All Forum Posts by: Ashish Brar

Hello BP,

I am looking to switch my management company for a 11 unit mixed use building in Martinsville,IN . Any recommendations for a local company that has a presence near martinsville. Appreciate any help.

Stay safe !!

@Noam Adler So in a nutshell property taxes need to be calculated correctly when running numbers on any property. If the county accesses you with a higher property tax bill, you are at least covered since it was already a part of your fixed expenses on the property ROI.

Lesson Learnt and hopefully moving forward it would be one of the key things for me to pay close attention to while evaluating a potential property.

@Account Closed Thank you members for the insight. Looks like i am at the mercy of the county at this point. So plan moving forward should be to buy distressed properties and fix them up to avoid a big jump in property taxes. I am glad i learnt this lesson in early stages of my investment career. Will probably ride this property for a couple of years and renovate as i move along to get to a better selling price point in a couple of years. 

On a second note , i have seen attorneys fight it with the county and charge you 25% of the reduced tax bill. I am not sure if that would be something i should look into. Seems no harm to pay 25% if i can get it reduced by some amount.

Thank you - Ashish 

Hello BP Folks,

I have been recently hit by a complaint from the school board in cuyahoga county for my 4 unit rental property for an increase in property tax from 51k value to 173k valuation. I have the counter complaint form to submit. I would like somebody in a similar situation to shed some light on this matter. Do i stand a chance to lower the valuation or even stick to the old evaluation. The school wants the new basis to be the purchase price of the property. My argument to this is - 

All neighboring buildings are in similar condition and similar evaluation, no repairs have been made to increase value of building. Its an income producing property so part of the purchase price is the income along with land and building value. The income is down to 50% after purchasing the property. So an evaluation of 173500 does not validate.

I would appreciate any input into this matter.

Ashish

@ Jaysen Medhurst Thank you for the valuable insight . I do a partner that is working with me on this.  

@Jaysen Medhurst Couple of things i like about the portfolio. Seller financing at 10% down payment,7% interest rate and 15 year financing. I will not be able to afford it at 25% down Payment with a portfolio lender.  Cash flowing properties . I am able to achieve 12% cash on cash return with a vacancy rate of 15% ,maintenance reserve and repairs at 10% with PM at 8%.  Average unit cost is about 25K . All properties within a 5mile radius.

Down side - small homes , older homes . Concerned about the mechanicals and roofs .

Hello BP Folks,

I am looking into a portfolio deal of 100 properties mostly SFH and a few duplexes. The seller is requesting due diligence requirements to submit with the offer.

How do i do inspections on all the properties. I would assume it would cost a lot of money and time. 

I can suggest roof and mechanical inspections since these are the two big ticket items.

I would love to get suggestions from folks that have done larger deals in the past.

What else should i be requesting from the seller other than leases and financials for the properties.

Looking for guidance on how to do due diligence on a large portfolio.

Ashish

Sent a message . Looking forward to your response.

Ashish

Sent an email to get more information.

Ashish

Hello,

I am in contract for a 7 unit apartment building in East Chicago. Looking to connect with property managers  that would be interested in managing it and answer questions about the area ,tenant pool , rents etc.

Appreciate the help.

Ashish