned FIRING the Mainte guy and I did consider it..but I guess no harm no foul. Ill definately keep my eye on him tho.
Like it has been mentioned ..we really live in a different world now...things are changing very rapidly and that goes triple for the size of some peoples B____ls. Thanks again.
Ray

Ive never run across this situation and Im concerned if any laws were broken or if we are in a postion for a lawsuit?
Sceanrio:
I had this single mother tenant for over 10 yrs. She has a 13 yr old daughter. The Mother recently met a guy and they became a couple. We have a very nosy maintenence guy and he mentioned to me that he noticed a guy at the tenants apartment a lot. Well I just blew it off knowing full well its not my business. ( I only get involved if thier are behavior issues with a tenants boy/girl friends.)
The maintenence worker without my knowledge or permission approached the daughter (13 yr old) telling her she was in danger of being raped or molested by the new guy and asking many many questions. It really scared the daughter. Needless to say she told her mother and she called me immediately... furious about the questioning and the comments of this worker. Ive known her so long that I was able to calm her down and eventually had a in person meeting with her and she agreed to squash the situation but im still very nervous about this scenario. What can happen? What should I do?
Im angry, confused ...wondering if we may have a situation here. Please advise
Ray

Thanks everyone....Ive learned...now Ill try.
Ray

Thanks Jim & Mike for your great feedback.
Ray

Jon...In regard to expenses, I beleive its how much work a person wants to put into getting a tenant that will pay the extra cost. Also..this is a C- to D property. Im sure if I went in and put in new carpet, Lin, Improved bathrooms...etc..another words spent 20 - 30 k I could get more rent or util billed back.
In referance to taxes. If I buy a building that has current tax @ say $ 3k (month) and I buy at double the price the seller paid, my tax is going to increase..substantially. Is that also the case with ML or owner carry?
Ray

Thanks Jon...
Sorry I forgot to give asking price of 480K.
Thanks for reminding me to ask about who in the area is paying utilities. I agree about the utils..
Not a lot of work is needed but all properties need work.
Ill be back later to give more info.. Jon can you run the 50/2 % formula here on paper...so we can all se how the math works.
Thanks again Jon...
Ray

I want to ask the creative – out of the box – Thinkers to help me with a project I’m considering.
Here are the actual numbers and I want to construct this project In a way the seller will approve my offer and be happy. I know that not knowing their motivation doesn’t help but let’ just work with the numbers. I know its over priced and the utilities are Uhhhhhh..but I can always change that after I have control.
There will be no banks involved it will either be 100 % Owner Financed or Master leased to my company. I want to enter with very little or no money down. ( Paying extra each month till deposit on ML is paid )
I’m trying to get out of my creative block. I cant seem to think of a real creative way to structure this project so.. that all involved will be happy. It’s a small project but I’m curious.

Actual
Scheduled Gross Income $209,828 Unit Mix – Studios = 5 @ $ 375.00
Effective Gross Income $181,910 1 Bedrms = 32 @ $ 417.00
Net Operating Income $77,160 2 Bedrms = 4 @ $ 575.00
Real estate taxes - $5927.00
Insurance - $8437.00
Utilities - $62139.00
Maintenance - $18564.00
Management - $7800.00
Other - $ 1882.00

Total Exp – $ 104749.00

How would you structure this???

Thanks
Ray
:cool:

Thanks Ryan
I agree...