All Forum Posts by: Connor Bell

Hello BP friends! 

What's the rule of thumb for creating a capex reserve? (as a percentage of total revenue) 

At day 1 of owning the property, do you typically have some $ sitting in the reserve? 

@Adrian Chu& @Aaron Mazzrillo

Thanks for your responses!

A few more questions:

What is the best methodology for understanding whether HOA fees are high or low for a given market? Is there a general rule of thumb PSF? I have been told (in DC) it's 35-45 cents PSF.

What type of research do I need to conduct on condo building facilities (other than a kick the tire review)? Is it appropriate to ask the property manager for a list of CapEx expenditures over the last few years or ask for a list of annual expenses?

While determining the value of a unit (pre-rehab) might be easy (using recent sales comps within the building), what is the process of determining your ARV if none of the units have undergone updates?

Sorry for the flood of questions! Don't feel obligated to answer them all, any guidance on any of the questions is much appreciated! 

Thanks,

Connor Bell

@Shayne Brescia & @Russell Brazil - thanks!!

Hello BP Community -

There is a lot of talk on BP about single family home rehabs but I am curious to know if people have had success in the condo arena. 

Pros and cons? Strategies? etc. 

Hello BP Community! 

I am looking to meet with local lenders as I begin the process of getting pre-approved. 

Shoot me a message if you have anyone you can recommend! 

Thanks!

Connor Bell

@Sonya Stovall Haha, can I ask what part of town?

Also, you and I need to reconnect. Will shoot you a message! 

Generally speaking, from an appreciation and leasing standpoint, is it a bad idea to buy an  investment property near a graveyard? 

Generally speaking, from an appreciation and leasing standpoint, is it a bad idea to buy an  investment property near a graveyard? 

I am currently scouting duplexes and quadplexes in the DMV (D.C., Maryland, and Virginia) area. I have no interest in managing these properties and thus have begun my search for property management companies I could retain.

Can anyone recommend a property management company in this area? Or how to go about finding reputable firms? 

Lastly, any advice on proper due diligence when hiring a property management company?

Thanks BP Community!

- Connor Bell 

@Philip E. thanks for the welcome! Would be great to connect seeing as you are a fellow D.C. investor! 

@Paul Timmins thanks for the welcome all the way from Oregon!