All Forum Posts by: Dave DeMarinis

@Rick T. I know it is an old thread but I'm going down a similar path and wanted to see where you landed. I have Buildium and am planning to add PayNearMe which they recently integrated. Buildium now provides automatic charging of late fees and rents. It also allows permissions for users who can't see income. I'm not sure about when you were dealing with this but I think it does it all now. 

Did you stay with Buildium, switch to AppFolio or do something different all together?

@Cathie Kovacs are you using Nextiva? Here are my requirements.

1. Phone number is permanent to an apartment complex (tenants call number and if we change personnel, property management, service call center, or anything else - we just change forwarding of the "permanent" number to the new provider.

2. Ideally would have a phone tree (Press 1 for Maintenance or service requests, Press 2 to reach the office, Press 3 to leave a voicemail)

3. Some kind of monitoring available (see what numbers are calling, when called and how long) 

4. Ideally, the voicemails would be emailed (to multiple people)

5. Personnel can use dashboard to "dial out" from that number from their cell phones

I currently use NumberBarn which is cheap($6/mo for 300 minutes), keeps the number, offers the phone tree, forwarding, monitoring and voice mail. However, the only way to let people use it to "dial out" is to give them my login which gives control of all my numbers. It doesn't have multi user access unfortunately.

@Jim Truman It sounds like you have a pretty good job, so one other big positive with a condo is nearly all of the purchase is depreciable (vs. SFH where you can't depreciate the land).

However, for your goals the HOA is key. The biggest risk not discussed is the HOA viability. If large repairs are required and they don't have the funds, they go back to the owners. Also, if you compare numbers between Single family home and HOA, you should be setting aside money every month for CAPX. Look at it as "paying yourself" the HOA and see how you feel keeping that cushion.

That said, given your goals - I think these are your best two options.

1. Evaluate a number of syndicators - they bring the Experience, the deal and the work and you get the returns. 

2. Go to a bunch of local meet ups and find some partner opportunities. If you have money, you can find really good people who will find the deal and do the work. Good luck!

Top Positives:

1. a lot of new job creation and growth

2. very educated population

3. Great metrics available for rent to sales, etc.

4. Huge variation in submarkets (from $60K average SFH to $400K average - so nearly every investment play is available

Top Challenges

1. Many people know the above 4 so it is extremely competitive

2. Very challenging to get any response from vendors/contractors/etc.

3. The variation above makes it very easy to buy thinking you are getting one thing when you might be getting another because there can be 1 mile difference and 10X average home price

It is a rare combination of a growing, healthy economy with MANY affordable housing options. This creates great opportunity as well as traps/siren songs. With your friend on the ground there, that can be a big help in navigating. I love investing there and love the opportunities.

We are repositioning a medium sized (50+) multifamily property in Dayton, OH and there are a number of units with various degrees of electrical needs. Worst of the units, electric was ripped out and meter removed. Other units have been off for a year and fully intact, just require inspection and DP&L will turn it back on.

1. Any recommendations for licensed electrical contractors in Dayton who can do a substantial amount of work?

2. Also, what is reasonable for rewiring a 700 sqft unit (with full basement access)?

3. Finally, if the meter was removed, what is a reasonable quote to replace it? Anyway DP&L will assist?

Thank you for the assist

Did you end up resolving this? Were both reports from the same bureau? I would request an alternative bureau (Experian, Transunion and Equifax) as a starter.

I’ve seen credit scrubbers (“Credit repair” companies) get rid of derogatory account lines and make them disappear (because they no longer report that borrower) I don’t recall it making someone a complete ghost though. On the original credit, were there any good lines or was everything derogatory at one point or another? Even with a scrubber, I don’t think they could get the holder of the first to stop reporting since the loan is open.

Thank you @John Casmon, @John Lenhart, 

@Tony Napier and @Christopher B. for your responses. My primary need is business banking right now and I selected Huntington for now. If/when I go for financing, hopefully Huntington will be a good option but I'll also look at Park National.

I need a local Ohio bank (ideally with a Dayton Branch) and banker referral? I want a good mobile banking app and ideally will refinance a multiunit apartment complex with them after repositioning it. A good bonus would be if they are one of the banks with a reasonable portfolio of distressed debt they are offloading.

@stevn burr - Brandon Hall at Hall CPA is the go to real estate CPA. 100% focus for him and his firm. He deals nationwide with clients and property locations. He is built on technology platforms to make it convenient regardless of location through video conferences and very responsive on email and phone. Highly recommended.  

Welcome Michael. To get started, can you clarify how much low Capital is? I’m happy to give you a few ideas and things to consider but need to know specifically how much you are looking to invest.