All Forum Posts by: Arthur E.

I'm in contract with a house in Wisconsin. We've already made it through the inspection contingency. After the appraisal was completed my lender came back with 7 plumbing related work orders. The seller is saying that she doesn't want to grant access to have the work orders completed because she's worried that it will open a can of works and cause even more work to be done. Everyone involved knows that this is just a excuse to try to back out of the deal because the seller is having buyer's remorse from agreeing to the price I negotiated them down to. So my question is can a seller prevent me from completing FHA work orders?

I agree with Nathan Gesner , $800k might be ambitious for your first deal. I got into real estate by accidentally becoming the apartment manager for a 32 unit building in Milwaukee Wisconsin on Marquette University. We rented to a lot of graduate students. Because of our proximity to the university we were 100% occupied every year. It was privately owned so we ran it ourselves. Let me know if you have any questions about managing a building like that.

@Matt R., great ideas! Thankfully I'm fairly familiar with the target city. I have a binder for each property I'm looking at. Each binder contains the MLS advertisement, the seller's disclosure and the checklist I'm developing. Just want to make sure that the checklist is sufficient.

Ummmmmmmmm....yeah......

I'm flying a considerable distance this weekend to tour some multifamily properties.  I'm trying to come up with a checklist for data to collect at each property.  Can anyone think of anyone think of any modifications to this list?

Days on market?

Has there been a price drop?

Is it 100% rented?

Are the leases MTM?

When do the leases end?

Are appliances split?

Is there a sellers disclosure?

What utilities do the tenants pay?

What utilities does the owner pay?

What is current cash flow?

Are rents at market?

How does hot water heater look/age?

How does roof look/age?

What type of heating system is it/age?

How does it look/age?

How do the Windows look/age?

What work does the property need?

Thank you @Account Closed, this response was very helpful!  No,  there isn't a lease.  I think it's probably best if I just move out and then tell him.  I just don't want to go outside of the contract if it says that I'm supposed to give 30 days notice.

I've been managing an apartment building in San Francisco since June and things aren't going well between the owner of the building and I. I have a lot of experience in this field, but the owner and I can't seem to engage with one another without arguing 50% of the time. A lot of these arguments stem from poor management of the several construction projects he's got going on at the building. It's impossible for me to work with someone that thinks it's okay to sand lead paint off their building without taking the proper precautions or someone that goes into tenant's apartments without giving notice.

Thankfully I've got a strong lead on a new apartment building to take over that's managed by a different company. But even if that doesn't work out I'm still going to move out of this building and resign from my position.

Here is what it says in my contract: "Employment is terminable at will of either party without cause and in their sole discretion. In the case of termination, <MY NAME> will relinquish possession of the apartment immediately. Required notice of such termination will be no less than thirty days. Notice shall be in writing."

This paragraph seems to conflict. If I quit am I supposed to move out immediately? And I supposed to give 30 days notice and still manage the building before I leave? I'd rather just resign and move out immediately, because I wouldn't put it past this owner to become vindictive and retaliatory.

Hey @Brandon Turner, I just heard last week's podcast and I'm sorry to hear that one of your properties burnt down.  Do you have a AVC or a RC insurance policy?  Would love to hear more about this experience so I can learn from it.  I just purchased my first property about a month and a half ago and I went with a RC plan for a few hundred more dollars per year because they don't use depreciation like the AVC policies do.  Are you going to rebuild?  Was the entire house destroyed?  Thanks!

I did my first deal last month by buying a duplex back in my hometown in Michigan. I want to start positioning myself for my next move of buying a multifamily in San Francisco on an FHA loan. I'd love to hear what some of the more experienced investors from San Francisco would have to say.

San Francisco is definitely a very unique market.  I'd love to hear the podcast have someone on that can speak about doing buy and hold in SF.  Does anyone else agree?