All Forum Posts by: Brett Fine

Happy to say we closed on our first property today.....now what? It is a duplex and is currently rented out. What do you do in regards to introducing yourself to new tenants. Any advice would be appreciated. I will say that the listing agent let us know that the tenants have already asked about when, where and how to send rent so thats good.

Do we make a visit in person or send an official letter?

Thanks in advance.

Looks good to me, I think you, if anything, are overestimating repairs,  Cap Ex at 8%? Sounds high. But your numbers work even on those numbers, You know the repairs it will need.  By the way, taxes are crazy low in your area. Same property in my area would be 3k taxes all day long. Nice work!

Julian Hutch   what software is that you are using? I like it.

Are you buying this on your own, a FSBO? Or did you have an agent help you. I would reach out to your agent first and foremost to determine market value. Never rely on a website to tell you what an estimate of value is. You need solid comparable properties to determine value, not assessed value, and definitely not a zillow zestimate which tends to take multifamily values as compared to a single family.

I just purchased a duplex they were asking 180 for, got for 169500, then negotiated 5k concessions towards closing costs as it will need a roof in the next few years. I have similar COC of 10 percent.

The biggest investment you can make is getting the rents up to justify raised price to a new investor when you go to sell. Thats the nice thing about multifamily compared to single family.

Currently just have 2 units, a duplex. Looking for something with ACH bank withdrawal capability as well as general ledger for maintenance. But the more detailed would be better too. 

Looking for a easy to use landlord software. I only have one duplex at this time. I checked out Rentalutions.com and it seems pretty cool. Any use it? Any other suggestions?

Thanks in advance!

Yes, I am a real estate agent, so my boss(me) lets me work on my second job on the side:)

So I know that its ideal to have separate meters in a multifamily. I usually pass on properties that don't have separate meters out of ignorance because I don't have experience with converting to separate meters or have any idea of cost.

Any advice, estimates, on how much this has cost. I realize every scenario is different.

Thanks in advance.

Would you give someone a nickel that could turn it into a quarter?  Look at your house sale that way. Same way you don't do your own Insurance online with Geico and don't do your own Taxes. Let a professional do it for you and you will find that 12k you are spending to properly sell your home and get max sales price instead of dealing with low ball tire kickers who will expect a 6 percent agent discount even though there is no agent involved. Most buyers are going to be working with an agent anyway and that is going to be the majority of the calls you will get is from agents asking if you would cooperate with a buyer they bring you. 

No contingencies they wanted?  thats crazy for them to ask of you no matter what the price, no inspection contingency at minimum? Thats a red flag right there to me. on to the next deal!