All Forum Posts by: Brian Lounsbury

 I have not purchased the property James.  Thank you for your help.

Thanks for responding!  This would be my first purchase and I may be doing things out of order but what would be the advantage of getting a PM in place first vice narrowing down some properties and then getting an exact quote?  I've been looking in Cleveland and several of its suburbs and using estimated PM costs and this is one of the few properties I have found that would cash flow based on my projections so I just want to confirm them.  

Do you know any PMs who do cover that area?  Thanks James!

I'm an out of state investor looking at a duplex in Lorain and am trying to find a reliable PM and get accurate cost estimations.  Zipcode is 44055.  Thanks!

Can anyone recommend a good GC in Newport News VA? I need someone for minor rehab of a duplex in the East End I am looking to buy and hold. Looking for someone who can walk the property with me to assess it before I complete the purchase. It is a small job, I estimate only 5-7k of mostly cosmetic work, but I want to get a GC opinion because I don't have the expertise to assess larger items like the roof, HVAS, etc. Thank you!!

I need help finding a way to finance a 4plex please! I'm looking at 4 unit Homepath property and just found out Homepath is not offering any financing, they have it as cash only in as-is condition. I was counting on doing a renovation mortgage because I don't have the cash to purchase flat out, or to put in the needed work to get it to rental condition, so I am trying to figure out my other options. Are there hard money or private lenders who will lend on a 4plex based on the ARV? Are there any that will also lend for renovation costs? I was thinking if I can find one to lend purchase plus renovation costs I could refinance two months later when the property is rehabbed... is that even possible? Or is there a better option I don't know about? I am able to put 25% down just not able to buy outright or able to pay for the renovation on top of the DP.

Thank you!!!

I'm looking at a 4 unit property in Tuscaloosa which needs repairs and want a GC who can walk the property and estimate repair needs and costs with me. Anyone have experience with anyone in Tuscaloosa?

Thank you for the clarification @sharon_tazib that makes sense!

Thank you for the fast answers and advice! For number 1 that was my first thought as well but then after my cash flow and expenses estimates came out positive I got curious why they would stop paying, but I agree with you it shouldn't matter. Is it preferable to have electric/water/sewer separately metered or is that just to make sure I'm estimating those expenses accurately?

I'm new to RE investing, looking at a 4plex foreclosure, and in need of advice! The numbers tell me this is a deal but I'm not sure I've done enough due diligence and there a few questions that have me reluctant.

1. How do I find out why the property was foreclosed on? I found mortgage, deed, warranty, etc on the county assessors site but they want a $50 account setup fee plus a per page cost so I want to make sure those documents are worth it first.

2. Does the foreclosure result in getting rid of all tenants? The property is currently 100% vacant, but the area is full of similar 4plexes with low vacancy rate - according to the PM who manages 5 of the nearby buildings they currently have only 1 vacant unit and have many long term tenants.

3. How do I get past years' financials if this is a foreclosed property?

Any help is much appreciated! This site has been an invaluable resource so far but I couldn't find these questions answered anywhere else. Thank you in advance!