All Forum Posts by: Ashley Pimsner

@Mark Ainley,

I am jumping on bandwagon for attorneys, especially those who are familiar with buying on terms, like lease/purchase, sub2, and owner financing.

I used your formula for projecting section 8 rents given to me at last Mid West Real Estate Summit and it was spot on-thanks!.

Here is to a healthy and prosperous 2019!

@Travis Pirtle send me a PM for a broker I have used many times.

Best,

Ashley

@Jonathan spitz

PM me for my CPA who is also an investor.

Best,

Ashley 

@Handie Kunen,

Try not to let paralysis vs analysis keep you from pursuing an apartment deal.

Why are you talking about operating agreement and sample deal package (unless you are using OPM) because those are not necessary to purchase a deal.

The reality is all you need to do is underwrite deals, maybe a 100 or more with BP calculator, and when you find one where the numbers work then make an offer and sign purchase agreement.

All other steps for due diligence to closing can be found in Multi-Family millions, that's it.

I spent a year worrying about land trusts, LLC's instead of closing deals.

Buy a large umbrella policy for now, close on a cash flowing deal, and if you want "perfect" structure in the future adjust accordingly.

Best of luck!

I purchased the book Multi-family Millions by Dave Lindahl prior to purchasing my first apartment building and found it to be extremely helpful.

@Jay Garrison PM me for inspector.

@Nicholas Novak I would love to share that LED info with you, but my original post was a copy of someone else's here on BP.

I need to figure out how to track down the original source on BP using keywords.

If you refer back to the original post from someone at BP, they and I used .8 gallons Niagra Stealth for max savings.

@Sean Graham, I recently had a tenant who was non renewed and they didn't pay last months rent so they had a deposit for their new place.

I am in the process of taking them to small claims court for breach of contract where I will ask judge to also have them pay my costs to file and serve them assuming I win.

If you receive a judgement and they still don't pay them you can file another form to garnish their wages.

I don't intend to make garnishment a hardship so they have trouble paying rent at new place and will be open to a 12-36 month payback term, so long as I am made whole on rent and fees.

This is my first time going thru the process so I am uncertain of outcome, although I have a paper trail for rents paid and unpaid, and texts from them admitting they were not going to pay.

Here is a helpful link.

http://www.ag.state.il.us/consumers/smlclaims.html

Best,

Ashley

This is a post from BP that I saved, but don't know who to attribute to?

I did in fact purchase these toilets and shower heads for a 3 flat with six toilets and showers and dis reduce water bill between 33-50%.

See below...

It's possible, but seldom worth it(in my experience.) Some people suggest RUBS(ratio utility billing system,) I'm not a fan. Think about it- if the tenants have to pay another $800/year in water bills, they're going to demand to pay less rent- maybe not $800 less, but less. Let's say...$700 less. So you spend a ton of dough and time, and save $100.

The alternative I've gone with(sorry everybody, I post this all the time, I know. It's because I'm an environmentalist, OK?) is to replace the faucets with anything that has a Watersense label- those generally save about 30% over a conventional faucet- or use aerators, which for about 3$ each at the hardware store can accomplish the same thing. For toilets, I'd been using the 1.28 gpf type, but a fantastic .8 gallon per flush toilet is now on the market, it's called the Niagara Stealth, and it should be purchased at Home Depot(otherwise you're gonna pay like $50 or more to ship it somewhere.) For $150, you can cut the water use by 50% from a conventional toilet. Lastly, I'd recommend a 1.75 gallon/min showerhead which cuts usage by about 17% over the conventional showerhead(I don't suggest going lower than 1.75 gpm, that'll just piss your residents off.) Here's one that cost $11, but any of the ones with plenty of good reviews should be fine.

If you make all those simple changes, your water bill should drop by somewhere around 30%, possibly more. So if the bill is $800, you're saving $240 or more annually, and the materials listed above are somewhere around $200 or so. Beat that, RUBS! As an added benefit, your residents will save on their hot water bills which means you can command slightly more rent- or your tenants will be slightly less likely to leave due to the lower utility bills. If anyone wants advice on LED lighting for your common areas, reply to this post- that is an even bigger $ winner than low-flow water fixtures.