All Forum Posts by: Chandra Venkat

Will be there, looking forward to it.

Our management company is currently seeking a skilled handyman to take care of miscellaneous work orders. We require someone who is reliable, efficient, and knowledgeable, and who can work closely with us and our tenants to ensure timely completion of tasks. The position offers 10-20 hours per week with potential for rehab jobs. To be considered, the candidate must be able to log jobs, invoices, and take before/after pictures, and communicate effectively via an app.

Hi Jason, I live in KC and all of my direct investments are in KC all are multi-family properties. How can I help you?

@Leela Gutta if you get into multi-family, typically more than 4 doors, you can move into commercial loans, terms are different, but much easier to work with. Typically, the underwriting is based on numbers from the property so makes it easier. 

www.marei.org has been having zoom meetings for the past year or so. Very good for networking and great speakers too.

I have used DotLoop in the past. They used to be free and now have the total documents limited to 10. We have 37 units and do not expect a lot a signatures in a year. The paid version is unlimited for $29 per month, and that is steep for our business. I would like to see if other users are using any service for the document signing. I have looked at DocuSign, eSign+ and HelloSign. Trying to get any experience both good/bad from others who have used any of those services. 

Thanks in advance.

Chandra

We have used cozy.co for almost 2 years. It has been very useful and also it is free for both the tenant and the landlord if using a checking account. 

We recently purchased a property and the previous owner had a master key for all their properties. They still have other properties, we purchased 8 units. Understand why they don't want to give us the master key, but the reverse is they have keys to our properties, what would you do? Just change the locks on all the units purchased? We have already closed on the property. Thoughts?

Brandon, 

    When I purchased a 24-unit the rent was way below market, lowest at $450 and an average of $497, and most were month-to-month. I did market analysis for rents and it was around 650 or so. We started with the lowest ones, I gave them 3 options, sign a year lease for $50 increase, month-to-month at $75 or end their lease. I had most sign the lease and 2 of them chose to go month-to-month. Then did the next tier ones the following month, had a similar success rate. and the following year was able to increase by another $50(or $75) again and was able to get the average up to $620 in little over a year, with some move-outs and newer ones starting at $675. I have had little to no vacancies, that helps. 

Hope that gives you some ideas. 

@Brandon Turner

I am looking at a potential 4-plex. It has been a challenge to get good comps to come up with the pricing, due to the lack of sales of comparable properties . Looks like the numbers work from a CoC perspective, but the challenge will be to get a god appraisal and hence get the financing at the price I would have to pay to get the deal with the standard downpayment of 25%. Or should I try and go the commercial route to use the CAP rate to come to the value of the property?

Thanks,