All Forum Posts by: DL Martin

Paint, and most likely that tub reglazing, is going to fall within "normal wear and tear" and will not be recoverable from the security deposit...Probably pretty tough to prove that the tenant destroyed the finish on the tub. Unless you installed the tub just prior to that tenant's occupancy and you have photo's documenting that. Even better if on the "move in checklist" you have their initial acknowledging the new tub.

DL

p.s. I always try to give back as much of the deposit as reasonable. In those instances where I don't, I take 50 (or so) digital photos, print them out at Walmart (super cheap), and mail them to the tenant along with whatever deposit is left over. We have never had a deposit contested in twenty years. 

LOL !!!!!!!!!!!!!

Correct me if I'm wrong, but isn't this $3,000 per month NOI the same NOI as the Bigger Pockets Trending Thread:

 "$1,300,000 deal at age 21 and I'm Retired!!! "

which has 467 replies ????

It seems like we Bigger Pockets people are intoxicated with the concept of "passive income" and "work on my business instead of in my business"...  We are all "high rollers" whom "value our time" so much that we can never be bothered to chat up the handyman in the tile isle at Home Depot or the concrete guy pouring a patio at the house down the street. 

Much less actually pick up a paint brush or a screwdriver. 

DL

@Bettina F.   I was smiling inside while I read your post above. Especially the lines about starting in your 60's and "We have learned that the skill set required is actually fairly limited. You end up doing the same tasks again and again." 

This is exactly how I started. I knew that I couldn't afford to be in the Landlord business if I hired everything out, but I quickly learned that I could learn to do just about anything, and after I learned these skill myself, it would become very easy to estimate labor/material costs when scaling up and dealing with sub contractors. 

@Joshua Feit , in my opinion, this is a people/relationship business. $1,500 to repaint the interior of one house may be a simple time management decision. But what about when you have three houses? Five houses? 

Wouldn't it be more cost effective, "time management wise", to do the "work" necessary to cultivate one or two "small guy" painters who can handle those interior repaints for you? And maybe that "small guy" painter will turn out to be a great guy who will refer you to a "small guy" tile layer? And so one relationship leads to another...

If you do let the property management company handle the painting, please do us all the favor of stopping by to interview the painters themselves. Are they driving company trucks? Are they licensed and insured?  OR is the property management company "handling the job internally"? And if this is the case, can the property management company show you that these personnel are legitimate property management company W2 employees working within the scope of their workers comp insurance job descriptions.  : )

One last thing that I will disagree with everyone else on, and that is the use of Flat Paint. I love flat paint in rentals, other than bathrooms and kitchens of course.  I would rather spend the "clean up" time simply painting over dirty walls. Plus you get that "freshly painted" smell even if you only did a few spots on a few different walls. New tenants love that freshly painted smell and flat paint will always match perfectly on touch ups. 

DL

Ma'm, do you even read what you write? YOU are straight out of "the ghetto".  LOL!  I know your exact socioeconomic demographic. We are all exactly what we are.  Have a great day.   : )

DL

p.s.  You write like a modern day "Slip" Mahoney of the Bowery Boys television series!!!! I would love to hear you read aloud what you wrote above!  Pure Comedy! Thanks!!!

Holy Smoke, this got right by me when I read it the first time. So how much are these two complexes losing each month???  

DL

Swanny, instead of selling these complexes why don't you just apply the "true Multifamily business model" and make them successful?????

DL

This is one of the most poorly worded paragraphs I have ever read in my entire life. Truly, an "indictment" of the public education system in the United States...

DL

p.s. I have been using M2M exclusively for the last decade.   

Uh, I would love to know the name of the financial institution that loaned a million bucks on a 20 unit multi  (assuming 20% down payment on a $1.3m purchase) to a 21 year old with zero ownership or property management experience.

The loan on my 39 unit was with US Bank, and if I recall correctly, they had a few questions about my track record and prior experience as an owner, during the application process. 

DL 

@Aliz Raksi , Anderson is Anderson Township. Mt. Washington is City of Cincinnati.   

The City of Cincinnati, like every single large city that has a sizable problematic demographic, is a mess. Cincinnati city government is in chaos, and has been for twenty years. 

My kid passed the test and got into Walnut Hills High School. Had she not passed the test, I would have bought a house in Montgomery, Kenwood or Anderson. 

DL

These numbers interest me. $35k per unit at $550 per month is reasonable, but it would have to be turn key with zero deferred maintenance. 

I agree strongly with @Paul Sian , in that Mt. Washington is definitely on the "good side of town." 

@Aliz Raksi, have you looked at units in Corona or Lake Elsinore?  Why are you looking at Cincinnati? 

DL