All Forum Posts by: Bassim Audi

Hello! and thank you in advance for any thoughts. I will try to keep this brief. 

I have recently purchased an 8-unit property (Jan. 6th), today I was contacted by an account manager from Jetz Laundry service. The previous Owner was utilizing them for on-site laundry. The account manager is telling me that the current lease is still in effect and I am bound by it. After much back and forth he finally sent me the lease in question and it is from 1990 and renews every 10 years for 10 years. The overall interaction feels like he is trying to push me into agreeing to this and that I have no recourse otherwise. There has been new owners since 1990 but no updated agreement. 

I understand any response to this is not official legal advice, and any thoughts or input from experience or general knowledge of these things would be greatly appreciated in this matter. 

 It was not this one, but it's nice to see that more and more buildings are going under contract in the area! 

Hello All, 

My business partner and I are starting to work into the Indianapolis area. We have our first SFH under contract near speedway. We plan to scale quickly and aggressively. I am looking for some recommended General contractors that understand the BRRRR strategy and can work within budgets, understand timelines and also make insightful suggestions to add value during a walk through. Any recommendations are appreciated, if you are a GC that fits the bill please reach out to me directly.

Thank you in advance. 

Good afternoon! 

I am currently vetting out an 8-unit apartment building in Gary, IN and the prelim numbers look good. All the units are rented with long time occupants and all are Section 8. The majority of the rents are under market, for example the only 3-unit is renting for less than a studio. I believe all of the tenants are on a month to month and do not have a lease at the moment. 

What kind of process do I look at to get the rents up to market value and what do I need to know in dealing with the GHA. I want to keep the building Section 8 and keep the occupants happy, but need signed leases at market value. 

Any information or experiences you've had in this area would be greatly appreciated! 

Thanks in advance for your time. 

Hello,

I am working on transitioning a property of mine to a property manager to handle. I have been handling at up to this point but will be moving soon and will make managing it much harder. The property is a 3-unit building in Irving park/New Albany area. Does anyone have any recommendations? 

Thanks in advance,

Bassim 

In my experience, unless you are from the construction world trying to GC yourself is a bigger headache than its worth. You can accomplish more by finding a general contractor you can build a trust with, negotiate with them on a high level and let them worry about their own profitability. Create a budget of your full project and work from there. That way, you have a single person to go after if you aren't satisfied with the work or if something goes wrong. Taking on all that liability yourself isn't (in my opinion) worth the money possibly saved. 

I am about to purchase my first 3-unit building, I do not know the current set up or layout of the cable running throughout each. My question is, how do you structure your cable so that each unit is responsible for their own cable/internet. Is this the best way to handle it? I do not want to go the dish route as a cable provider. Just starting down this path so any ideas/advice is greatly appreciated. 

Thanks! 

Hello! 

I am working towards closing on my first 3-unit home. I will be living in one and renting out the other two. I'm looking for some advice on what tools are must haves for the small stuff that comes up. Also, any other suggestions on what else to start looking at or prep work i could be doing you have are very welcome! 

I appreciate you taking the time to respond. 

I'm new to BP and to the investment real estate world. I'm working on finding my first property to buy. My intention is to find a 3-4 Unit building to live in one of the units and utilize the rest to house hack my mortgage payments. Where I am currently falling short is that a lot of the buildings I am finding cost quite a bit more than what the FHA/conventional in my area (Chicago) allows for and I don't have the capitol to cover the difference. IE a 3-unit building sell price $640,000 FHA max is $560,000 and I have roughly 50k in hand. Am I living a pipe dream or is there something financially I'm missing?

I'm still working my way through all the content BP has to offer but I thought I would try and engage with smarter people while I do. Thanks in advance for you input!