All Forum Posts by: Jordan L.

@Christopher Bunge That sounds like it be would be ok. I have all my rentals under PM at the moment and would do the same with a multi.

@John Underwood Thank you!  

2700+ miles away. I'm in California, and my properties are in SC and NC. All purchased from the MLS sight unseen. I did inspections, and my very first property is in my hometown less than a mile from the elementary school I attended.

There are so many tools online that help with purchasing remotely.  Google street view, city-data.com, Trulia's crime mapping, and Greatschools all help you learn a lot about what's what around any deal you're interested in.

Hello BP!

I've been part of the investing and landlording world since 2014.  I've learned a lot but of course there is always much to learn.

I own 7 SFR rentals and am looking to scale, so I'm entertaining the idea of making the jump into some multifamily investing.

My properties are in North and South Carolina, and in C+/B- and better areas.  I'm looking to learn as much as I can about the differences between purchasing, owning, and managing multis and SFRs.  I've started to compile a list of what I know and don't know so far.  If anyone can offer suggestions, please chime in!

What I do know:

Look for properties with units separately metered for utilities.

Commercial financing applies to properties of more than 4 units.  Financing approval is based upon the income of the property instead of being based on your personal income.

Review leases of any tenants already in place.

What I don't know:

Does the law require an onsite manager for 5+ units?

Who typically handles lawn maintenance?

How are pre-purchase inspections handled and who performs them?

I'm sure there's a lot more that I've left out.  I'd love to hear what those of you experienced with multifamily have learned.

Thank you in advance.

@Don Meinke @John Coon Thanks for your responses. That’s the direction I was leaning also.

There’s already a vapor barrier under the house, but sometimes water pools on top of it. Should I remove it and reinstall? Or should the lot grade help fix that problem?

I own a rental home in the humid southeast that has some water issues in the crawlspace. Sometimes there’s standing water, and other times there’s just high moisture. There’s some growth just beginning to show on some of the joists, so I need to do something about this.

I purchased the home near the end of last year and had an inspection done. The inspector noticed a negative grade sloping towards the home. I was going to grade the lot, but I had a crawlspace company come out and tell me I would have better results than grading if I were to encapsulate the crawlspace to the tune of $6500-$7500. I have since gotten other quotes, same ballpark figures for the encapsulation.

What would you do? Grade the lot and see if that alone solves the moisture problem? Encapsulate? Or... both?

I have a rental in which I’m experiencing an issue with thermal tracking or ghosting. I had never heard of this until encountering it in my rental. It essentially involves discoloration of the walls and vaulted ceiling that highlights the framing of the house beneath the sheet rock.

Well, I have the walls and ceiling scheduled to be repainted but now my tenants are claiming the issue is mold related and threatening to contact an attorney. While I’m confident in its cause, I’m having an air quality test performed next week just as a CYA.

This being said, I’ve become concerned. I’m using a water damage restoration company that came recommended to me by my home inspection company, and they have 4.5 stars on HomeAdvisor. I’m concerned because they may find spores anyway, as mold is almost omnipresent in nature. If the test comes back positive, I’m afraid of what may happen with my tenants. My property manager has already told them to move out immediately if they feel the home is a hazard to them, and I’ve already told them I would do the mold test.

What should my plan be in case the test comes back positive? What is the likelihood of a positive result if there are no obvious signs of mold in the home?

@Craig Tripp to add... doors and windows close OK to my knowledge. This is a tenant occupied property and I have not walked through it since mid 2017. My tenants did mention some new cracks in the ceiling, but I do not know their magnitude at this point or if they extend down any walls. The walls and ceilings are plaster, so I am hoping the cracks are cosmetic, but their mention of the cracks a couple weeks ago prompted me to start looking into this further.

Thank you all for your responses. Fortunately, the property is in North Carolina and not here in California where things are exponentially more expensive and complicated. It sounds like having a structural engineer look at the property is the way to go.

Two years ago I purchase my biggest mistake.  It's a 1950's ranch home that blew my rehab budget out of the water.  Lots of lessons learned here.

I'm a buy-and-hold landlord, and I'm still ironing out the kinks with this property.  One of the major concerns I have is the pre-purchase inspection noted a number of what they called "aftermarket" piers in the crawlspace.  Some are cinder blocks, and there's a black jug/jack looking thing...

There are a couple of locations around the outside of the home where I see stair-stepping cracks along the bricks. I want to ensure the property is safe for my tenants and head off any potential problems down the road.  

I was thinking about hiring a structural engineer to come take a look and tell me what I need and don't need.  In my research, there's a lot of smoke and mirrors it seems with foundation repair.

Those of you who have experience with older homes and foundation repairs, what would you do first?

I will also mention that I don't have any good contractor connections when it comes to this magnitude of a job.  So, a trusted eye isn't an option at this point.

Thank you all in advance!