All Forum Posts by: Augustine Tran

@Richie Battiest, I'd be interested in your property if it's still available. Let me know!

@Sandy Fiser You can obtain a 30 year mortgage on properties that are a 4 plex or smaller(triplex, duplex, condo, townhouse,& SFH). When you aim to purchase anything larger than 4 units, you will run into commercial loans.

@Ralph Dicharry I'd be interested =) As long as the numbers work out.

@Tim White Thanks, Tim. If you're in the area, we should grab a bite and talk.

Don't think the Mississippi Meetup ever happened =/ Anyone want to get this started up again?

Even though tenants can find owner information off of public tax records, most of them won't bother looking. If your worried about them looking at the land roll, you could possibly put the LLC in a trust. Create a LLC for Property Management and a LLC for your rental properties.

As Michael said, introduce yourself as the manager and it should deflect the title of "bad guy" to the owner.

@Darren Budahn, Thanks! I had a similar approach in mind. Trying to get the current landlord to evict the bad apples. 

@Sharif Haleem, I'll keep your contact handy if I decide to move forward with a PM company. Thanks!

@Matthew Paul I'll definitely use some of this! Thanks for the input!

Hello BPers,

I just locked down a property that I've been following for quite some time. It is a C/C+ property with current rents at $450-475, all 1BR/1BA, 2 Vacant (vandalized) Units, and doesn't currently cash flow. Most of the tenants pay whenever they want and when a late fee is charged, they usually disregard it. The water bill is out the roof ,$500-900. The seller is very motivated and willing to sell at a loss. They are set on making no improvements and will not make any guarantees on rents or occupancy. They hired a horrible property manager who has operated the units for past few years. In short, the PM rarely manages the property and has no records of rent rolls or expenses. 

The property is situated near shopping malls, universities, and down town eateries. 1 BR/1BAs in the surrounding area are renting for $550-$650, so there is definitely room for rent growth. 

My main concern is how do I "deal" with the current tenants and/or transition into rehab & new management. 

Ways to reduce the water bill? 

Self manage first? or Property Management?

Any advice would be very much appreciated!

Thank you in advance.

You could partner up with some local investors. Like me :) Let me know if I can be of any assistance. 

I'd love to learn more about these flooded properties as well :)